Secret, the anonymous sharing app, will be shutting down for good. David Byttow, Secret’s CEO, made the official announcement this morning on Twitter. What sparked the shutdown? Considering the company raised $35 million, money is likely not an issue.
The app recently underwent a major design overhaul, which kind of blurred its identity, making it look just like its competitor Yik Yak. Co-founder of the app, Chrys Bader-Wechseler, also left the company. Shutting down seems like the most logical outcome.
Many of the company’s top employees have left the company over the last month. Reportedly, Secret is down to just 10 employees from more than 20 just a few months ago.
According to Byttow, Secret was not the vision he had when the company first started. He believes that shutting down is the right decision for investors and the company’s employees. The issue of cyber-bullying was also addressed, stating that anonymity is the “ultimate double-edged sword” that needs to be wielded with care and respect.
Secret experienced years of slow growth and decided to ditch its visual design for simplistic text-only design. Ultimately, the app wound up looking just like its competitor Yik Yak. And yet, the numbers still failed to grow.
Secret will return its remaining cash back to investors, which include Google Ventures, SV Angle, Index Ventures and Ceyuan Ventures.