Gay dating app Grindr gets $93-million investment from Chinese company
Gay dating app Grindr has handed majority ownership to Chinese gaming company Beijing Kunlun World Wide Technology Co. for $93 million, valuing the Hollywood start-up at $155 million post-investment.
Grindr had been exploring a sale or fundraising round for much of last year.
The app has become a go-to hookup app for men looking for same-sex relationships, getting about 2 million daily users. But the company has sought to play a bigger role, beyond matchmaking, in the lives of its users and the investment is aimed at accelerating that process. Grindr, launched in 2009, also has faced competition from apps like Scruff and Tinder since then.
Documents leaked last summer said Grindr expected to generate about $38 million in advertising and subscription revenue in 2015, LA Times reports.