Madison-based Spotz projects major growth as one-stop shop for event spaces
Spotz, a Madison-based company with active sites in several major cities nationwide, has developed a system to connect event hosts to spaces throughout their city and beyond through a single website, according to the Wisconsin State Journal.
Started in December 2019, the company initially received $125,000 in funding from the Wisconsin Economic Development Corp., raised $725,000 from angel investors, and another $300,000 could be on the way. In June, the company is pursuing $1 million in Series A investment as well.
With only a small number of employees and contractual employment of outside salespeople, the company has been able to move among several cities to add new hosts and promote its site to new users. Spotz currently has around 1,000 spaces in cities that include Madison, Denver, Indianapolis, Dallas, and Houston, and has plans for continued growth.
The company does not charge for use of its website and generates revenue by taking 18% of each event space booking, with a cap of $300. Company revenues are projected to be over $200,000 in 2023, $4 million by the end of 2024, and up to $53 million by 2028.
The Spotz main office is located at 203 S. Paterson St. in Madison.