After raising more than $30 million in funding, The Gathering Spot (TGS), the private membership club in Atlanta known for redefining networking and cultural engagement, is back on the map thanks to the support from some of the culture’s biggest heavy-hitters, according to a press release shared with BLACK ENTERPRISE.
Founders Ryan Wilson and TK Petersen have secured the hefty amount thanks to a group of investors, including ATL legends T.I. and Cam Newton, rapper Big Sean, NBA icons Charles Barkley and Baron Davis, and super producer Tricky Stewart — bringing the total of funds raised to $25 million in equity and $5 million in debt financing.
Since opening
its doors in 2016, The Gathering Spot has created a space for entrepreneurs and creators to connect and innovate on the next best thing taking over the world. Starting with just 500 members, the club now has 11,000 and has expanded to other metro areas in Los Angeles and Washington, D.C. Wilson says the funding will enable them to continue their mission of cultural connection. “We are thrilled to receive continued support from such an extraordinary group of investors. This funding allows us to further expand our mission and create more opportunities for cultural connection and creativity in our communities,” he said.“We’re committed to providing a space for people to connect, collaborate, and thrive. The impact has been incredible, and we’re just getting started.”
The group recently unveiled its latest space, called The Retreat, in Atlanta’s popular West Midtown. The two-story, 60,000-square-foot space is designed with a 40,000-square-foot rooftop with panoramic views of the skyline, as well as cabanas and locker rooms. The lower level holds 20,000 square feet of flexible office spaces for members to draw inspiration in a relaxed setting.
TGS’s growth is being celebrated after a rocky setback in 2022 after being acquired by Greenwood, a fintech company and banking platform aimed at Black and Latinx communities, founded by rapper Killer Mike and former mayor of Atlanta, Andrew Young, for $50 million, according to Inc.
Initially looked at as a “milestone for two Black-founded Atlanta businesses,” business matters fell through the crack.With lawsuits filed by both parties over the terms of the agreement, Petersen was also seemingly pushed out in favor of a white executive, receiving massive pushback from members. Close to 3,000 members canceled their memberships in 2023 as rumors of legal disputes and staffing changes came out.
However, after Wilson and Petersen announced they had purchased back a majority stake in the company, business matters started to fall back into place. Wilson attributes the space’s success to its mission of strategic community building and mindful management of finances. With a retention rate of close to 98%, the co-founder says revenue has increased by 541% between 2016 and 2024 and sits “well into eight figures.”
And it’s only the beginning. He says The Gathering Spot is a place where “everyone is welcome” and where “everyone has always been welcome,” throughout its locations. TGS has hosted appearances by former presidents Barack Obama and Joe Biden, events with Drake, and a birthday party for one of the NBA’s greatest players, LeBron James.