If you think your chances of creating the next big social media app are slim, don’t lose hope – your idea still has a decent shot at attracting venture capital investors.
Retro, a new app focused on connecting users with their family and closest friends, has secured funding from Josh Kushner’s Thrive Capital, along with an obligatory endorsement from his supermodel wife, Karlie Kloss.
Kushner has a track record of success in the social media industry. He famously made a smart investment in Instagram just before it was acquired by Facebook for $1 billion.
However, some tech investors have raised concerns about Retro joining the graveyard of similar apps that gained popularity briefly and then fizzled out. These include BeReal, Locket, BestFriendsNetwork, BlueSky, Spill, Lemon8, and Plurk.
“Admittedly, these things are always long shots,” said one venture capitalist. “BeReal was a good long shot that didn’t pan out. Retro seems like a good long shot as well.”
Even Mark Zuckerberg’s upcoming “Twitter Killer” app, Threads, seems to be losing steam. Despite attracting a remarkable 100 million users within its first five days, the number of active users has plummeted by more than half, according to a report by The Post.
Many potential users claim to be too overwhelmed by social media to consider joining a new app.
“It could be the greatest app in the world, but at this point, I wouldn’t have the energy to join,” said one burnt-out social media user.
Another tech insider suggested that venture capitalists’ interest stems from both seeing opportunities in the space and a desire to invest in familiar territory.
However, it’s still too early to determine how everything will unfold.
“Perhaps there’s room for multiple networks at the semi-personal level, with one dominant player serving as the town square,” added the source.
Retro has yet to officially launch on the app store, but a select group of individuals is currently beta testing the app.
The CEO of Retro, Nathan Sharp, played a key role in the launch of Instagram stories in 2016, while the company’s CTO, Ryan Olson, previously worked as Instagram’s director of engineering. Retro has also received undisclosed investments from Dylan Field, Scribble Ventures, Box Group, Imaginary Ventures, Coalition, Conviction, Copper, and Positive Sum.
The app aims to connect small groups of close friends, allowing them to share recent adventures or whatever is happening in their lives. It’s like inviting friends over to view a slideshow of vacation photos, but with a modern twist compared to what Instagram used to offer, according to Sharp.
“Retro makes the process easier by eliminating the need to question which message thread to share something on and manage multiple threads with different groups of friends,” explained Sharp in a recent interview with TechCrunch.
