Yubo, the teen social app, just raised €40 million in a third funding round that included investors Idinvest, Iris Capital, Alven, Sweet Capital and Gaia Capital Partners.
The app, which is all about community and making new friends, said it will use the funds to improve its functionalities by adding games.
Yubo will expand to London this autumn and plans to hire several new members of staff.
It was created in 2015 by Sacha Lazimi and is headquartered in France.
By September 2020, Yubo said it had attracted some 40 million users across 40 countries and planned to expand further east into Asia as a next step.
It also reckons that sales could double to $20 million in 2020 as more teens flock to use the app.
80% of its user base is aged between 16 and 21 years.
What makes Yubo different from Snapchat and TikTok is that it doesn’t show off influencers or creators. It’s all about people having a good time.
Compared to other social networks, Yubo doesn’t generate cash by distributing content. It also doesn’t generate any money from advertising.
Instead it operates a subscription model ($10/month) that lets users buy additional chat functionalities.
It’s all about mimicking interactions in the real world on Yubo. There are no influencers and there are no ads in Discover pages.
One of the most popular features on the app is that multiple friends can join the same chat room using video, audio and text. They can then play games to break the ice.