Source: Fortune
Summary
Event platform Posh has raised $37 million in Series B funding to expand its business-first platform for event organizers. Founded in 2019, Posh aims to solve the problem of turning group chats into actual plans. The company takes a 10% cut on paid tickets and a 99-cent fee per ticket, generating $10 million in revenue in 2024. Posh has grown to an estimated $40 million in cumulative revenue, processing $350 million in GMV and 25 million tickets since inception.
Our Reading
The numbers tell one story.
Posh’s model is straightforward, taking a 10% cut on paid tickets and a 99-cent fee per ticket. The company has grown to an estimated $40 million in cumulative revenue, with top organizers generating over $10 million on the platform. Posh has poached talent from top companies like Meta, Reddit, and Amazon to accomplish its goals. The company is shifting its focus towards demand, introducing a “Netflix-style feed” that surfaces parties and activities based on users’ social graphs.
Posh is trying to reintroduce serendipity into social planning, solving the “what are we doing tonight?” problem.
Author: Evan Null
