In London, an app that helps people figure out where to go out has invaded 10% of the city’s iPhones.
Soon, YPlan will be available in the States. General Catalyst, Wellington Partners, Octopus Investments, Path’s Dave Morin, Shakil Khan, and early Facebook employee Kevin Colleran have given YPlan $12 million to expand internationally. YPlan will launch in New York later this year.
YPlan debuted in London in November 2012. The mobile event marketplace, which curates the hottest happenings via technology and editors, has been downloaded 200,000 times. On it, users are buying last-minute tickets to events, scouring nearby activities and to planning outings with friends. It was founded by two decade-long friends, Rytis Vitkauskas and Viktoras Jucikas; Jucikas was formerly an executive director of Goldman Sachs.
$12 million is a shocking amount of money for a location-based company with relatively few users. But YPlan is already generating some revenue from in-app purchases like ticket sales, and if it has a prayer of saturating New York City, it’s going to need a war chest of cash. It’s the last city that needs another authority on going out.
Investors agree: $12 million is a lot. But they say they’re not looking at YPlan as an app or a local deals outlet. Instead, they see it as a transactional, mobile-first business, like Uber, Hotel Tonight or mobile cab service, Hailo. Still, Hotel Tonight had 1 million users and was in 28 cities when it raised a similarly-priced $13 million round.
“YPlan has the opportunity to become one of the world’s seminal mobile commerce companies,” General Catalyst partner Adam Valkin said in a release. “YPlan has delighted customers in London by showing a curated shortlist of events every single night that they can go to in just two taps. We are here to help the company make this phenomenon a global one.”
Here’s what it looks like:
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