YPlan Lands $24m Funding, Restructures NYC Office

YPlanLocal events app YPlan has secured $24m (£15.3m) in Series B funding, led by existing investors Octopus Investments, General Catalyst Partners, and Wellington Partners.

YPlan, which was founded two years ago, has reported a 300 per cent year-on-year growth in revenues for 2014. Its app has reached 1.5m downloads, and YPlan estimates it is now installed on 30 per cent of iPhones in London.

Alongside this news, it has also emerged that YPlan is restructuring its New York office, cutting around a dozen staff. TechCrunch reported that this restructure is due to a pivot in YPlans business model, away from directly selling its listings in favour of a self-service platform.

However, a spokesperson for YPlan told Mobile Marketing that while the company is making some changes to its platform, these are utility-focused and YPlan will maintain its curated approach to listings.

“The types of partners that we work with will still be very tightly controlled,” the spokesperson said. “We certainly won’t be opening up a self-service platform to all and sundry. Partners will still be able to list on the app for free, with YPlan taking a small commission from each ticket sold.”

Growing at 300% year-on-year in 2014