Yubo, a social discovery app often described as “Tinder for teens”, has announced a $12.3 million fundraising round led by Iris Capital and Idinvest Partners. Previous investors Alven, Sweet Capital and Village Global also participated.
Created by three French engineering students, Yubo’s social platform has attracted over 25 million users around the world since its launch in 2015, with tens of thousands of new members joining every day. Designed for young people between 13 and 25, the app lets users create live video discussion spaces where both streamers and viewers interact through a live chat.
Co-founder and CEO Sacha Lazimi says Yubo is a response to “a fundamental need” of Generation Z: socialising and creating friendships in the digital world.
“This funding round will let us reach new technological milestones and further our international footprint,” he added. “We are especially proud that such recognized funds have granted us their confidence and backing to support our ambitions: becoming the world-leading social platform, born in France and based on European standards.”
The capital injection comes alongside strong growth for the startup, with gross revenue reaching approximately $10 million as of the end of 2019. Since late 2018, users have had the opportunity to upgrade to a premium account and discover exclusive features.
The new funding round will support Yubo’s international expansion into new regions, with 80% of its current global audience located in English-speaking countries, including the US, UK and Australia.
Gil Doukhan, principal at Iris Capital, said:
“Attracting, connecting and uniting Generation Z through an application or a website is a challenge for any digital ecosystem, and Yubo’s global success instantly convinced us of their team and product’s potential. As Yubo is becoming a daily essential for the youth across the world, this fundraising will support this growth and strengthen their cutting-edge technology.”