Yik Yak Raises $10 Million to Grow Hyper-Local Social Networking
June 30 2014 - 7:00AM
Marketwired
Yik Yak Raises $10 Million to Grow Hyper-Local Social Networking
Investments Will Help Bring Privacy-Based App to More
Communities Around the Globe
ATLANTA, GA--(Marketwired - Jun 30, 2014) - Yik Yak, the social
messaging app for private, localized engagement, today announced it
has secured a fresh $10 million in funding led by DCM and joined by
Azure Capital Partners, Renren Inc. (NYSE: RENN), a leading social
networking company in China, and venture capitalist Tim Draper. The
Series A influx of capital will be used to build out
infrastructure, hire new engineers, and bring the app to virtually
all U.S. college campuses by the end of the year.
The funding will also enable international expansion of Yik Yak
communities.
Founded in late 2013 by entrepreneurs Brooks Buffington and
Tyler Droll, Yik Yak is the first app to connect localized users
through its real-time social feed. Yik Yak's live stream-based
format allows users to 'yak' with each other from any location at
any given moment while retaining their privacy. The mobile app
currently supports hundreds of communities across the U.S. and
worldwide.
"We're seeing serious growth in our engagement rates --
indicating a significant demand for localized, private interactions
among mobile users of college age and older," said Droll. "In order
to continue scaling and advancing the Yik Yak experience, we need
to build a bigger team. This new funding will allow us to do
that."
"DCM strongly believes in the Yik Yak community," said David
Chao, co-founder and general partner at DCM. "The growth and user
engagement have been remarkable and we are confident that the value
Yik Yak provides to the communities who use it will continue to
grow and will scale globally."
"Yik Yak allows the truth to come out unfettered by identity,"
said Tim Draper, founder and managing director of Draper Fisher
Jurvetson. "Free speech without the backlash from the thought
police. I expect this company to make a big impact on the
world."
Yik Yak recently launched its new PEEK feature, allowing users
to look in on what users have to say about current events or stay
connected to their university/local communities no matter where
they are. By leveraging Yik Yak's unique combination of localized
content and anonymity, PEEK'ing ensures an organic, unfiltered feed
of news and commentary coming from a specific location.
"Yik Yak's mission is to revolutionize the idea of a live stream
and provide a forum that opens new opportunities for communication
and interaction from any point in the U.S. and worldwide," said
Buffington. "The evolution of social networks is moving toward a
private, unfiltered communication model, and Yik Yak is at the
center of this shift."
In addition, Yik Yak adds Alan Masarek, co-founder and former
CEO of Quickoffice, and David Chao of DCM, to its board. Both Alan
and David are remarkably talented and committed to building an
innovative company around connecting local users in real-time.
Yik Yak has also received funding from Vaizra Investments,
Atlanta Ventures and others during previous rounds.
The app is currently available for download
on iOS and Android devices.
About Yik Yak Yik Yak, Inc. is the first app that enables
hyper-local communication on iOS and Android devices while
retaining users' privacy. Meet friends, start a cause, share jokes,
or deliver news to anyone within a common area. The fast-growing
app is popular among college campuses and in areas where events
worth sharing are occurring. The app enables any mobile user to
deliver relevant, timely content to hyper-local areas of people,
whether it is a funny sighting or emergency news.
About DCM DCM is an early stage venture capital firm based in
Silicon Valley, Beijing and Tokyo with more than $2.5 billion under
management. DCM has investments in more than 200 technology
companies across the United States and Asia and provides hands-on
operational guidance and a global network of business and financial
resources. DCM has backed industry-leading consumer, social,
and mobile related companies such as 51job, About.com, eDreams,
Kabu.com, SoFi, Sling Media, Slice Technologies, and Wandoujia, as
well as upcoming startups such as Crowdtilt, eTouch, Kakao,
Life360, and Trusper. Recent successes (IPOs and M&As) include
China-based 58.com, BitAuto, Dangdang, Luxin, Renren, Tuniu, and
VIPshop; Japan-based Pokelabo (GREE) and StarFlyer and U.S.-based
BASIS, Caring.com, Fortinet, PGP (Symantec), SandForce (LSI), and
Sling Media.
Press Contact: Zachary Nola / Katie Dennerline LEWIS PR
619-677-2700 Email Contact
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