David Dobrik's new Dispo app has become so popular that VCs just invested $20 million at a $200 million valuation

  • David Dobrik’s hot new app Dispo just hit a $200 million valuation with a Series A funding round. 
  • The app, which launched its beta version earlier this month, raised $20 million. 
  • Dispo recreates the experience of disposable cameras, requiring users to wait for their photos.
  • Visit the Business section of Insider for more stories.

The hot app Dispo now has the valuation to back up the buzz.

The photo-sharing app has reportedly raised $20 million at a $200 million valuation in a Series A funding round led by Spark Capital, as first reported by Axios’s Kia Kokalitcheva. Dispo declined to comment. 

The funding confirms a report last week by Insider that the company was being “inundated” with term sheets for its Series A round and was seeking a valuation over $100 million. Sources told the The Information that the app was talking to Sequoia Capital, Andreessen Horowitz, Benchmark and others to lead the Series A.

The app’s latest funding round comes just five months after its $4 million October seed round, led by Reddit cofounder Alexis Ohanian’s firm Seven Seven Six. Other seed investors included the Weekend Fund, Sofía Vergara, and The Chainsmokers.

Dispo, cofounded by YouTuber David Dobrik, launched earlier this month and was an immediate hit among Gen Zers.

It acts as a virtual disposable camera, requiring users to wait until 9 am the next day for their photos to “develop.” They can then post the photos, either publicly or in private rolls shared with select friends. 

Dispo CEO Daniel Liss previously told Insider that, in the first week, the app reached 3 million downloads before it hitting its limit. He believes Dispo made a splash by encouraging users to be in the moment. 

“Other apps use photos to focus on shopping, messaging, or entertainment,” he said. “We are about untethering yourself from your phone and enjoying photography again.”

Source: Read Full Article