Hyper-local anonymous chat app Yik Yak has pulled ahead of its cyberbullying controversy to raise $1.5 million in seed funding. The app, which had become popular among school kids, has been banned in some areas because of its ability to anonymously bully children.
Shortly after realizing the repercussions of the app, its co-founder installed “geo-fences” around middle schools and high schools, restricting access in those areas. The app was also rated as a 17-plus tool in the Apple App Store, a move that allows parents to block its download.
According to Yik Yak the funding will help introduce new product features, fuel growth, and expand into territories outside of the United States.
The app was built to allow for short message viewing to anyone within a 1.5 mile radius, shortly after release the app was used to bully kids at schools and other nearby locations.
According to recent reports, more than 100 new users are downloading and using Yik Yak every day. Yik Yak is believed to have upwards of 10,000 users at some of America’s biggest colleges.
Yik Yak claims 90% daily engagement for the app after a user engages for at least one week.
The $1.5 million funding round includes Vaizra Investments, DCM, Azure Capital Partners, and various other angels.
via Business 2 Community http://ift.tt/1jD42WV
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