Happn, a French dating app raises $14 million in Series B round of funding led by Idinvest along with existing backers Alven Capital, DN Capital and Raine Ventures and business angels like Fabrice Grinda, David Wolfson and Gil Penchina.
The startup Happn allows its users get in touch with strangers one might have liked while walking across a street, queuing to bill or riding the bus but did not get a chance to speak in person. Somewhat like Tinder, it is supposed to bring some serendipity back to dating. It kind of uses different mechanism to find potential matches when compared with Tinder.
Didier Rappaport, founder of Happn in an interview said, “We had some contact with bankers who wanted to be the interface between us and the funds, but when they told us how much they wanted to get – in between $500,000 to $1 million – I said ‘look we’ll do it on our own’, and I did.”
“We could only do that because we already have experience in fundraising and have a high-level data team,” said Rappaport, who also co-founded video-sharing site Dailymotion. “I would not recommend a young company do that on their own. You usually need bankers for fundraising because they have experience and a network, and a way to present metrics to the investors – they know the competition.” He also said, he may look out for a bank with the third fundraising round.
With the fresh funds, Happn plans to launch its platform in the Asian market. It also intends to widen its team and improve its existing products.
Till date, the Happn app has more than 700,000 monthly active users with a total of 6 million users in 25 cities around the world and strives to reach 10 million by the end of the year.