London app gets £8m for US push

A LONDON based iPhone app developer has raised £8m in a fundraising that will allow it to expand across the pond.

YPlan, founded by former City workers Rytis Vitkauskas and Viktoras Jucikas, allows spontaneous entertainment-seekers to buy last-minute tickets to concerts and other events in London.

The app only launched in November but has rapidly become a sensation, claiming that 10 per cent of London’s iPhone users – or 200,000 people – have tried it.

The company has now secured $12m (£7.8m) in funding from a number of prominent tech investors, including Hollywood star Ashton Kutcher, and plans to expand to New York and across the US.

Vitkauskas, a Harvard business graduate who interned at Merrill Lynch and Deutsche Bank before working for London venture capitalists Summit Partners, told City A.M. that he and Jucikas had decided to set up a business together in 2011, but tried dozens of ideas before dreaming up YPlan, which was the 51st project they tested. He said the company, which has around 30 people in its London and New York offices, will now grow to around 100 staff.

After New York, Vitkauskas plans to move into other cities across the US, and is also planning an Android app to expand its footprint in London.

The money comes from a number of venture capitalists whose previous investments include Spotify and Hailo. Kutcher has recently had success by investing in Summly, the smartphone app sold to Yahoo.