Business News

Fizz accuses VC Jerry Lu of sharing confidential startup data with rival Sidechat in new court filing

Fizz founders meet with VC Jerry Lu in a tense startup office meeting

A years-long legal battle between college social apps Fizz and Sidechat escalated this week after Fizz filed new allegations accusing venture capitalist Jerry Lu of Maveron of sharing confidential startup information with the rival platform. The filing, obtained by TechCrunch, claims Lu met with Fizz founders Teddy Solomon and Ashton Cofer in March 2022 under the pretense of exploring a potential investment, then passed non-public details about Fizz’s business strategy, growth plans, user metrics, and fundraising efforts directly to Sidechat.

Fizz, a college-focused social app, has accused venture capitalist Jerry Lu of Maveron of sharing its confidential business information with rival Sidechat after meeting under the pretense of a potential investment. The allegations, filed in an ongoing lawsuit, claim Lu passed details about Fizz’s strategy, user metrics, and fundraising to Sidechat as early as 2022.

What the new filing alleges

Fizz’s complaint, which originally sued Sidechat in 2023 over unfair competition practices, now includes Lu as a central figure. According to the filing, Fizz only learned of Lu’s involvement through the legal discovery process, which revealed text messages and documents showing Lu sharing notes with Flower Ave Inc., Sidechat’s owner, after the March 2022 meeting. The filing also alleges that Jack Burlinson, an acquaintance of both the founders and Lu, shared Fizz’s investor deck and its Fall Summary for investors with Lu, who then forwarded them to Sidechat.

Also read: Phia Accused of ‘Cookie Stuffing’ to Steal Affiliate Commissions, Bloomberg Reports

Lu went on to invest in Sidechat’s second seed round in October 2023, according to Pitchbook data, but Fizz claims Lu had been in discussions with Sidechat as early as 2022. The filing includes a screenshot of a text message in which Lu appears to share notes with Flower Ave after the meeting with Fizz.

Broader implications for startup fundraising

The case raises questions about the role venture capitalists play in competitive startup markets. Founders routinely share confidential business information while fundraising, trusting that investors won’t pass it along to competitors. Some VCs continue to request updates from startups they passed on, founders have said, creating potential conflicts of interest.

Also read: Crude Oil Rediscovers Its War Premium as the Versailles Patch Peels Off

Both Fizz and Sidechat operate anonymous social platforms for college students, where competition for user attention is intense. However, not all universities see the apps as beneficial. The UNC system banned the apps from its campuses across North Carolina, citing bullying and bad behavior on the anonymous platforms.

Sidechat’s response

Kyle Venn, CEO of Yik Yak and Sidechat, told TechCrunch via email: “These are allegations, not court findings. We deny any wrongdoing and will address this through the legal process. The alleged events happened before the current Sidechat team acquired the business in 2025 and inherited the lawsuit. No one on today’s operating team was involved. We’re currently focused on making a great product, not suing other apps.”

Requests for comment sent to Lu and Maveron were not returned. Fizz declined to comment. The case continues to unfold as the legal discovery process reveals more details about the competitive dynamics between the two apps.

Frequently Asked Questions

What is Fizz accusing Jerry Lu of?

Fizz alleges that Jerry Lu, a venture capitalist at Maveron, met with Fizz founders in March 2022 under the guise of exploring an investment, then shared Fizz’s non-public business information—including strategy, user metrics, and fundraising plans—with rival app Sidechat.

Who is Jerry Lu and what firm is he from?

Jerry Lu is a venture capitalist at Maveron, a venture capital firm. Fizz’s filing claims he acted as a conduit, funneling confidential information to Sidechat’s owner, Flower Ave Inc.

What is the broader context of the Fizz vs. Sidechat lawsuit?

Fizz originally sued Sidechat in 2023, alleging unfair competition including attempts to disrupt campus launches, spreading false rumors, and paying students to delete Fizz’s app. The new filing adds allegations about Lu’s role in sharing confidential information.

How did Fizz learn about Lu’s alleged involvement?

Fizz says it discovered Lu’s role through the legal discovery process, which revealed text messages and documents showing Lu sharing notes with Sidechat after meeting with Fizz.

What has Sidechat said about the allegations?

Sidechat’s CEO, Kyle Venn, stated the allegations are not court findings, denied wrongdoing, and noted the alleged events occurred before the current team acquired the business in 2025.

Benjamin

Written by

Benjamin

Benjamin Carter is the founder and editor-in-chief of StockPil, where he covers market trends, investment strategies, and economic developments that matter to everyday investors. With over 12 years of experience in financial journalism and equity research, Benjamin has written for several leading financial publications and has been cited by Bloomberg, Reuters, and The Wall Street Journal. He holds a degree in Economics from the University of Michigan and is a CFA Level III candidate.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top