The trending new app Secret has closed a $10 million round of funding at a post-money valuation of $50 million.
The funding of this round was led by Google Ventures, and includes participation from Kleiner Perkins Caufield Byers (KPCB).
This is following news reported last week that noted the startup was in the process of raising a round of funding. The report, constructed by the Wall Street Journal accurately reported the amount of funding and potential investors.
It’s being reported that the term sheets have already been signed. Some people are speculating that a round this big for such a new company is even more proof that the Internet startup industry is in a bubble, but not all agree.
At the end of January Secret launched into the private messaging industry and competes with Whisper, Wickr, Telegram, and Confide who were all in the space already and had the jump on Secret.
Currently, Secret is only available for iOS users inside of the U.S. and Canada.
The app’s highest ranking was on February 7th when it arisen to the 16th most popular social network in the app store. As of right now its ranking in the social network category is at 81.