Yubo, social platform for Generation Z, raises $12.3m with Iris Capital
Yubo, the Paris-based social discovery platform where Generation Z creates communities of friends around the world, announces today a $12.3 million fundraising round led by Iris Capital and Idinvest Partners, alongside historical investor Alven, Sweet Capital, and Village Global.
The startup currently has over 25 million users, with tens of thousands of new members joining the community every day. Since its launch in 2015, Yubo’s users have formed more than 2 billion friendships on the platform, sent over 10 billion written messages and launched over 30 million live video streams. With 80% of its global audience located in English-speaking territories (mainly in the US, UK and Australia), this new round of funding will support Yubo's international expansion into new regions and accelerate the further technological development of the social platform.
This growth is coupled with outstanding business success for a 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.
“Yubo is a response to a fundamental need of Generation Z: socializing and creating friendships in the digital world in the exact same way as in real life. This funding round will let us reach new technological milestones and further our international footprint. 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” commented Sacha Lazimi, Yubo CEO & Co-Founder.
“We’re excited about Yubo’s potential to become the leading platform for teens and young adults to express themselves, socialize and learn from their peers. We believe mobile will play an increasingly important role in the lives of this segment and Yubo’s model, including safety features, makes it one the most exciting mobile companies at the moment.”, Christian Dorffer, Co-Founder & General Partner at Sweet Capital.
“Yubo is revolutionizing traditional social networks for Generation Z. Immediacy, live videos, group discussions, conviviality, sharing, and safety: all the ingredients are coming together so that young people can form new friendships in the digital world as they would in real life. Yubo's meteoric success is a testament to its relevance and potential." Ben Casnocha - Co-founder and Partner at Village Global.
“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”, declared Gil Doukhan, Principal at Iris Capital.