London social platform predicts doubled turnover as $47.5m funding round completes
A London-based social platform has announced a $47.5m funding round as it predicts that its turnover will double this year.
Yubo has reported that the Series C round was led by existing investors Idinvest, Iris Capital, Alven and Sweet Capital as well as new investors, including Gaia Capital Partners.
The new funding round will be used to support further product development of the platform and strengthen its place as a safe space for the younger generation to socialise online.
In 2020 alone, the number of users in the UK who are active on Yubo on a daily basis grew by 80 per cent, and the company aims to expand its international usage.
Sacha Lazimi, CEO and co-founder of Yubo, said: “2020 has been a significant year for Yubo, and we are thrilled to be ending the year on such a high. Five years on from the launch of the platform, we are proud to have created a new social space for young people centered around real-time, one-to-few conversations. Yubo is creating a space where they can hang out and find out about the world and themselves.”
Jerry Murdock, co-founder of Insight Partners and Yubo board member, commented: “Yubo has an innovative and differing business model among other social media platforms and manages the difficult task of connecting with Gen Z all around the globe.
“The app has quickly established itself as a leader in the highly competitive US market, as well as in all English-speaking countries. I strongly believe its innovative approach to socializing online will make it the must-have social space of tomorrow.
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.