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🔶 YC S19⚠️ Alleged
ABRAHAM SHAFI
IRL · 2023
Fake user metrics / investor fraud
Abraham Shafi founded IRL (YC S19), a social networking app that raised $170M at a $1.17B valuation led by SoftBank Vision Fund. IRL claimed 20 million monthly active users. In June 2023, the company disclosed an internal investigation had found over 95% of users were bots. The SEC charged Shafi with securities fraud for misrepresenting user metrics to investors. The company shut down in June 2023.
Raised
$170M
Outcome
⚖️ Awaiting Trial
Investors
SoftBank Vision FundFounders FundGoodwater CapitalKleiner Perkins