POSH’s CEO Avante Price and Chief Product Officer Eli Taylor-Lemire announced recently that their social networking application secured $22 million in a Series A funding round. Key investors included prominent names such as Goodwater Capital, FirstMark Capital, Company on Ventures, and Epic Ventures, with earlier backing from Day One Ventures. The received funds are slated to boost POSH’s innovative features and explore potential growth avenues.
POSH’s unique approach, aiming to enhance social experiences, saw the app garner over 2 million users quickly, with ticket sales surpassing $95 million. The primary contributing factor is the app’s unique ability to match users with events catering to their personal interests, which has seen successful matches increase by 1400% yearly and has led to significant financial gain.
The duo brings considerable industry experience: Price is a former renowned DJ for popular New York clubs, while Taylor-Lemire ran a freelance photography and videography agency for famous names in fashion and music. This industry insight and network directly catered to their target audience of artists and creatives, contributing significantly to the app’s design and functionality.
POSH’s $22 million boost for social networking
The POSH app was designed to aid novice event organizers and mitigate the feeling of isolation often intensified by traditional social media. Inspired by the simplicity of TikTok, POSH aims to streamline the process of organizing events and make social scenarios more user-friendly. This can be seen in its features that promote the artists’ unique brand.
One of POSH’s key features is recommending events to users based on their social networks and preferences, aiming to foster social diversity and build stronger relationships. Users can also adjust settings to filter events that maximize personal comfort, and stringent security measures ensure the safety of user data.
In the making, the ‘For You’ page will suggest personalized events based on past user activity using advanced algorithms. This is expected to roll out in the third quarter of 2024. The primary purpose of the app is to aid users in fostering stronger bonds and a sense of community, a vision Price strongly believes could potentially reshape the world.
