It’s because the apps are a lot harder to develop than websites and they cost more. And most importantly, no one wants to download, yet another app, especially if you don’t have a state of the art smartphone. For some, downloading an app means erasing the video of their child’s dance recital. No one is willing to do that.
When you do download an app, the data shows you are not going to use it. 70% of all apps in emerging markets that are downloaded are not used within the next 2 months.
But what is the app that we do use and won’t erase from our phones? It’s the one we use to communicate with our friends and family. We spend around 84% of our time on the phone using WhatsApp or its equivalent.
And that's why Yalo is building a platform for conversational mini applications that allow companies to sell, market, and provide customer service. This platform is known as Yalo Studio and every day we bring more and more builders to create these mini applications for businesses.
This is why we’ve been able to expand and engage with amazing mentors, investors and strategic partners that believe in our product and like us, know conversational apps have the power to change the world.
In 2019 we did a Series A investment round, where we raised $10 million dollars from venture capital firm Sierra Ventures. This allowed us to expand our operations to India.
One year later, in 2020, we raised $15 million dollars in Series B funding, led by B Capital Group and with participation from Sierra Ventures. This was extremely important to us, since we were not only B Capital Group’s first investment during the Covid-19 pandemic, but the first one in our region. With the capital raised, we’ve been able to consolidate our efforts in LATAM, particularly Brazil.
And most of all, the investments gave us access to strategic partners like Eduardo Saverin, B Capital Group co-founder and managing partner also known for co-founding Facebook, and Adam Bosworth, CRM veteran and former Vice President at Google, Salesforce, and Amazon.