13 December 2019:
Yubo has raised $12.3 million in fresh round of funding. The funding round was led by Iris Capital and Idinvest Partners. Existing investors Alven, Sweet Capital, and Village Global also participated in the funding round.
The company will use the fresh capital to expand into new territories.
The company will also hire 35 new staff members in the next 6 months, growing its total headcount to 50 people, and reinforce its infrastructure to ensure the social network remains a secure space of expression for every user, including AI tools for age verification, it said in a statement.
Christian Dorffer, Co-Founder & General Partner at Sweet Capital, said, “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 of the most exciting mobile companies at the moment.”
Ben Casnocha, Co-founder and Partner at Village Global, said, “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.”
Yubo lets users create live video discussion spaces where both streamers and viewers interact through a live chat.
(Image – Yubo)