YPlan, a UK-based mobile start-up, has received $24 million in Series B funding. Previous backers Octopus Investments, General Catalyst Partners and Wellington Partners led the round.
London 25th November 2014 – UK-based mobile start-up YPlan today announces a $24m (£15.3m) Series B financing. Following its successful launch in November 2012, the mobile-first local events marketplace and spontaneous going out app has now reached 1,500,000 downloads across its main markets in London, New York and San Francisco.
Growing at 300% year-on-year in 2014 and with its app installed on 30% of London’s iPhones, the company will use the funding to further strengthen the offering in its core markets, expand to new ones and accelerate a rapid programme of product and technology development throughout 2015 and beyond. Features including real-time event reviews, friend coordination tools, and greater data-driven personalisation capabilities will be added, serving customers increasingly more exciting and relevant event recommendations based on their location, tastes and friends.
The funding round is being led by existing investors Octopus Investments, General Catalyst Partners, and Wellington Partners.
YPlan’s co-founder and CEO, Rytis Vitkauskas said: “Just two years since we launched we’ve made a real impact on our industry, transforming YPlan from an idea into an exciting mobile-first local marketplace that is significantly disrupting a $80bn global events market. This investment enables us to expedite the development of several key technologies for our event partners and customers alike, and supports further geographical expansion.”
Frederic Lardieg, Principal at Octopus, said: “We’ve been impressed by YPlan’s execution and growth over the last couple of years. In just 24 months, the company has matured from a simple solution to the question ‘what am I going to do tonight?’ to a platform which connects millions of customers with the best entertainment experiences in their city.”
Adam Valkin, Managing Director at General Catalyst, said: “YPlan has grown fast by building a local marketplace that connects customers to delightful events with simplicity and quality. We look forward to seeing the company expand its reach to more cities.”
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NOTES TO EDITORS
With a carefully curated list of events perfectly tailored for impulsive city-dwellers, YPlan inspires customers to enjoy their city like never before. The free app, available on iPhone, iPad, iPod Touch, Android and Kindle Fire, allows users to browse upcoming gigs, food tastings, theatre shows and gallery exhibitions, meaning they can book tickets to some of their city’s best attractions in two taps.
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General Catalyst Partners
General Catalyst Partners is a venture capital firm that makes early-stage and growth equity investments. The firm backs exceptional entrepreneurs who are building innovative technology companies that transform industries, including Airbnb, BigCommerce, Datalogix, Datto, Demandware, The Honest Company, HubSpot, KAYAK, Oscar, Snapchat, Stripe, and Warby Parker. The General Catalyst partnership leverages its broad experience to help founders build market-leading businesses. General Catalyst has offices in Cambridge, MA, Palo Alto, CA and New York City.
For more information, visit: www.generalcatalyst.com or www.twitter.com/gcvp.
About Octopus Investments
Octopus is a venture capital investor who backs talented people with the potential to build big businesses. Our focus is on identifying entrepreneurs and fast growth companies that can scale explosively to create, transform or dominate an industry. The Ventures team has a proven track record of helping build exceptional global businesses, including Zoopla Property Group, Secret Escapes, SwiftKey, graze.com and YPlan.
Octopus works in close partnership with entrepreneurs, adding real value to the portfolio beyond financial investment. The team’s work is supported by access to the Octopus Venture Partners, a network of approximately 100 outstanding business leaders and entrepreneurs who provide an invaluable wealth of expertise and resource for our portfolio companies.
The Ventures team is part of Octopus Investments, one of the UK’s fastest growing investment management companies specialising in smaller company investing, with more than £4.7 billion of assets under management.
For more information, please visit: www.octopusinvestments.com.
About Wellington Partners
Wellington Partners is one of the most successful pan-European venture capital firms. With some €800 million under management and offices in London, Munich, Palo Alto and Zurich, the firm invests into companies throughout Europe that have the potential to become global leaders, in the areas of Digital Media, Software, Resource Efficiency and Life Sciences.
Since 1998, Wellington Partners has invested in more than 100 European companies, including now publicly traded Actelion and XING and privately held companies like Adconion, Alando (acquired by eBay), Ciao (acquired by Microsoft), Spotify, Hailo, Livebookings and Qype (acquired by Yelp).
For more information, please visit www.wellington-partners.com.