Good for them. The startup scene is so incredibly rigged against outsiders [0], I don't see this as a problem at all. Every other startup founder is "doing whatever it takes". You think Mark Zuckerberg was 100% ethical in all of his actions? 80%? 50%??? It's not like this sort of fib could even hurt anyone.

[0] of any kind, be it the university you went to or the town you're from, but obviously women and minorities are the most visible.