Yubl social media network gears up for European expansion
British social network backed by the Monsoon Accessorize founder Peter Simon is set to raise up to £20m in fresh funding in November as it gears up for expansion into Europe.
Yubl, which combines a mixture of messaging, photo sharing and deals and allows users to vote on an array of topics, has seen growth rocket in the UK since launching in February.
The firm has 150,000 active monthly users and boss Gareth Evans now has his sights set on expansion into the continent and, eventually, a sale of the company to a tech giant.
He told the Press Association: "We're growing extremely quickly and feedback from users has been very positive - we're consistently ranked number four on the app store.
"An exit through a sale within the next five years to a big tech firm is our objective, that's what we're working towards."
Yubl - which is an abbreviated form of "your bubble" - makes money by allowing businesses to interact with users.
Mr Evans and co-founder Jonathan Ellis, one of the creators of popular 90s computer game Lemmings, are targeting £23 million in revenues by 2018.
"We aim to be cash neutral by 2018, no social or messaging app has monetised as early as we aim to. This will be a first," he added.
Yubl has raised £16 million to date and Monsoon man Mr Simon, one of the firm's main investors, added: "I recognised the huge potential of Yubl as a new and innovative tool for the retail business - not just as a great communication channel to reach millennials, but because of its ability to provide businesses with instant feedback and product review through its revolutionary voting tools."