Poparazzi previously became the number one social media app on Apple's official App Store. And now, the founders of Instagram's new competitor said that they believe their new app will soon reach $135 million valuations.
Alex and Austen Ma said that they are currently set to raise funding from their venture capitalists' investors.
On the other hand, some rumors and speculations claimed that the Bay Area-based firm, which developed Twitter, Uber, and Snap, has committed to value Poparazzi at more than $100 million.
Benchmark is also expected to lead the new funding round in Poparazzi. Aside from this, some sources added that Benchmark's offer could invest $13.5 million for 10% of Poparazzi.
The round is expected to close at between $15 million and $20 million overall. But, this will only happen after individual previous investors, and angel investors in the app's parent company TTYL send their funds.
Poparazzi Vs. Instagram
According to Forbes' latest report, the developers of Instagram's competitor are now in talks with various investors, including Floodgate, to achieve their $135 million value goal.
This just shows that the new anti-selfie app deserves its place on the Apple App Store. If you haven't used it yet, the new Poparazzi works very differently from other social media platforms since it is not about sharing your photos, videos, and other content that you like.
Poparazzi is an app where users can't post their images and videos. The only thing they can do is share their friends' photos. This simply means that you will become one of their paparazzi. However, it is still too early to conclude that this anti-selfie app is better than the current Instagram application.
How Does It Work?
Business Insider previously reported that Poparazzi divides the user profile into two sections. The first one shows the photo they took of their friends, and the second one contains the photos shared by their friends.
On the other hand, the user needs to take a quick photo and then tag their friends. The photos are designed to be candid, and the app doesn't allow for cropping, adding captions, filters, or edits.
However, the photos that you are tagged in will not appear on your feed unless you follow each other.
For more news updates about Poparazzi and other rising apps, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
