Momenel, now Parallel Social, finds a buyer amid early financial scare (Update)

The initial news came just over a week after Momenel announced it would close its doors due to early financial troubles.

Momenel, now Parallel Social, finds a buyer amid early financial scare (Update)
Image credit: Unsplash | Luis Villasmil

Update: Momenel has officially revealed their buyer to be Parallel Communications LLC. Momenel says a broader announcement will be made soon, but that its own users were the first to hear the news.

"As I considered the future of Momenel, it was important to me that the privacy mission continues," reads Momenel's official post. "Parallel's demonstrated commitment to privacy and its rapid growth gives me confidence in the future of Momenel."

Parallel Communications are a new tech company that started only last year. They sell privacy and security focused hardware like GrapheneOS-powered smartphones, VPN routers, and more.

Parallel responded to the post claiming nothing major will change immediately, but users can expect a new name and new branding soon. They kept true to their word, because shortly after, the app rebrand landed. Momenel is now Parallel Social, and the app has a new logo to go along with it.

"We purchased Momenel because of its built-in privacy focus and we will work to improve and expand that focus," writes Parallel.

I hadn't really heard of Parallel Communications before this announcement, so I can't speak to the credibility of the company or its commitment to privacy. Only time can reveal the fruits of this acquisition.

On September 1st, the Momenel lead dev and founder, Farhan Haider, announced on the platform that Momenel was officially planning to shut down due to early financial troubles.

"It's with a heavy heart that I announce the upcoming shutdown of Momenel. Despite my best efforts it's no longer financially feasible to continue operating the service" writes Haider.

Just over a week later, Haider took to Momenel to announce an anonymous buyer will take up ownership of the platform.

"Someone has stepped forward to take over Momenel. I'm thrilled to share that our platform will not only continue to exist but is poised to grow and thrive under new leadership."

Momenel's early financial troubles arose only a month and a half after the platform's launch. Given the project's infancy, I didn't expect an acquisition this quickly, if at all.

We still don't know who the buyer is, but the official Momenel account took to Twitter to say "[the buyer is] even more committed then [Farhan Haider] and they will reveal themselves as soon as all the legalities are taken care of."

We will update this article when we hear more news.