Mobile booking app start-up YPlan secures £7.9m Series A round
General Catalyst Partners leads international growth funding round alongside Wellington Partners and Octopus Investments
UK mobile app company YPlan has secured £7.9m in one of the largest Series A funding rounds in Europe this year, led by US venture capital firm General Catalyst Partners, with backing from existing investors Wellington Partners and Octopus Investments.
Formed seven months ago, the London-based mobile app start-up which enables users to book last minute events at discounted rates, says the funding will be used to fulfil its plans for expansion by launching the business in New York later this year.
Listed in Startups Top 20 for 2012, the mobile events booking business has grown significantly in recent months claiming that its free app is now present on 10% of London’s iPhones and achieved 200,000 downloads last month.
The investment follows a $1.7m seed capital funding round led by Wellington and Octopus in November last year which aimed to expand the company’s presence within the mobile app industry.
This new deal with contributions from co-investors such as Kevin Colleran of A-Grade and Shakil Khan of Spotify, aims to further develop YPlan’s market presence.
CEO and co-founder of YPlan, Ryan Vitkauska commented: “This investment will help us take YPlan international; including cities within the US and Europe, but it also brings with it an amazing breadth of expertise to help us perfect our secret sauce of a beautiful, simple and inspiring way to have a great night out, tonight.”
Adam Valkin, partner of General Catalyst Partners added: “YPlan has the opportunity to become a seminal mobile commerce company. It has grown incredibly fast in London by delighting customers with simplicity, quality and access. Next step is to make this phenomenon a global one.”