InterActiveCorp Incubator Hatch Labs To Go The Independent Route
InterActiveCorp’s incubator for building apps, Hatch Labs, is going independent according to Betabeat.com. Hatch Labs is rumored to be shutting down their offices on the fifth floor offices in the IAC building on 18th street in Los Angeles.
“After exploring several strategic options for Hatch Labs, IAC stopped investing in the company, and their operations were subsequently discontinued,” stated IAC. “IAC is still funding and exploring options for a few of the assets that came out of Hatch Labs.”
Hatch Labs has created apps like Tinder (a casual dating app), Cash Island (a slot machine app), Cardify (customer loyalty app), and BroDown (an app to challenge people around the world in a push-up contest). Hatch Labs CEO Dinesh Moorjani started IAC’s mobile group back in 2007 and then quietly founded Hatch Labs in 2010. IAC partnered with Xtreme Labs in 2011.
Hatch finished deploying the capital from the first Hatch fund in the past two years and IAC is managing the portfolio of ventures that were created. Dinesh will be raising his second Hatch fund outside of IAC with IAC’s support.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry