
Coronavirus Updates: Endeavor May Cut Epic Games; Tinder's New COVID-19 Strategy
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
- Mega talent agency Endeavor seeks sale of Epic games in bid to restructure amid COVID-19
- Forget swiping left and right on Tinder to meet a match. The app now wants to take you on a virtual date
Mega talent agency Endeavor seeks sale of Epic games in bid to restructure amid COVID-19
Hollywood appears to be poised for dealmaking as COVID-19 rearranges priorities and business models. Endeavor Group Holdings Inc., the Tinseltown talent agency and owner of Ultimate Fighting Championships, is said to be close to sell off investments as a way to streamline their overall business. Bloomberg News reported that Endeavor, led by Chief Executive Ari Emanuel, is looking into selling part of its stake of Epic Games. The North Carolina-based video game maker is known for its popular Fortnite franchise, and was once valued at about $15 billion.
Endeavor built a sprawling empire of media, sports and entertainment assets predicated on the growing value of live events, according to Bloomberg. It operates the mixed martial arts league UFC and stages hundreds of live events all over the world. The temporary pause on such events in most parts of the world has forced Endeavor to lay off, furlough or cut salary for about one-third of its workforce, and prompted credit ratings to downgrade its debt.
Forget swiping left and right on Tinder to meet a match. The app now wants to take you on a virtual date
Love in the age of pandemic: Tinder wants to match you to your perfect mate, but also facilitate the first date. The West Hollywood-based dating app told shareholders Wednesday it will launch a video chat function later this year to virtually allow users to meet. The app has an estimated 57 million people who log on to the service globally, all of them swiping left and right before being allowed to contact matches.
Match group also owns a number of other dating apps including Hinge and OkCupid. Though, the new video function will only be rolled out on Tinder in late summer. Match reported Tuesday that it saw usage growth spike across all its dating brands during the first quarter, and generated more than $544 million in revenue — a 17% increase year-over-year.
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Los Angeles is home to thousands of founders working day and often night to create a startup that's the next breakout hit.
Who are the most impressive L.A. founders? To find out, we asked our cohort of dozens of L.A.'s to VCs top weigh in.
Andrew Peterson
<p>Andrew Peterson is the co-founder and former chief executive of Signal Sciences, a web application security platform that he founded in 2014 and <a href="https://dot.la/signal-science-snapped-up-for-775m-in-big-l-a-saas-exit-2647256430.html" target="_self">was acquired in 2020 by Fastly in a $775 million deal</a>. Signal Sciences protects web applications from attacks and data breaches for clients like Duo Security, Under Armor and DoorDash.</p><p>Prior to starting Signal Sciences, Peterson worked at Etsy, helping the online marketplace with international growth as a group project manager. Etsy <a href="https://www.fastcompany.com/3056900/how-three-ex-etsy-employees-turned-their-old-employer-into-a-consumer" target="_blank">reportedly became </a>one of Signal Sciences's first customers. Peterson has also served stints as health information management officer at the Clinton Foundation and as a senior product specialist at Google.</p>Ara Mahdessian
<p>Ara Mahdessian is the co-founder of ServiceTitan, a SaaS product for managing a home services business.</p><p>The inspiration for ServiceTitan, Mahdessian's first company, came from watching his parents start their own businesses in building and plumbing, only to struggle with the logistics behind keeping them running, he <a href="https://www.inc.com/magazine/201906/emily-canal/servicetitan-immigrant-inclusion-diversity-best-workplaces-2019.html" target="_blank">told Inc in 2019</a>. Mahdessian and his co-founder Vahe Kuzoyan met while in college, and worked on several consulting projects before starting ServiceTitan, in hopes of aiding small business owners like their parents.</p>Evan Spiegel
<p>Evan Spiegel is the co-founder and chief executive officer of Snap Inc., the Venice-based company known for its app Snapchat. He's also one of the youngest billionaires in the world, launching Snapchat while still an undergraduate at Stanford. </p><p>SnapChat, the company's app, has recently been taking on rival TikTok <a href="https://dot.la/snap-spotlight-2649022645.html" data-linked-post="2649022645" target="_blank">with a new feature</a> and a program meant to attract creators to its platform. And it is been at the center of a larger national debate on the power of big tech. </p>Spencer Rascoff
<p>Spencer Rascoff is the founder of several companies, including dot.LA. He started his career as an investment banker at Goldman Sachs, later leaving to co-found travel website Hotwire. After serving as vice president of lodging at Expedia, he went on to found Zillow, an online real estate marketplace that went public in 2011.</p><p>Rascoff's most recent project is Pacaso, a marketplace for buying, selling and co-owning a second home.</p>Tim Ellis
<p>Tim Ellis is the co-founder and chief executive of Relativity Space, an autonomous rocket factory and launch services leader for satellite constellations. He is the youngest member on the National Space Council Users Advisory Group and serves on the World Economic Forum as a "technology pioneer."</p><p>Before founding Relativity Space, Ellis studied aerospace engineering at the University of Southern California and interned at Masten Space Systems and Blue Origin, where he worked after graduation. He was a propulsion engineer and brought metal 3D printing in-house to the company.</p>Travis Schneider
<p>Travis Schneider is the co-founder and co-chief executive of PatientPop, a practice growth platform for healthcare providers. He founded the company with Luke Kervin in 2014. <br><br>The two have founded three companies together, including ShopNation, a fashion shopping engine that was later acquired by the Meredith Commerce Network.</p>Luke Kervin
<p>Luke Kervin is the other co-founder and co-chief of PatientPop. He is a serial entrepreneur — his first venture was Starbrand Media, which was acquired by Popsugar in May 2008. <br><br>Kervin and Schneider then founded ShopNation, and when it was acquired in 2012, Kervin served as the general manager and vice president at the Meredith Commerce Network for a few years before leaving to found PatientPop.</p><p>Kervin had the idea for PatientPop when he and his wife were expecting their first child, he told <a href="http://voyagela.com/interview/meet-luke-kervin-patientpop-santa-monica/" target="_blank" rel="noopener noreferrer">VoyageLA</a>. They were frustrated with how the healthcare system wasn't focused on the consumers it was meant to serve. So in 2014, he and Schneider created PatientPop.</p>- The Angelenos in Pharrell Williams and Jay-Z's 'Entrepreneur' - dot.LA ›
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