It will no longer be a secret that the new app Secret has raised $10 million of funding. The app that lets people post messages without attribution gained funding, which was led by Google Ventures and participation from KPCB. A report from WSJ on Friday noted that the company is raising a round of funds with details of potential backers and a $40 million pre ? money valuation. It was recently reported that the term sheets have been signed with a post ? money valuation of $50 million.
A Healthy Valuation for a Newcomer
This is a healthy sum of valuation for a newcomer. The app was launched at the end of January, amidst of other launched apps like Wickr, Telegram, Whisper, Confide and more. Most of these apps were created to protect people from NSA?s sneaky moves with increased user privacy.
Secret Ranked 16th in Social Networking Category
Secret is currently available on iOS in Canada and the U.S. It has achieved its highest ranking at number 16 in the social networking category and 130 overall on February, according to App Annie. The idea of this app came from co ? founders Chrys Bader ? Wechseler of Google pedigrees and Devid Byttow of Square.
Byttow explained that the app creates a forum where users can express their feelings freely with security. This is a privacy feature that social media giants like Twitter and Facebook cannot give at the moment.
Possibly the Next Big Thing After Twitter and Foursquare
The startup of this app had a fair share of attention during the SXSW confab in Austin, Texas. This was probably triggered by the people?s curiosity on the next big thing after Twitter and Foursquare. The app offers new features such as nearby gossip and social sharing. It also has an online message board for SXSW that is accessible for anyone. Secret CEO Byttow mentioned key points of the app during his on ? stage interview with Josh Constine of TC on Saturday. Over 10 ? 20 percent of its users are creating contents anonymously, but does not mean they are untraceable.
Aside from Google Ventures, Kleiner Perkins also invest in this new app?s $1.43 million seed money. Other companies who invested include Initialized Capital, Index Ventures, SV Angel, S ? Cubed, Harry Cheung, Fuel Capital and Brett Slatkin.