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IRL
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IRL was a social event-discovery app that reached a $1.17 billion valuation before shutting down in June 2023 after an internal investigation found that roughly 95% of its claimed 20 million users were bots, with its founder later criminally charged with fraud.
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IRL, an acronym for "In Real Life," was founded in 2018 by Abraham Shafi, initially building an app intended to help users discover and organize real-world, in-person events and activities as an alternative to purely online social media engagement, a positioning that resonated with growing cultural conversation around excessive screen time and the value of genuine in-person connection. When the COVID-19 pandemic made in-person gatherings impossible for an extended period, IRL pivoted to help users discover and organize online events instead, including livestreamed concerts, esports viewing parties, and other virtual gatherings, and the company reported rapid user growth during this period, reaching what it claimed was over 20 million users and helping it achieve unicorn status at a $1.17 billion valuation following a 2021 Series C round led by SoftBank's Vision Fund with participation from investors including Peter Thiel. IRL's rapid unraveling began in 2022 and 2023: the company conducted layoffs affecting a quarter of its workforce despite having reported strong growth, a former employee filed a complaint alleging he was fired in retaliation for raising concerns about inflated user metrics, and the U.S. Securities and Exchange Commission opened an investigation into whether IRL had misled investors. Founder and CEO Abraham Shafi was suspended by the company's board following allegations of a pattern of misconduct and subsequently departed the company. In June 2023, an internal investigation commissioned by IRL's board of directors concluded that more than 95% of the app's claimed 20 million users were "automated or from bots," leading a majority of shareholders to conclude the company's prospects were unsustainable, and IRL shut down entirely, returning remaining investor funds. SoftBank subsequently filed a lawsuit seeking $150 million in damages, alleging it had been deceived by falsified usage metrics. In 2025, federal prosecutors charged Shafi with wire fraud, securities fraud, and obstruction, alleging he fabricated user metrics to secure funding and misused investor money for personal luxury expenses, charges that could carry up to 20 years in prison per count if he is convicted.
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