Yubo announced raising $12.3 million from French investors Iris Capital and Idinvest Partners

Yubo, a Paris, France-based startup building a social discovery platform for Generation Z, announced that it raised $12.3 million.

The fundraising round was secured from investors led by Iris Capital and Idinvest Partners, along with existing investors Alven, Sweet Capital, and Village Global. Proceeds will be used to expand internationally into new regions and accelerate the further technological development of the social platform.

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 social network currently has over 25 million users, mainly in English speaking countries, in the USA and Canada, the United Kingdom, the Nordic countries, Australia and France. The company expects a gross revenue reaching approximately $10 million as of the end of 2019.

Yubo previously raised about $8 million.