Updated 9/30: Star Tribune reports that Project Skyway has reduced equity stakes from 9% to 6%.
Updated 10/8: The drop-out is official.
Entrepreneurial brothers Ryan and Evan Freed, who collectively entered Project Skyway as Uhungry, packed up and hit the road earlier this week destined to return to their hometown of Long Island, New York.
The unexpected move comes at a time when Project Skyway’s remaining five companies crossover the halfway point of their three month tech acceleration in preparation for ‘demo day’ on October 26.
While Uhungry’s model essentially began as a social means for college students to make and receive food around campus, it seemed to morph into something different on a recurring basis (yesterday it was termed Pickaboo).
Speaking on behalf of what is now called Picomize, a “99 designs meets commercial photography,” Evan Freed recently confirmed the departure, only to say “It was the right decision for the business and we’re still in discussions with Project Skyway about how and where things will go from here.”
Both parties appear amicable with one another following the relocation, although it’s not clear at this point if the duo (+new partner Bharath Keshav) are still technically part of the program or whether or not they will be part of the demo lineup.
Project Skway co founder Casey Allen responded on behalf of Project Skway, saying:
“Evan and Ryan told us earlier this week that they felt they needed to be in NY to launch and grow…that funding and talent would be much easier in NY.After speaking with a local investor here, who confirmed their belief, the decision was an urgent one. Cem and I, as we always have, will continue to support them however we can. We admire startups that are committed to their company and are willing to make tough decisions, whatever they may be.”