YPlan secures £15.3m Series B funding to expand “tonight’s going out app”
Startups Awards 2013 overall winner backed by Octopus Investments, Wellington Partners and General Catalyst Partners
Fast-growth mobile start-up YPlan, winner of the overall prize at the Startups Awards 2013, has today announced it has successfully raised an impressive £15.3m Series B funding from existing investors Octopus Investments, Wellington Partners, and General Catalyst Partners.
Launched in November 2012 by Young Guns Rytis Vitkauskus and Viktoras Jucikas, “tonight’s going out app” YPlan allows users to book last minute events in London, New York and San Francisco, at discounted prices in just two taps.
The company, listed second place on the Startups 100 2014, has grown 300% year-on-year with over one and a half million downloads across its main markets, and says it is now installed on 30% of London’s iPhones, as well as the phones of high-profile backers such as Ashton Kutcher, Pharrell Williams (pictured with the founders) and Stephen Fry.
It plans to use its latest funding to “strengthen its offering” and fuel a “rapid programme of product and technology development” in 2015 which is said to include real-time event reviews and enhanced data-driven personalisation based on location, tastes and friends.
YPlan co-founder and CEO, Vitkauskas, discussed the company’s early success: “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 Investments, echoed Vitkauskas’ sentiment:
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“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.”