From the start, Twenty's goal was to get young people out of their phones and out in the real world with their friends. Twenty connects users to their friend groups and allows them to browse fun experiences, from concerts to sports to movies, with an easy user interface to coordinate the group and achieve it. In fact, Twenty has established relationships with organizations such as Live Nation, Endeavor, Roc Nation and Tao, which together produce over 10,000 events annually with an audience of over 100 million fans.
Mappen, on the other hand, is a location-based social network that allows users to share what they do (and where they do) with their friends. For example, users can provide a status update using a Fortnite expression code that is tagged in their home, invite friends to come and play some games.
The two companies have been talking and collaborating over the past nine months looking for ways to combine expertise. When Twenty has relationships with experience providers, Mappen has an audience of young people looking to connect with each other.
The end result is an all-stock transaction that unifies the user experience under the XX brand name.
Although the built-in app has yet to be announced, the two apps have been combined for a while, and CEO Diesel Beltz says the new app has seen a 33 percent month-on-month growth in new users. Hangouts increased by 50 percent from July to August. Peltz will lead the merged company as CEO.
At this time, the new Twenty does not have a business model. However, the plan is to use event partnerships to generate revenue instead of advertising, which relies on eyeballs on screens.
"If the model is based solely on ads, you want your users to spend as much time on the platform as possible," Pilz said. "We look forward to creating a different opportunity for people to access these experiences."
To date, Twenty has collectively raised about $ 40 million from partners including Accel, Maveron, 500 Startups, Sound Ventures, Roc Nation, Live Nation and Endeavor.