TECH CRUNCH - The founders of IRL (In Real Life), Abraham Shafi and Genrikh Khachatryan, are suing their investors, including Chi-Hua Chien of Goodwater Capital, Serena Dayal of SoftBank, and Mike Maples of Floodgate, alleging they sabotaged the company. IRL, once a promising event organizing platform for Gen Z, raised ~$200M and was valued at $1.17B. However, following Shafi's suspension as CEO over misconduct allegations, an investigation revealed that 95% of IRL's 20M users were purportedly fake. The founders now claim these figures were fabricated by the investors as a pretext to shut down IRL and recoup the company's $40M in cash. This lawsuit comes amid ongoing investigations by the SEC into IRL for potentially misleading investors, violating securities laws.
by Amanda Silberling
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