Internet and telecommunications group SoftBank’s Vision Fund 2 led a $170m series C round for US-based messaging social network IRL yesterday valuing it at $1.17bn.
The round also featured Dragoneer Investment Group, Goodwater Capital, Founders Fund, Floodgate and Owl Capital.
IRL has built an online social networking platform focused on group chats and event discovery. Its platform lets users schedule events and maintain group calendars, and can also connect users based on shared interests.
The company will use the series C proceeds for general business growth, recruitment activities and to expand its user base internationally. It has also launched a Culture and Creator Fund to provide funding for local events and social activities in the United States.
Serena Dayal, director at SoftBank Investment Advisers, which manages Vision Fund 2, said: “People are increasingly seeking more in-person social connections and are looking to share meaningful experiences together.
“As an innovative event-based social network, IRL sits at the intersection of group and event discovery, social calendaring and group messaging, enabling people to do more together.”
The round increased the company’s total funding to over $200m, it said. It had raised $16m in a September 2020 series B round led by Goodwater Capital that included merchant bank Raine Group, Founders Fund and Floodgate.
IRL had picked up $8m in a June 2019 series A round also led by Goodwater, which invested alongside Founders Fund and Kleiner Perkins. The company had previously received $3m of seed funding from Founders Fund and Floodgate at an unspecified date.