Ten months after merging, Australian startups Beat the Q and Posse have announced the closure of an oversubscribed Series A $5 million funding round led by Westpac’s $50 million venture fund Reinventure and 12-year-old venture capital firm Exto Partners. The new investment will be used to fund product development – specifically, to improve the payment process for customers when dining out or buying coffee and to introduce new features – as well as marketing and scaling merchant acquisition.
Posse and Beat the Q have today announced a merger that will assist in companies’ growth trajectory. Together, the startups want to create the “Uber or Airbnb of shopping”. Posse and Beat the Q both have strong traction; collectively, they will have 500,000 users, 56,000 shop relationships and handle over 400,000 transactions per month.
A few months ago when I first discovered Posse – I have to admit that I really didn’t “get it” – The graphics were pretty cool and they have had large amounts of media coverage, but at face value all I understood was that it was another social network that had pivoted from the music industry. I had heard founder, Rebekah Campbell speak before around at various places and read her blogs, so I knew that she was a smart person that know’s what she is doing. I went in and dabbled around a bit on the site and then lost interest for a bit.
Rebekah Campbell is the founder and CEO of Posse, in this TEDx Audition talk in Sydney she talks about the elements that both uber successful Rockstars and Tech Companies have in common, extremely insightful. Check it out, you will probably have a breakthrough. I did.
For the last couple of weeks, new startup Posse has been admitting a limited number of individuals into it’s “gates” every day. The company made a major pivot recently and closed another 1.2 million dollar funding round from a group of US and Australian based investors.