Millions of sandstone quarry workers in India breathe toxic dust that causes a terminal lung disease called silicosis. To treat the illness, workers are forced to take out loans that are impossible to pay back, trapping them into a life of debt bondage and leaving behind an entire village of widows who continue to work there.
Authorities have found that some funding to combat homelessness in California has instead ended up in Greece.
The Federal Bureau of Investigation has accused Alexander Soofer, manager of LA-based housing organization Abundant Blessing, of “a years-long scheme to defraud the City and County of Los Angeles and other public entities providing funding for homeless housing.”
According to a complaint filed on Friday, while paying his staff “minimal wages” and feeding residents at his housing sites “ramen noodles, canned beans, and breakfast bars,” Soofer pocketed at least $10 million “through bank accounts associated with other businesses in his and his wife’s names” for personal expenses after “fraudulently obtaining” $23 million in public funding.
Federal officials said that between 2018 and 2025, Soofer’s organization received more than $5 million directly from the Los Angeles Homeless Services Authority and over $17 million through other nonprofits.
Investigators found Soofer’s misuse of funds includes $47,000 in luxury home purchases from stores like Restoration Hardware, $15,000 at Hermès, $15,000 at Chanel, $1,000 for cosmetic dermatology, and $4,500 for a four-night stay at the Wynn Las Vegas.
Authorities said they have yet to determine what Soofer bought at Chanel, but listed his purchases at Hermès as including a $1,250 pair of men’s Paris calf-skin loafers, a $910 pair of women’s Chypre sandals, a $455 Chevaux en Symetrie tie, and a $2,450 men’s trotting jacket.
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In addition to luxury brands, the complaint said there is at least one property under his name associated with the misappropriated funds. That property in question is located in Greece and relates to “a $475,000 check issued from an Abundant Blessings bank account.”
The case against Soofer feeds into concerns that California’s efforts to combat homelessness may be ineffective and inconsistent despite large spending. According to the Public Policy Institute of California, as of 2024, the state had over 187,000 homeless people, representing about 24% of the nation’s total.
State Auditor Grant Parks wrote in a 2024 report to Gov. Gavin Newsom and lawmakers that, when his department analyzed five housing programs that received approximately $13.7 billion in combined funding, only two were “likely cost-effective.”
Parks also added in the report that, between fiscal years 2018-2023, California cities lacked reliable data to track cost efficiency and outcomes needed to fully understand why the problem didn’t improve, despite the billions spent by more than 30 housing programs.
The attorney’s office of the Central District of California referred Business Insider to the press release and did not comment further. An attorney for Soofer and the Governor’s office did not immediately respond to a request for comment.
Preparations are underway as over half of all US states brace for what could be a historic winter storm this weekend.
Across the country, Americans are stocking up on essentials and picking store shelves clean as they brace for Winter Storm Fern, which is expected to span from the South and Mid-Atlantic to the Northeast and Midwest, starting Friday morning.
Local authorities have begun salting roads and establishing emergency protocols in anticipation of potential power outages and limited travel.
Experts and authorities are advising people in affected states to stock up on food items that don’t need to be cooked or refrigerated, and to have at least one gallon of water per person or pet per day. They are also recommending that people charge all electronic communication devices in case of power outages. They’re warning to watch out for pipes bursting, snow blocking exhaust vents, and iced-over roads.
The Weather Channel predicted Thursday that wintry conditions, including ice, snow, and dangerous wind chills, could affect up to 230 million people — or two-thirds of the country’s population — across the US.
The Midwest will experience the coldest temperatures as a polar vortex dips south, with lows possibly reaching -50 degrees Fahrenheit in states like North Dakota, Minnesota, and Wisconsin, the Associated Press reported Thursday.
The Appalachians and the Northeast Corridor could see the most snow accumulation, with the mountains of Maryland, Virginia, and West Virginia expected to receive at least a foot of snow over the weekend.
From Texas to the Carolinas, the South and Southeast can expect ice accumulation on roads and power lines. Local authorities are warning of potential multi-day power outages in the region.
See how Americans are preparing for what could be a historic storm, from stocking up on necessities to salting roads.
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Jesse Barber for BI
Jesse Barber for BI
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Jesse Barber for BI
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Jesse Barber for BI
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The creator economy has bred a generation of startups — from influencer-marketing companies to new social-media experiences.
These startups have captured the attention and wallets of influential venture capitalists and angel investors over the last several years, giving rise to several unicorn valuations in the space.
Check out 16 VC firms investing in creator economy startups
Even as the economy has weathered changing tides and investments have cooled across industries, some startups in this sector are still raising money.
In 2024, three trends drove some of the largest deals in the creator economy: AI, social commerce, and newsletters. Several startups raised at least $10 million in new funding last year, such as AI startup Captions or newsletter platform Beehiiv.
Here are 17 creator-economy startups that raised more than $10 million in 2024
AI is continuing to fuel investor interest in the creator economy in 2025, too. For instance, Hedra, a generative AI startup used by some creators to make viral content, announced a $32 million Series A led by A16z in May.
Creators themselves, like Emma Chamberlain and MrBeast, are also raising venture capital for their businesses.
See the leaked pitch deck Chamberlain Coffee used
So, how do creator-economy startups land those investments? Often, it starts with a pitch deck.
Lumanu, a creator-focused financial startup, uses a simple pitch deck that’s more of a “conversation guider,” its cofounder and CEO, Tony Tran, told Business Insider.
“My pitch is always why, what, how, and why now?” Tran said. (Read the full pitch deck here.)
Skye, a career-coaching startup, had different pitch decks depending on the type of investor or fund they pitched to.
“I had two different versions, depending on the fund,” said Jessica Wolf, Skye’s CEO and one of its cofounders. “If I knew a fund was more into pre-seed, all about the founder, I had one deck. But if I knew that they were a numbers person, I would use another one.”
Every startup has a different approach.
Some, such as Throne, even ditch the pitch deck altogether and opt for an email or Notion document.
Read the email template creator-economy startup Throne used to secure its seed investment.
We talked with founders who’ve pitched their startups to investors about their process. They broke down the pitch decks they used to secure millions of dollars in funding.
Note: Pitch decks are sorted by investment stage and size of round.
A new generation of consumer social startups is emerging.
From platforms focused on getting people to meet IRL to dating apps taking on Tinder or Hinge, startups are disrupting the digital social scene.
Founders of these startups are tackling problems like loneliness, dating app fatigue, and general dissatisfaction with the current social media incumbents.
Some founders come from Big Tech backgrounds, like the Instagram-heavy team behind photo-sharing app Retro, or the ex-Google employees building the social-mapping app PamPam. Gen Z founders are also throwing their hats in the ring, like Isabella Epstein’s IRL-focused app Kndrd, or Tiffany “TZ” Zhong’s Noplace app.
Investors are taking notice.
For instance, the IRL-social app 222, which matches strangers over dinner or activities with a personality quiz, raised a $2.5 million seed round from venture capital firms like 1517 Fund, General Catalyst, and Best Nights VC in 2024.
“We’re entering this new wave of social where people are trying to revert back to what people really use these platforms for to begin with — which is connection,” Maitree Mervana Parekh, a principal at Acrew Capital, told Business Insider in 2024.
Meet 19 startups in social networking, dating, and AI that investors have their eyes on
Some venture capital funds — such as French firm Intuition VC or gaming-focused firm Patron — have made tackling loneliness and relationships part of their investment theses.
But it’s not just friendship and dating that are ripe for disruption.
Startups like Khosla Ventures-backed Gigi, Yale-student-founded Series, Boardy, Filament, and Goodword have raised capital for AI tools to help people network better or maintain professional relationships.
“When people think about loneliness, they think about friends and family,” Goodword CEO Caroline Dell recently told Business Insider. “But we spend most of our waking hours at work as professionals.”
Meet the founders of 11 startups competing with dating app giants like Tinder
Other startups, like Diem and Spill, have opened up investment rounds to include users themselves using the platform Wefunder.
It’s not yet clear how many of these investments will pan out. Some startups are pre-revenue, while others are experimenting with monetization methods (such as freemium models).
“Founders have to be honest with themselves,” said Marlon Nichols, a founding partner at Mac Venture Capital. “Some of them aren’t really venture-scale or venture-type investments. We’re looking for the next big thing, the next category leader.”
Meet 12 VCs and investors eyeing new social startups
Business Insider spoke with several social media and dating app founders about how they are raising capital, including the pitch decks they used to raise millions of dollars.
Note: Pitch decks are sorted by investment stage and size of round.
This as-told-to essay is based on a conversation with David Chung, owner and chairman of Amare Global. It has been edited for length and clarity.
I couldn’t believe there was a banana just sitting on the kitchen table. In Korea, having a banana was a big deal, but when I immigrated to New York City at 12, we had fruit and even M&Ms. Everything was so luxurious.
Courtesy of David Chung
My mother immigrated to the US in 1963 with less than $100. When she arrived in New York, she started a small, mom-and-pop gift shop. She grew the business through and eventually got her green card. I joined her about eight years later, in the middle of a New York winter. I didn’t speak the language, but I felt lucky to be in the US.
My mother continued to grow her store, expanding into a drugstore and pharmacy. By the early 2000s, she had a business worth tens of millions.
She was very, very entrepreneurial. Watching her journey inspired me and has carried over even today. I have a lot of her DNA when it comes to business. Now that I’m 66, I’ll think, “I’m just like my mother!” It’s scary.
My mom’s business set the stage for mine. Working in her shop, I saw that beauty products provided a great business opportunity. The products are small, which reduces warehousing and shipping costs. They’re consumable, so customers return again and again. And even if the economy is bad, people don’t give up on their skin.
I went to college, but I found it difficult to concentrate because I was always thinking about starting my business. Even today, I don’t drive much because I get so distracted thinking about running my companies (instead, I use a driver). Eventually, I graduated with a degree in engineering.
Right next to my school, there was a small video rental store. These were the days before Blockbuster. I bought that store when I was 23, and expanded it slowly to sell gifts and cosmetics.
Courtesy of David Chung
That was my start in business. Other than my mom, I’ve never worked for anyone else. That meant I had to learn hard lessons about business structure, processes, and systems on my own.
Over time, I pivoted from retail to research, design, and manufacturing. In 2018, I sold my shares in one company for $53.7 million. In 2021, I sold my company, Farmacy Beauty, for hundreds of millions (I’m not allowed to share the specific amount). I remember being at my computer on December 31st, watching the funds being deposited into my account. I didn’t feel anything. I didn’t think “I’m rich now.” I didn’t even go out to dinner to celebrate.
Entrepreneurship has never been about money for me. It’s more about the accomplishment and excitement of building something. I remember the first time I was in a room with people who had more credentials than me. I came up with an idea they hadn’t considered. That’s the first time I realized that I had a different way of thinking about things.
I have a huge amount of money now — I could never spend it all. And yet, when those funds hit my account, I didn’t buy a Rolex or a fancy car. I went out and bought another company to run.
Recently, I told an employee that I’m going to retire in three years. She laughed and said I told her the same thing 15 years ago.
I don’t think I will ever retire fully. God has given me a talent for being business-minded and good at what I’m doing. I want to utilize that as long as I’m able to.
My mother was very passionate about giving back, particularly to the Korean American community. I figure the more money I make, the more I can give back. So, why not use this skill?
