Who is Garrett Camp? What are you doing?


Garrett Camp (born 1978) is a native Canadian businessman who is famous for his innovative technology companies. His best-known companies include Uber and StumbleUpon (now Mix), both of which he co-founded. Camp is currently president of Mix and founding partner of the business incubator Expa, through which he finances the creation of companies. One of his latest projects is Eco, originally intended to be a cryptocurrency, but now an investment / personal finance app.

Early age and education

Garrett Camp was born and raised in Calgary, Alberta. He completed his Bachelor of Science (B.Sc.) in Electrical Engineering from the University of Calgary between 1996 and 2001, which was followed by a Master of Science (M.Sc.) in Software Engineering from the same institution between 2001 and 2005. .

While still in graduate school, Camp and three colleagues launched StumbleUpon in November 2001. StumbleUpon was an Internet content discovery portal, the first of its kind, that functioned like a web search engine but was customized to match. with the interests of the user based on recommendations of connected peers and social networks.

Key takeaways

  • Garrett Camp is a billionaire entrepreneur who specializes in technologically innovative (and sometimes disruptive) companies.
  • Camp is most famous for being the co-founder of Uber.
  • Other notable Camp companies are StumbleUpon (now Mix) and Eco.
  • Many of Camp’s investments are made through Espa, its business incubator.
  • Camp’s current net worth is $ 3.9 billion.

Notable achievements

Stumble upon

The single platform took off. StumbleUpon moved to the San Francisco area in 2006, after successfully raising $ 1.2 million in funding from angel investors. As CEO, Camp moved in with him (he has resided in the US ever since).

Ebay Inc (EBAY) acquired StumbleUpon in 2007 for $ 75 million. Camp continued to run it, but frustrated by the lack of flexibility and control, he bought it in 2009. As CEO of the newly independent company, Garrett led the successful implementation with a five-fold increase in StumbleUpon’s user base that included 25 million. users in 2012.

That was its peak. In mid-2012, Camp stepped down as CEO to focus on other companies; however, he remained as president. Camp bought back the majority stake in the company in August 2015 when StumbleUpon went into debt. It continued to stumble and shut down in 2018, its accounts being transferred to Mix, a similar platform that Camp had started (see below).

Uber

In early 2009, Camp, along with Travis Kalanick, co-founded the car rental company called UberCab, which would later become Uber Technologies ((UBER), but popularly known as Uber around the world. Kalanick became CEO while Camp joined the board of directors, serving as president for several years.

The service launched in the San Francisco area in mid-2010 and gradually expanded to other US cities and other international locations.

It added different service variants, namely UberX, Uber SUV and UberTAXI, during 2012. Focused on reducing the cost of taxi rides, Camp launched a shared ride option in early 2013.

At one point, the world’s top-rated private startup, Uber went public on May 9, 2019. Although it has had a bumpy road since then, it is known for being a company that revolutionized the car decorating industry. around the world.

Travis Kalanick was forced to resign as CEO in 2017, amid reports about Uber’s culture and toxic work practices. In late March 2020, Camp announced that he was resigning from the board. He had sold or donated a third of his company’s stock earlier that year.

“I have decided to go from being a board director to a board observer and focus on product strategy.”

—Garrett Camp, announcing his departure from Uber.

Expa

In May 2013, Camp founded Expa. Expa serves as a global network of entrepreneurs who help start businesses and companies with the support of peers. Since its inception, Expa has successfully launched or invested in more than 30 companies and has raised more than $ 1 billion in funding for them. Its Expa Studio division also provides workspaces, operational support and technical advice for startups and young companies.

In October 2015, Camp made another attempt with an internet search tool, something similar to StumbleUpon. He launched Mix.com, a portal “to discover the most attractive content” on the web for users. Leveraging user preferences along with recommendations from friends and subject matter experts, online content is delivered to the user’s mobile or computer. In 2018, the late StumbleUpon’s registered accounts were transferred to Mix.

Echo

Another of the Expa de Camp initiatives is Eco. When announcing it in 2018, it originally envisioned Eco like a new cryptocurrency, but by 2019 the concept, now a partnership with Beam.io, had morphed into a more general fintech platform, an app to spend, send and save money that offered high returns (2.5%) on balances and cash back rewards. .

Wealth and philanthropy

$ 3.9 billion

Garrett Camp net worth as of July 2021.

Garrett Camp is ranked 655 in Forbes magazine’s list of global billionaires for 2021.

Recently, he founded the Camp Foundation, a nonprofit organization whose mission is to support research into infrastructure, sustainability and conservation projects that will have a significant global impact. The foundation is currently focusing on Every.org, a 501 (c) (3) social network for fundraising and giving.

The bottom line

Garrett Camp is a billionaire entrepreneur who specializes in technologically innovative companies. His best-known companies have involved the Internet, the cloud, and mobile devices; They have brought digital into everyday life and some of the most successful, like Uber, have significantly altered it.

www.investopedia.com

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Mark Holland

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