The Next Chapter: Peerspace Raises $16 Million Series B with GV
We’re so excited to be sharing our latest news: Peerspace has raised $16 million in new funding to further our mission of making it simple and fun to plan meaningful events. The round was led by GV (formerly known as Google Ventures) with participation from existing investors including Foundation Capital, Red Bridge Partners, and others.
This year, we have been looking for a new investor who shared our excitement about reshaping the events market and our optimism about our plans to get there. We were fortunate to find that in GV General Partner, Joe Kraus, who we welcome today as our newest board member. He will be a great addition to a board who has provided us constant support and guidance throughout this process. I can’t imagine a better group to have in our corner as we embark on this new chapter.
This is a major milestone for our team, so I wanted to take a moment to share more about how far we have come and where we plan to go next.
The road traveled
Since our Series A in March of last year, we’ve worked hard to build a marketplace that both our hosts and their guests can trust, grown our geographic footprint, and expanded our capabilities.
In the last 16 months, we saw over 1 million people attend a gathering in a Peerspace. Teams from Google, Facebook, Wieden + Kennedy, and Salt & Straw held brainstorms, trainings, and executive retreats. Producers at CNN, NBC, and Glossier shot segments and editorials. Many others celebrated weddings and birthdays, threw album and product launches, and taught workshops and yoga classes–all in Peerspace locations across the US.
We expanded our Peerspace footprint from 6 to 9 major markets, including adding Atlanta, Washington DC and Boston in just the last month. Along the way, we saw over 5,000 new hosts list their space, bringing our total spaces to over 7,000 across 45 states despite having only set foot in 8.
We have come a long way, but there’s still more to do.
Our next chapter
This new round of funding lets us move even faster toward our vision of making it simple and fun to plan meaningful events. For us, this means continuing to develop our product and enhance our operations to achieve three key goals:
1. Give people a choice of even more great spaces to host gatherings. No matter if you need a space for 10 people or 500, have a budget of $100 or $10,000, or want a basic, all-white studio or 70’s inspired bungalow in Palm Desert, you should be able to find it on Peerspace. We’ll continue to seek out new and unique spaces of all types and price points in locations across the US.
2. Make it even easier for hosts to make money hosting gatherings. Top Peerspace hosts make over $100K per year. In this next chapter, we’ll arm hosts of all kinds with new tools to grow their business with less effort — everything from better managing their listings to more easily fielding requests to fulfilling more bookings. We will also expand the resources we provide hosts on how to design, market, and build a thriving business around their space.
3. Streamline the other aspects of putting together a memorable gathering. Booking the venue is just the first step in hosting a gathering. In almost every event, next comes the arduous task of researching caterers, renting equipment and furniture, coordinating activities and entertainment, and laying out the space. In this next chapter, we want to streamline this part of the process as well.
Always in the background and essential to our success is providing best-in-class to support and service to our hosts and guests. Despite the fact that we are a technology company, we view our personal touch to be the key to our success.
Let’s get to work
Raising new capital and adding GV as an investor is an enormous accomplishment for the Peerspace team. However, it represents the beginning of our new chapter, not the end. Now the real work starts.
As almost every potential investor we met reminded us: many have tried to do what we are doing but no one has gotten as far as we have. Why? Because it’s hard. But for the company that figures it out, it will be a multi-billion dollar opportunity. Well, we are going to be the company to figure it out.
Now let’s get to work.
If creating a world where every gathering is memorable and meaningful sounds good to you, check out our open positions.