The two year old social network startup IRL, has been backed up with massive investment to be able to compete with Facebook. Japanese tech conglomerate SoftBank, is the biggest investor in a new $170 million round of funding that values IRL at roughly $1 billion.
The idea is simple, a platform to connect people to do more together, usually by meeting in real life, which is what IRL stands for. The app has roughly 12 million monthly users and no revenue.
“We’re building Facebook groups and events for the generation that doesn’t use Facebook, there just happens to be no other product really focused on this space for the next generation,” said Abraham Shafi, co-founder and CEO of IRL as reported by The Verge.
The app has been growing substantially as it is widely used by people under the age of 18 in the United States and it has already facilitated over 1 billion messages in a year. Moreover, universities have let students enter their school emails to gain access to virtual events and group chats.
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