The hot new thing in clubby Silicon Valley? An app called Clubhouse

guest · May 20, 2020

The hot new thing in clubby Silicon Valley? An app called Clubhouse
Clubhouse works by letting people join pop-up audio chat rooms that disappear when they end
May 20, 2020
https://tech.economictimes.indiatim...licon-valley-an-app-called-clubhouse/75846960

Clubhouse is a social media app where venture capitalists have gathered to mingle with each other while they are quarantined in their homes. The app is, for now, invite-only, and buzzy: seemingly everyone who has been allowed to join the early test version, from celebrities like MC Hammer to activists like DeRay Mckesson, has tweeted about it.
And it has recently been one of the hottest deals on Sand Hill Road, Silicon Valley’s venture capital nexus.

Last week, Andreessen’s venture firm, Andreessen Horowitz, won the deal to invest in Clubhouse. Andreessen Horowitz agreed to put in $10 million, plus pay another $2 million to buy shares from Clubhouse’s existing shareholders, said a person with knowledge of the funding, who declined to be named because the details were confidential.

The financing valued Clubhouse, which started this year and has two employees, at nearly $100 million. The deal was earlier reported by Forbes.
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With just a few thousand people using Clubhouse as part of an early test, the app is far from a hit and has not been publicly released. But many of those who have it are already addicted. One woman recently discussed spending more than 40 hours a week on it; others have tweeted similar statistics.

Clubhouse works by letting people join pop-up audio chat rooms that disappear when they end. Once in the rooms, users are segmented into tiers determined by moderators. Users can join any chat room, see who is speaking or listening, click into a profile page and follow others.

Since joining the app a week and a half ago, Baschez said she has spent three to five hours a day on it.

“You’re not forced to be part of the conversation the entire time on Clubhouse. You can just listen to other people talking about interesting subjects and jump in when you want.”
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Forbes: Andreessen Horowitz Wins VC Sweepstakes To Back Clubhouse, Voice App Still In Beta, At $100 Million Valuation

Several months ago, Clubhouse had zero users — it didn’t yet exist. Now, after a competitive funding round that pitted two of Silicon Valley’s best-known venture capital firms, Clubhouse is valued at $100 million.
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