THE TEENS SOCIAL APP YUBO RAISED $12.3 MILLION FOR ITS PLATFORM
The French startup Yubo raised $12.3 million for its teen’s social platform, a platform that has pulled 25 million users over the years, while at the moment, tens of thousands of people (male and female) are signing up to the platform on daily basis. The funding round was led by Iris Capital and Idinvest Partners which also saw the existing investors Alven, Sweet Capital and not excluding Village Global as part of the round participants.
Compared to most popular social media apps out there that focus on likes and followers, reports have it that Yubo is developing a social media app for young people specifically under the age 25, which is focused and structured to help teenagers meet new people that will, in turn, lead to friendship.
And it does not just stop at meeting new people but goes beyond that, meaning individuals can initiate conversations and in the process create live video streams that will enable them to hang out together. However, every single stream is seen as a micro-community of people communicating via live chat and video respectively.
Speaking of the statistics of the live video streams and messages from 2015, it was reported that Yubo users sent 10 billion messages and 30 million live video streams, emerging from 2 billion friendships.
Meanwhile, it’s was also figured out that the app help individuals to build their own tiny community of friends. Speaking of the startup’s current development (Yubo raised $12.3 million), it’s understood the company’s intent is to become a familiar platform one should belong, and not excluding those on high school sucks.
There is also some advancement that will be expected in 2020, sooner than you think, users will certainly be able to turn on screen-sharing that enables them to show something on their phones. While on the other hand, 2020 will see Yubo release Yubo Web in a bid to broaden its platform beyond individual’s smartphones coupled with new features, like video game live-streaming.
Prior to this development, it was figured out that Yubo began to monetize its app in October 2018 via its in-app purchases in a bid to gain access to new features. Based on this, the company has been able to pull $10 million in revenue.
The company desire to attract new users in the market with its new funding, and hope to hire 35 new staff. Yubo also plans to focus on Brazil and Japan as its next geographical target, while it’s mostly active in the United States, the United Kingdom, France, Canada, Nordic countries and Australia. Yubo currently partners with Yoti for age verification and will also use the new funds to improve the platform’s safety.
- What’s your take as Yubo raised $12.3 million for its platform?