Last minute event app Yplan has been sold at a deep discount to the UK based Time Out media group for $2 million USD. Yplan had raised $37.7 million in funding in three rounds since launching in 2012.
Yplan lost $7.5 USD million in 2015, although Time Out says that “subsequent reductions in its cost base have materially reduced losses in the current year.”
“Developing e-commerce and monetizing our audience is an important element of our ambitious growth strategy," said Time Out CEO Julio Bruno in a statement following the bargain basement acquisition. "We acquired YPlan because its advanced technology will significantly accelerate this strategy. It will enable us to offer our large audience more online booking opportunities while improving the user experience."