Benchmark confirmed that it has invested* in Tinder, a rumor we reported in August. No details were given about the deal, except that IAC continues to own "a controlling stake," deterring other venture capitalists buzzing around the popular hookup app. *Update: Recode says no money has changed hands, it's a "sweat equity" arrangement:
Venture capital firms have been sniffing around Tinder, the Los Angeles-based dating app, since at least last spring. But according to one Valleywag source, Benchmark's Matt Cohler may soon sign one of Silicon Valley's most coveted term sheets. (On Sand Hill Road, it seems, fast growth is forever, while sexual harassment and discrimination suits can disappear.)
Forever is a mighty long time. Just ask Prince. But that's the lifespan that Quora thinks it scored by accepting $140 million in venture capital. According to Re/code, the Series C round values the 4-year-old, revenue-less Q&A site at $900 million, more than double the $400 million it was "worth" in 2012.
Perhaps "secret bank vaults deep in the earth" can save Bitcoin. Benchmark just invested $20 million in Xapo, which stores bitcoin code on computer drives. If the vault is breached, Xapo says it will fully insure all deposits. A guarantee that you won't lose your shirt in cryptocurrency? How innovative!
Yesterday, I ordered both breakfast and dinner from Seamless. I didn't consume lunch since that would have involved leaving my laptop and walking across the street. Because I am disgusting, Grubhub, Inc.—the food delivery monster created after former arch enemies Seamless and GrubHub merged in 2013—is going public.
Insiders are not wrong when they insist this tech bubble is nothing like the last one. For one, the corporate war chests of Google, Yahoo, and Facebook—and the need to compete against them—have financed soft landings and acqui-hires for stalled out companies as far as the eye can see. But here's a new twist: not letting a moribund startup die.