As venture investors rush to back artificial intelligence startups, a small group is placing a different bet: live music and in-person experiences.
About 10 investors have funded Los Angeles-based RASA World with $9.5M. Founded last year by three technology entrepreneurs, the startup organises electronic music festivals and live events around the world.
RASA hosted 3,000 people at a festival on San Francisco’s waterfront earlier this month and is preparing for an 8,000-person event at the Santa Monica Pier over the weekend.
Unlike traditional event organisers, the company has invested in engineers and data specialists to build an analytics tool that combines ticketing, social engagement and attendance data. Investors said the team’s technology background also gives it a venture capital-style focus on customer acquisition costs, lifetime value and scalable distribution.
RASA tracks not only who spends the most, but also who brings the most friends. Its network includes thousands of people who have invited tens of thousands of attendees, with rewards including free tickets and upgrades.
The company prioritises visually distinctive venues and community-focused experiences over expensive headline acts. Its approach draws some inspiration from Burning Man, while targeting younger audiences looking for urban, weekend events. Supporters said these gatherings offer a nearby communal experience for people who have not attended Burning Man.
Source: Jawlah
