Investors move away from the photo-sharing app Dispo after controversy.

Some investors have begun to move away from the fast-growing photo-sharing app Dispo, following co-founder YouTube creator David Dobrik. I was involved in a controversy.

Launched in 2019, Dispo is an Instagram-like photo-based social platform that mimics the experience of using a disposable camera. Photos taken with the Dispo app take 24 hours to be “developed” and displayed in the user’s feed.

In October, Dispo raised $ 4 million in a funding round led by Seven Seven Six, a company of Alexis Ohanian, co-founder of Reddit. In February, the company raised an additional $ 20 million in funding led by Spark Capital. Funding valued Dispo at $ 200 million.

However, an insider investigation released last week accused Doblick of playing a role in a sexual assault scandal involving a former member of his “Vlog squad.” He later told The Information that he would leave Dispo and resign from the board. Also, some Dispo investors are starting to recede.

On Sunday, Spark Capital said it would “break all relationships” with the disposable. “We have resigned from our board of directors and are preparing to not benefit from our recent investment in Dispo,” said the venture. Post to Twitter..

On Monday, Mr. Ohanian and Seven Seven Six also issued a statement that the accusations against Mr. Doblick were “very annoying” and “in direct conflict with the core values ​​of Seven Seven Six.” Ohanian posted on Instagram that he and Seven Seven Six supported Mr. Doblick’s choice to resign from the company.

Seven Seven Six also said twitter Donate the return on investment “to an organization that works with survivors of sexual assault.”

Another early investor in Dispo, Unshackled Ventures, turned to an organization focused on sexual assault survivors on Monday, including Maitri, which focuses on helping survivors of domestic violence in South Asia. He said he would donate the return on his investment.

“We are a majority team of women who do not downplay this. We fully support their decision to part with David,” Unshackled Ventures said in a statement.

Disposables and Doblick did not respond to requests for comment.

Over the past year, many investors have become obsessed with the world of influencers. Lee Jin, founder of Atelier, a venture company investing in creator space, said, “It feels like something has changed significantly over the past year among investors. Now everyone He talks about the creator economy and seems to be investing in creator tools. ” in December.

However, scandals involving racism and racism have blamed some popular YouTube stars over the past year. Sexual assault..

Dobrik is one of YouTube’s most popular creators, with over 18.7 million subscribers on his primary channel. After becoming famous for the short video app Vine, he and a group of friends called “Vlog Squad” began creating short comedy content, including stunts on sites such as YouTube, TikTok, and Instagram.

Investors move away from the photo-sharing app Dispo after controversy.

Source link Investors move away from the photo-sharing app Dispo after controversy.

Back to top button