Gay dating app Grindr to sell shares

15
246 views

Gay dating app Grindr is to list its shares on

international stock exchanges, under a plan

submitted by its Chinese parent company Kunlun

Group.

Kunlun Group’s board said that going public

would “strengthen” Grindr’s competitiveness and

help the business continue to develop.

The Chinese tech firm originally bought a 61.5%

stake in 2016 from the company’s US founders.

It then took full control in January.

In a public filing on the Shenzhen stock exchange,

Kunlun Group said that after the initial public

offering (IPO) was completed, financing

arrangements would be made to support Grindr’s

expansion.

Apps ‘least preferred’ way to meet people

Grindr, which is based in Los Angeles, is a hugely

popular dating network for lesbian, gay, bisexual

and transgender people, with over 27 million

users globally as of 2017.

It is free to use, with optional subscription plans

for additional premium features.

Grindr was the first gay social networking app on

the iTunes App Store and is currently available in

192 countries, although its user base is primarily

located in developed countries in Europe and

North America.

The app was founded in March 2009 by Joel

Simkhai, an Israeli immigrant to the US who grew

up in Mamaroneck, in the state of New York.

Mr Simkhai originally created Grindr as a way to

help people find others with similar interests

using geolocation data, but it quickly gained

popularity in the gay community through word of

mouth and articles in the media.

In January 2016, Kunlun Group bought a 61.5%

stake in Grindr for $93m (£71.4m), before

purchasing the remaining shares in January this

year for $152m.

When Kunlun Group took full control of the

company, Mr Simkhai, Grindr’s chief executive left

the company.

Despite being owned by a Chinese firm, Grindr is

not the number one gay dating app in China. That

position is held by Beijing-based app Blued, which

claims to have 40 million users worldwide.

According to research from US investment bank

Piper Jaffray, the most popular dating apps used

by straight single millennials are Tinder, Bumble

and OKCupid.