TLDR:
- Steven Greitzer founded Provenance to bring AI to personalize wedding ceremonies, drawing from personal experiences as a wedding officiant.
- The wedding industry is a large but fragmented market in the U.S. with potential for innovation and growth.
Article Summary:
Steven Greitzer, the founder of Provenance, stumbled into the wedding industry by officiating a friend’s wedding in 2016. The experience led him to build a platform that uses AI to personalize wedding ceremonies, including vows and toasts. The wedding industry, with 2.2 million weddings annually in the U.S., has an average spend of $36,000 per event, creating a massive but fragmented market that has not been fully capitalized on by startups. Despite notable companies like Zola and Joy seeing success, VCs have not heavily invested in the industry due to its unique customer dynamics. Provenance’s seed round was led by Upfront Ventures and has supported hundreds of thousands of weddings to date. While some M&As have occurred in the wedding tech industry, VCs are not pouring money into the sector en masse. Provenance aims to go beyond the wedding industry and create a valuable brand that earns real brand love and referrals. Greitzer believes that the wedding sector is ripe for further innovation and growth, presenting a significant opportunity for companies to scale and succeed. With only a few venture deals in the wedding industry in recent years, there is still space for startups like Provenance to make a mark on the industry.
