Startup Spotlight #32: Will Somebody Think of the Millionaires?!
Today's featured startup is attacking a niche yet very lucrative market.
Project Overview
EPTME is still waitlist-only, but has already raised $24 million in its latest funding round. Impressively, it secured its initial $5.8 million in January 2023, shortly after its inception.
What’s notable is that the founder led both funding rounds — a fact that might raise eyebrows for some, yet instills confidence in others by showcasing the founder’s unwavering belief in the startup. One thing is certain: EPTME has captured attention, including yours’ truly.
EPTME brands itself as a “lifestyle management service,” promising to revolutionize the way people experience luxury services. Its offerings span physical and mental well-being, shopping, travel, dining, and exclusive events.
The startup operates as an invite-only club, where members gain access to “lifestyle architects” — experts who design bespoke personal and group travel experiences. Ambitiously, EPTME claims it can even organize space travel for its members.
This isn’t just a club; it’s a community. Members are expected to include athletes, entrepreneurs, influencers, and other accomplished individuals, with the high membership fees ensuring exclusivity. The club plans to foster both online and offline interactions, hosting private events in exotic locations.
Members receive an app with a curated feed of events, an online forum, and options to request custom travel planning and other services. All logistics — from bookings to managing tiny details — are handled by EPTME’s team, whose mission is clear: “We help you live richly while handling the minutiae for you.”
What’s the Gist?
Luxury clubs and communities are making a noticeable comeback. Startups like Essentialist, Yayem, Long Story Short, and Myria have carved niches in this space, offering tailored experiences to wealthy individuals.
Essentialist, for example, focuses on personalized travel planning, charging $2,600 per year for membership. Yayem caters to digital nomads and cosmopolitans, blending concierge services, online communities, and access to exclusive spaces. Meanwhile, Long Story Short offers a marketplace for exclusive goods with a $1,000 monthly membership fee, while Myria caters to the ultra-wealthy with its $30,000 monthly dues.
EPTME stands out by offering a hybrid model that combines luxury travel planning with community-building. Its mission aligns with an emerging trend: affluent individuals seek curated, meaningful experiences but don’t want to sweat the logistics.
The resurgence of luxury services reflects a shift in global wealth dynamics. While traditional luxury catered to the ultra-rich, the “upper-middle-class millionaires” — those who sit between the middle class and the ultra-wealthy — are now a prime demographic. Their needs differ significantly from the mass-market offerings, creating a gap that startups like EPTME aim to fill.
Key Takeaways
The number of millionaires worldwide has grown significantly, quadrupling over the past 20 years to reach at least 58 million in 2023. By 2028, the U.S. alone is expected to have 25.4 million millionaires, while China will have 6.5 million, and countries like Japan, France, Germany, and the UK will each boast over 3 million.
These figures highlight a vast, under-served audience with distinct needs and cash to spend. To put it in perspective, there are only about 27 million programmers globally, yet you can likely name several startups catering to them. Meanwhile, how many startups specifically serve millionaires? The gap is striking.
Historically, luxury services have shifted toward the growing middle class, leaving today’s millionaires — the “upper-middle-class millionaires” — in a void between mainstream and ultra-high-end offerings. Their needs often go unmet as luxury has become more accessible to the masses, and ultra-exclusive services remain out of reach for many in this group.
Startups like EPTME are stepping in to bridge this gap, offering bespoke services and exclusive communities tailored to this demographic’s aspirations. Whether through personalized travel, luxury events, or curated experiences, the demand for innovative solutions in this space is undeniable.
Given the trends and the increasing wealth distribution, what kind of service would you design to capture the attention of this under-served yet highly lucrative audience? The possibilities are as exciting as the market itself.
Company info
EPTME
Website: https://www.eptme.com/
Last funding round: $24 million, 16.12.2024
Total funds raised: $30 million over 3 rounds