Sources: BeReal raised $60M in its Series B earlier this year, now has 20M DAUs

BeReal has been a big hit with Gen Z. With other big social apps trying to copy its ethos, it has put together a war chest to work on its next chapter. The startup raised $60 million earlier this year. The funding is coming in the form of a Series B and it values Paris, France–based BeReal at a valuation north of 600 million.

The dollar is strong against other currency in the midst of global economic turmoil. The Information noted the premoney valuation of $600 million when it first reported on the details of this round. The round's size hadn't been reported before.

A source tells us that the company now has 20 million dollars in receivables. The app had 7.8 million users as of July of this year, according to the Information. Despite efforts from competing social apps to reproduce the core of the Be Real experience, it ain't nothing like it.

The numbers are still a small fraction of the users the world's biggest social apps are attracting, but the velocity of BeReal's growth, and its traction with the key demographic of young adults, have been strong fillips for those other apps to pay attention to how they can The app has been cloned by others. The Front Back isn't included in the list.

BeReal started to take off in earnest earlier this year as its Gen Z user base sent the app climbing the App Store charts.

BeReal had grown its installs by 315% over the course of a year. The experience intends to give its users a more authentic photo feed than the one found on the popular photo sharing app. The photos disappear after a day or two.

A $30 million Series A was co-led by the two companies in June 2021.

The Series B was valued at $100 per daily active user according to the Information.

The world of consumer apps has had a lot of examples of flopping out. BeReal's rapid growth and how it caught the attention of a certain group of users made it enough of an interesting bet at this stage.

At a time when the app was reaching mainstream awareness, it was the subject of an SNL skit.

The big question is how the funding will be used and what the next steps will be.

There is no business model for the app today. According to data provided by Sensor Tower, only 9% of BeReal users open the app daily, despite the fact that 53 million installs have been made. More of BeReal's core user base are younger Gen Z users, so this doesn't correlate to real world usage.