Uber acquires social product studio Swipe Labs

By : |July 17, 2017 0
Medium

Uber Technologies has acqui-hired Swipe Labs, the social product studio run by Marwan Roushdy. Marwan Roushdy announced on Medium that, “a portion of the team would be joining Uber to improve the driver experience within the driving team.”

Though the terms of the deal have not been disclosed, TechCrunch says that the deal’s valuation is ‘surely much less than the $56 million valuation Swipe Labs scored with a $5.6 million late-2014 Series A from First Round, Lowercase, Sherpa and now-disgraced Binary Capital.’

Swipe Labs’ founders Marwan Roushdy and Addison Hardy had worked on many projects together before Swipe happened. first created Tag- a way to privately share photos with a small group of friends. Swipe Labs was designed as a product studio with a mission to increase the intimacy in how humans share, interact and communicate using technology. Swipe gained a lot of popularity and grew to more than a million users in first few weeks, attracting $5.6 million round and lofty valuation. However, Snapchat’s arrival shattered all their dreams.

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The Co-founder Addison Hardy left the company and the company has been struggling since then. The Swipe Labs team could make it easier for Uber drivers to make more money, understand what they’re earning and get the payouts they need to support themselves and their families.

“We are very grateful for all the support that everyone gave us over the years. Crafting all these products has been one of the most exciting experiences in our lives. We appreciate every moment and hope to continue building many amazing products in the future,” added Roushdy.

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