Yevvo Entertainment Inc is an Israeli startup that has developed the Yevvo app that allows users a live, raw and prompt connection with a virtual community, The Wall Street Journal blog Venture Capital Dispatch reported. The iPhone app gives them a chance to ask their audience to watch a live video about the special and even mundane moments in their lives.
Aleph Partner Eden Shochat told Venture Capital Dispatch, "Not many applications are truly viral, in the sense that people have a vested interest in having others join. You almost never see this phenomenon." Shochat invested in Yevvo's seed round in a personal capacity before leading the Series A for Aleph. A venture fund, Aleph was launched last year by Shochat and Benchmark Capital General Partner Michael Eisenberg, the report said.
Yevvo Chief Executive Officer and Co-Founder Ben Rubin told the news outlet that the backing they received came after around 3,000 students from four Detroit area high schools downloaded the app in October. He added that the growth of the downloads were organic by nature and that he did not even realize that the app had spread until a Silicon Valley venture investor informed him and offered a term sheet. He told Shochat and his other angel investors and it was then when Aleph gave its own term sheet to the startup which Yevvo signed five days after, the report said.
While Rubin did not want to reveal how many users were using the app today, Topsy Labs Inc data showed that there were about 1,000 tweets with the word "Yevvo" in the past 30 days. This included the rise in activity after the company revealed its Series A round on Wednesdya, February 12, the report said.
Rubin intends to keep the app free for users and maintain it advertisement-free. In order to make money, he plans to get brands on the platform so they could develop their own Yevvo broadcasts, the report said.
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