Events discovery app YPlan has raised a $24m Series B round and revealed that it is pivoting and having to lay off staff according to reports by TechCrunch.
The pivot will see the London-based startup moving away from its direct sales model, where it made partnership deals to populate the plaform. It will now become more of a DIY service through which event organisers will be able to manage their own listings.
Founded in 2012, YPlan now has offices in San Francisco, New York and Las Vegas as well as London. Of the approximately 20 staff in New York, it is reported only 6 remain. There are still 50 staff in London.
Another investment
The $24m investment has been led by previous investors Octopus Investments, Wellington Partners and General Catalyst. Nokia Growth Partners was also part of the round.
Including the $12m raised last June, it brings the total raised by the startup to just under $38m.
It will be used to ease the pivot, which the company says will see a number of social features added. TechCrunch has reported that the first signs of the pivot will be visible on the app before the year’s end, in time for New Year’s Eve.
Solid growth
CEO and cofounder Rytis Vitkauskas told TechCrunch the reason behind the pivot is because of the startups current solid growth, reported to be about 300% on last year.
He hopes to turn the platform into more of an events marketplace, and added that YPlan will “evolve very significantly” as part of the pivot.
Part of the app’s draw has been its curation of events, which risks being lost with change in direction. Vitkauskas however insists that they will always be very careful with the events they promote.
Elevator Pitch alumnus
YPlan is one of the most successful Elevator Pitch alumnus, featuring in the first series.
Startups from all four series will be in London for the Elevator Pitch Awards on 1st December.
You can have your say in the awards with the Public Vote, closing on Friday.