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XTinder CEO Renate Nyborg Is Out As the Dating App Pivots Away from Crypto

Renate Nyborg is out as CEO of Tinder, less than a year after taking the helm of the popular dating app. Nyborg's exit is one of several management changes at Tinder announced by the parent company Match Group.
Tinder's plans to adopt new technology, including virtual currencies and metaverse-based dating, are also being reconsidered in the shake-up. These projects may be scaled back or canceled altogether as the company focuses on more traditional dating.
In an August 2, 2022, letter to shareholders, Match Group chief executive Bernard Kim announced Nyborg’s departure. He wrote that Tinder’s “current revenue growth expectations for the second half of the year are below” Match expectations “as a result of disappointing execution on several optimizations and new product initiatives.” Then continued on to say he’d made changes in management and the structure of the executive team that he felt confident would “help deliver Tinder’s full potential.”
Nyborg leaving is just one of several noteworthy changes happening as Kim says he’ll be “fully embedded within the team at” Tinder’s Los Angeles headquarters “to oversee business progress until the search is complete.” In addition, multiple recent projects are getting a second look after Match Group’s shares dropped by 20% on news the company missed second-quarter expectations and its outlook was weaker than expected.
Kim also told shareholders that there were “mixed results” from testing in-app digital currency Tinder Coins, so the company will be reexamining “that initiative so that it can more effectively contribute to Tinder’s revenue.”
According to Kim, Tinder will also buck a more significant trend across various industries and step away from the metaverse. “I believe a metaverse dating experience is important to capture the next generation of users,” Kim wrote in the letter to shareholders, but “given uncertainty about the ultimate contours of the metaverse and what will or won’t work, as well as the more challenging operating environment,” the team working on a Tinder metaverse initiative was instructed to “not invest heavily in metaverse at this time.”
The news for Tinder users isn’t all bad—the app recently brought back its “desk mode” feature, which lets users look for matches from their computers and even hide the app as an innocent-looking tab if surfing while at work.
Per Match Group's fourth-quarter results, the company’s revenue increased 12% year over year in the second quarter of 2022. The firm, which also owns Hinge, OkCupid and Plenty of Fish, is looking at third-quarter profits of up to $800 million, but that still falls below Wall Street expectations.
Renate Nyborg addressed leaving Tinder in a LinkedIn post, writing that she has “loved every moment” of her time there but was looking forward to her “first true break in 16 years, starting with a few weeks in nature with my very own Tinder match.”
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Genies Wants To Help Creators Build ‘Avatar Ecosystems’
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”
The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.
Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.
Similar programs are common in the startup world and in the creator economy. For example, social media companies can use accelerator programs not only to support rising stars but to lure those creators—and their audiences—to the company’s platforms. Genies believes avatars will be a crucial part of the internet’s future and is similarly using its program to encourage creators to launch brands using Genies’ platform.
“I think us being able to work hands on with this next era—this next generation of designers and entrepreneurs—not only gets us a chance to understand how people want to use our platform and tools, but also allows us to nurture those types of creators that are going to exist and continue to build within our ecosystem,” said Allison Sturges, Genies’ head of strategic partnerships.
DIY Collective’s initial cohort will include roughly 15 people, Sturges said. They will spend three weeks at the Genies headquarters, participating in workshops and hearing from CEOs, fashion designers, tattoo artists and speakers from other industries, she added. Genies will provide creatives with funding to build brands and audiences, though Sturges declined to share how much. By the end of the program, participants will be able to sell digital goods through the company’s NFT marketplace, The Warehouse. There, people can buy, sell and trade avatar creations, such as wearable items.
Genies will accept applications for the debut program until Aug. 1. It will kick off on Aug. 8, and previous experience in digital fashion and 3D art development is not required.
Sturges said that the program will teach people “about the tools and capabilities that they will have” through Genies’ platform, as well as “how to think about building their own avatar ecosystem brands and even their own audience.”
Image courtesy of Genies
Founded in 2017, Genies established itself by making avatars for celebrities from Rihanna to Russell Westbrook, who have used the online lookalikes for social media and sponsorship opportunities. The 150-person company, which has raised at least $250 million to date, has secured partnerships with Universal Music Group and Warner Music Group to make avatars for each music label’s entire roster of artists. Former Disney boss Bob Iger joined the company’s board in March.
The company wants to extend avatars to everyone else. Avatars—digital figures that represent an individual—may be the way people interact with each other in the 3D virtual worlds of the metaverse, the much-hyped iteration of the internet where users may one day work, shop and socialize. A company spokesperson previously told dot.LA that Genies has been beta testing avatar creator tools with invite-only users and gives creators “full ownership and commercialization rights” over their creations collecting a 5% transaction fee each time an avatar NFT is sold.
“It's an opportunity for people to build their most expressive and authentic self within this digital era,” Sturges said of avatars.
The company’s call for creators could be a sign that Genies is close to rolling out the Warehouse and its tools publicly. Asked what these avatar tools might look like, the startup went somewhat quiet again.
Allison Sturges said, “I think that's probably something that I'll hold off on sharing. We will be rolling some of this out soon.”
- Bob Iger, Former Disney CEO, Joins Avatar Startup Genies - dot.LA ›
- Genies Raises $150 Million To Make Avatars For The Metaverse ... ›
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Here's What To Expect At LA Tech Week
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.
The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.
From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.
DoorDash’s Founding Story: Stanley Tang, a cofounder and chief product officer of delivery giant DoorDash, speaks with Pear VC's founding managing partner, Pejman Nozad. They'll discuss how to grow a tech company from seed stage all the way to an initial public offering. Aug. 19 at 10 a.m. to 12 p.m. in Santa Monica.
The Founders Guide to LA: A presentation from dot.LA cofounder and executive chairman Spencer Rascoff, who co-founded Zillow and served as the real estate marketplace firm’s CEO. Aug. 16 from 6 p.m. to 9 p.m. in Brentwood.
Time To Build: Los Angeles: Venture capital firm Andreessen Horowitz (a16z) hosts a discussion on how L.A. can maintain its momentum as one of the fastest-growing tech hubs in the U.S. Featured speakers include a16z general partners Connie Chan and Andrew Chen, as well as Grant Lafontaine, the cofounder and CEO of shopping marketplace Whatnot. Aug. 19 from 2 p.m. to 8 p.m. in Santa Monica.
How to Build Successful Startups in Difficult Industries: Leaders from Southern California’s healthcare and aerospace startups gather for panels and networking opportunities. Hosted by TechStars, the event includes speakers from the U.S. Space Force, NASA Jet Propulsion Lab, Applied VR and University of California Irvine. Aug. 15 from 1 p.m. to 5 p.m. in Culver City.
LA Tech Week Demo Day: Early stage startups from the L.A. area pitch a panel of judges including a16z’s Andrew Chen and Nikita Bier, who co-founded the Facebook-acquired social media app tbh. Inside a room of 100 tech leaders in a Beverly Hills mansion, the pitch contest is run by demo day events platform Stonks and live-in accelerator Launch House. Aug. 17 from 12:30 p.m. to 3 p.m. in Beverly Hills.
Registration information and a full list of LA Tech Week events can be found here.
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Rivian Q2 Earnings Are a Much-Needed Nothing Burger
David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.
Rivian, the fledgling electric vehicle startup in Irvine, CA, released its Q2 earnings yesterday. I’m happy to report they’re pretty boring! There were no big surprises from RJ Scaringe’s EV hopeful, but here are the report highlights:
- ~$15 billion of cash, cash equivalents, and restricted cash as of June 30 2022.
- 98,000 net R1 preorders
- Amazon has ordered 100,000 electric delivery vans
- Rivian has produced 8k vehicles so far
- The company is still on pace to deliver 25,000 vehicles in 2022
- -Actual revenue was $364 million.
If you’ve been paying close attention to Rivian, none of these numbers are new or surprising. Revenue was a bit higher than anticipated–about 10% more than the $337.5 million expected. But even with the revenue bump, the company remains heavily in the red—as expected. Rivian lost $1.7 billion in Q2.
At its current burn rate, Rivian could run out of cash in about two and a half years. Obviously, the company will need to increase production to avoid this. Part of that effort will involve the company’s third consumer vehicle, the R2, which will be cheaper than the R1T and R1S models currently on offer. R2 production is expected to take place at Rivian’s gigafactory in Georgia, set to come online in 2025. Scaringe has indicated he believes the company has sufficient cash on hand to reach that milestone.
Rivian’s stock price has remained basically flat since the earnings call–a welcome change from the company’s turbulent spring. In the run up to the earnings call, some analysts were forecasting as much as a 12 point swing in either direction.
Boring Q2 numbers may actually be a good sign for the embattled EV maker. An even better sign would be positive cash flow, but the newest numbers indicate that milestone is likely still a few years away at the very least.
- Rivian Delays SUV Delivery - dot.LA ›
- Electric Vehicle Startups Aren't Immune to the Market Plunge - dot.LA ›
David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.