Yubo announced completing a funding round of €40 million.

Yubo, a Paris, France-based company building a business based on a social network for young people, announced the compeltion of a funding round of €40 million ($47.5M).

The money was raised from investors including Idinvest Partners, Iris Capital, Alven and Sweet Capital are investing. Gaia Capital Partners is joining the round as a new investor.

Jerry Murdock from Insight Partners will join the company’s board.

Yubo, founded in 2015 by Sacha Lazimi, Jérémie Aouate, and Arthur Patora, is a social network available as a mobile app and designed for young people between 13 and 25, who can stream live videos during which both streamers and viewers interact through a live chat. The company has an interesting business model, as this includes selling access to in-app features, very similar to how gaming companies operates.

Yubo expects to generate sales of about $20 million in 2020, which is twice as much yoy. It previously raised about $20 million, last round at the end of 2019.