1. Tinder Founders Sue Match
Tinder founders and executives are suing Match (Tinder’s parent company) and shareholder IAC for bullying and manipulating financial information, specifically, taking away employees’ stock options and compromising Tinder’s valuation. Yesterday, current and former Tinder executives filed a lawsuit against IAC and its Match Group subsidiary, which owns nearly every leading U.S. dating app and platform, asking for $2B. Apparently, IAC/Match created “a fake lowball valuation” at $3B. The lawsuit also attests that Match helped cover up the 2016 sexual harassment scandal, “whitewashing” former CEO’s actions long enough for him to complete Tinder’s valuation. Looks like Match is getting a big ‘ole swipe to the left.
(Source: Forbes, TechCrunch)
2. Startup Updates 9-1-1 Line
9-1-1 is a widely known hotline for those in danger. The problem is the system was originally built for landline phones. Today, 80% of all emergency calls come from mobile devices. This means some call centers are unable to pinpoint an exact location due to their outdated systems. Nowadays, Uber and Lyft rides are the go-to for emergency calls as it’s cheaper and allows riders to choose a preferred hospital, but this is like using a Band-Aid for a broken arm. Some are working on a better solution. For example, Israeli startup Carbyne has raised $15M to improve emergency response times. The new platform will pinpoint exact locations, enable instant video communication, and use other cloud-based services to shorten response time up to 65%. 9-1-1 gets the 411.
(Source: The Hustle, NENA)
3. Teacher Salaries on the Rise
Teachers are underpaid across school boards, and preschool teachers are at the bottom of that totem pole — making 48% less than all other educators. Imagine changing this initiative. Wonderschool, a for-profit preschool startup, helps licensed educators launch in-home preschools/daycares. So far, Wonderschool has raised $20M to expand its program, launched 140 schools and employs over 500 directors. Teachers are able to choose their own curriculum and schedule and are given tools (i.e. licensing, curricular development, marketing, and payment processing) as long as a 10% cut of tuition is given to Wonderschool. Teachers on the platform have also reported earning 3X as much as their previous job. The hope is to expand economic opportunities for educators and expand educational opportunities for students. The model is eerily similar to Uber’s but with a toddler twist.
(Source: The Hustle, TechCrunch)