Two years ago, a messaging app startup called IRL reached a $1.2 billion valuation in a $170 million Series C funding round led by SoftBank Vision Fund 2. Boasting of its "unicorn status" and noting that it had raised more than $200 million to date, the company described itself as “the leading group messaging social network that brings people together through events and shared experiences." CEO Abraham Shafi stated, “Our primary goal at IRL has always been to create more authentic and organic communities.”
Just how authentic those communities were came into question last year when employees cast doubt on Shafi’s claims that the app had 20 million monthly active users.
