Social networking app Yubl shuts down despite £16m investment

Ben Heathecote

In App Deals

November 13, 2016

yubl
London-based social networking app Yubl has reportedly entered administration and shut down just three months after it secured £16 million in funding and unveiled plans to launch across Europe.

Launched in the UK earlier this year, Yubl described itself as the next-generation social messaging app that provided users with “a richer, more engaging and hassle-free way to communicate”. The app, which is still live in the App Store, combines messaging, photo sharing and graphics and allows users to vote on a range of topics.

Yubl has shut down after failing to secure sufficient funding
Yubl main2

The company, which was backed by Monsoon Accessorize founder Peter Simon, claimed to have attracted 200,000 monthly users and a total of 500,000 downloads.

In August, Yubl reportedly raised £16 million from a number of private investors and was hoping to attract additional capital in the coming months to support its launch across 30 European countries. However, it failed to secure the necessary funding to continue to operate.

Gareth Evans, CEO of Yubl, told Business Insider:

Gareth evans

“I’ve been privileged to work with a brilliant group of people and am so sorry they have been impacted by this, as well as the shareholders who have stuck by us. I am so disappointed we failed to secure sufficient funding to give us the runway to achieve what we all believed Yubl could do and, although we came agonisingly close, it just eluded us in the end.”