Anonymous messaging app, Secret which enables users to share their personal secrets with others users, will shut down and give investors back their money. It had raised a total capital of $35 million in 3 rounds from 26 investors.
The company didn’t disclose the exact reason for the shut down, but Co-founder David Byttow said in a blog post that, “Secret does not represent the vision I had when starting the company, so I believe it’s the right decision for myself, our investors and our team.
Secret was one of the smartphones apps which enabled people to share themselves anonymously with friends, co-workers and people nearby and find out what their friends are really thinking and feeling.
“I’m extremely proud of our team, which has built a product that was used by over 15 million people and pushed the boundaries of traditional social media,” Byttow said.
“I believe in honest, open communication and creative expression, and anonymity is a great device to achieve it. But it’s also the ultimate double-edged sword, which must be wielded with great respect and care. I look forward to seeing what others in this space do over time.”
During its last round of funding, Secret said it was aiming to expand as a social network connecting Facebook friends and its one feature allowed users to log in with Facebook and share with friends without revealing their identities. At that time, Secret was valued at roughly $100 million. This will certainly come as a shock to its loyal users, the company hasn’t made clear about how will the service retraction actually take place.Category Business