Overview
Withfriends is a platform that facilitates the establishment of membership programs for small businesses, with a primary focus on indie bookstores and local enterprises. Operating within the membership and subscription industry, Withfriends aims to enhance revenue by over 60% by converting 6% of business' customers into subscribers. The platform is recognized for its ability to create recurring revenue streams and bolster financial resilience through memberships and subscription boxes.
Founding and Backing
Founded in 2018, Withfriends has secured backing from notable investors like Y Combinator, known for launching successful startups such as Stripe, Airbnb, and Reddit. The company has also attracted community investment via platforms like Wefunder.
Funding and Financials
Withfriends has amassed a total of $278K in funding over multiple rounds, and is currently conducting a fundraising effort to secure $250,000 at a valuation of $15 million. Significant traction includes approximately 3,000 subscribed members, with estimated revenue between $1 million and $10 million. The company operates with a team of 11 to 50 employees.
Leadership Team
Joe Ahearn - Co-founder & CEO
Joe Ahearn, a native New Yorker, has a rich background in artistic and community space management, having established and managed venues like Silent Barn and Pioneer Works. His expertise extends to his former role as Program Director at Clocktower, New York’s oldest alternative arts initiative.
LinkedIn Profile: [Joe Ahearn](https://www.linkedin.com/in/joe-ahearn)
Kunal Gupta - Co-founder & CTO
Kunal Gupta is a software engineer and experimental musician, with experience in co-founding ventures like Silent Barn and Babycastles. Gupta's contribution to community-oriented projects is notable, with a focus on fostering physical interaction and community growth.
LinkedIn Profile: [Kunal Gupta](https://www.linkedin.com/in/mrkunalgupta)
Community and Events
With an emphasis on community-building, Withfriends incorporates cultural and arts-focused initiatives into its business model. The leadership team’s rich background in cultural production underpins their mission to create sustainable community structures. Their involvement in hosting various cultural events and managing community spaces in New York further solidify their commitment to fostering community support through socially interactive spaces.
Competitor Profiling
Withfriends contends with various competitors within the membership management and community-building domain, each offering distinct benefits:
Sofar Sounds
- Description: A global music community offering intimate and secret live music experiences across 78 countries, held in non-traditional venues like living rooms and galleries.
- Headquarters: Somerville, MA
- Size: 51-200 employees
- Funding: $52.5M raised over 7 rounds
- Key Strengths: Innovative live music experiences and comprehensive artist services support performer career sustainability.
Vinyl Me, Please
- Description: A subscription-based service delivering monthly vinyl records, emphasizing storytelling and curatorial excellence in music.
- Headquarters: Denver, CO
- Size: 11-50 employees
- Revenue: $12.4 million
- Key Strengths: High-quality vinyl production and a strong narrative centered around music appreciation.
Repurpose
- Description: Specializes in plant-based, compostable alternatives to single-use plastics, appealing to environmentally-conscious consumers.
- Headquarters: Los Angeles, CA
- Size: 11-50 employees
- Founded: 2010
- Key Strengths: Commitment to sustainability, offering non-toxic, durable, and eco-friendly household goods.
Analysis
Within this competitive landscape, Withfriends differentiates itself with a platform focused on membership for community-driven businesses. This is in contrast to Sofar Sounds' focus on live music experiences, Vinyl Me, Please's emphasis on music curation via vinyl, and Repurpose's dedication to eco-friendly consumer products. This diversity among competitors showcases the multiple pathways to community engagement, allowing Withfriends to potentially innovate or collaborate in areas intersecting music, sustainability, and community development.
