Social networking app Yubl seeks new funds as it prepares to expand into Europe
A LONDON-based social networking app that connects groups of people is aiming to raise up to £20m in venture capital as it gears up for expansion into Europe.
Yubl, which combines a mixture of messaging, photo sharing and graphics, launched in the UK in February. The firm has 150,000 active monthly users, mostly age 18 to 24, and lets members create posts that other users can interact with, such as suggesting dinner locations.
Chief executive Gareth Evans said: “We cherry pick different functions, make them better and put them in one place.”
Yubl – which is an abbreviated form of "your bubble" – will roll out to 30 European countries in several different languages. The company also plans to allow businesses to interact with users in a bid to “monetise” the app from next year. It has lined up 50 partners for a pilot. Businesses will be able to crowd source ideas from users and to devise collaborative campaigns with Yubl.