In early October we wrote about Jesta Labs, a new incubator based in New York, with operations in Montreal. The incubator had $15 million from Jesta Digital, its parent company. They had three products they were working on, all internal ideas, but they were also looking at investing in other people’s projects as well. And they were hiring in Montreal.
Then a few weeks ago, I got word that Jesta Labs had been shut down. Now the Jesta Labs website is gone, and I’ve confirmed that Jesta Labs is finished.
From what I understand to-date, Jesta Digital (the parent company) shut down Jesta Labs and let go of all the teams. It was sudden and came without warning. The reason isn’t entirely clear, although we spoke with one person that said Jesta Digital was no longer interested in funding the projects, which included Gush (photo management), Jaunt (travel) and Robot Destroy Club (Facebook gaming.)
I was using Gush and it was a good service. It’s still running (see: www.getgush.com), but as of this moment no one is working on it.
Overall this is quite a turnaround from raising $15 million, funding and launching three projects, and hiring a bunch of developers (in Montreal, NY and elsewhere.) I’m continuing to look into the story to see if I can learn more.
For more information about how incubator works. Click here.