SoftBank-funded social messaging app IRL is shutting down after discovering that 95% of its users were fake. The app had raised $200m from SoftBank’s Vision Fund and others and had reached a $1.2bn valuation in a $170m Series C funding round led by Softbank Vision Fund 2 two years ago. Last year, IRL claimed it had 20 million monthly users who chatted about shared interests and planned real-world events together. The IRL app had been designed to bring people together through events and shared experiences. The investigation concluded that the majority of users were either from bots or automated. The founder and CEO, Abraham Shafi, had been suspended from the app two months ago, following allegation of misconduct.
IRL, the Social Messaging App, Closes Down Due to 95% of Fake Users
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