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As of August 2014, Yik Yak had raised $73.5 million from Sequoia Capital, putting it on the path to becoming one of the top 10 most downloaded apps in the world. The app's popularity grew exponentially and was used on thousands of college campuses around the globe. In August, the app generated close to 100,000 downloads per day, generating interest from major investment firms. However, the company recently announced layoffs of 60 percent of its staff.
Yik Yak had become so popular that it was shut down in April 2017. The company was founded by two college students Tyler Droll and Brooks Buffington in 2013 and was valued at around $350 million at its peak. The app was initially funded by Atlanta Ventures and various angel investors. Later, the company raised another $10 million from these same investors and was later acquired by Sequoia Capital for $60 million.
After the company was halted due to racial bullying and racist comments, the founders decided to sell some of the intellectual property to Square. A week after Yik Yak's launch, the company had more than 100,000 users. The founders thought they had a captive audience with a high school audience, but the company failed to find a product/market fit. This led to a lack of revenue growth and an unimpressive stock price.
As the company expanded, Buffington's uncle called a friend who had worked at Google. The two grew the business to more than $50 million and subsequently lost the venture capitalist's $60 million investment. A few months later, the company was re-launched and he and Buffington teamed up. During this time, they were able to make their idea a reality.
However, the company's growth was not sustainable. The startup was plagued with hate speech and bullying, and failed to develop a product/market fit. By the end of August, Yik Yak's growth soared to millions of users. The company had a number of problems, but it remained committed to the idea. It wasn't able to survive the challenge of these issues. In fact, the company's business model was unsustainable and the company had to shut down.
The company was not initially profitable, but the company restructured to get more investors and keep its users happy. The company's goal is to have a positive impact on society and make a profit. Consequently, it is vital for Yik Yak to make money. This is a challenge for all startups, but the business has already achieved success. The two founders' first project was a prototype that was available for download for free.
The company was already active at around 30 to 50 colleges before spring break. The founders subsequently passed the app on to other students and saw it gain tremendous popularity. By the end of the semester, the company had expanded to 250 colleges. During spring break, Yik Yak had become active on a total of 2,500 campuses, which was an incredible feat. As of last year, the company had been headquartered in Atlanta, Georgia.
The company was a success from the start, with 100,000 downloads in a few months. It is currently used by more than one million people worldwide. It has also grown to be popular among college students, with a user base spanning more than a million people. In June 2014, it raised $10 million. By July 2015, Yik Yak introduced photos. The company had a huge impact on the social media landscape.
In September 2014, Square bought Yik Yak. The app was originally valued at $400 million, but now, it has sold to a new owner for $1 million. In February, Square Inc. purchased the company. In February, the new owners of Yik Yak have also taken the social network to a higher level. This acquisition comes as a surprise, since the company hasn't made any plans to expand.
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