Beijing Kunlun Tech Company, the Chinese gaming firm has bought a majority 60 percent stake in gay social networking app Grindr for $93 million. The deal, which values six-year-old Grindr at $155 million, is the first time that the U.S. company has taken outside investment.
Grindr calls itself "the largest network for gay men in the world" and has millions of users globally. It is renowned to facilitate hook-ups, helping potential partners connect via photos, messaging and location details.
The Newyork Times reported that Grindr has two million daily active users, spending an average of 54 minutes inside the app. Those are impressive engagement rates, and the all-male gay dating app claims more than two million daily active users in 196 countries, with its top markets being the U.S. and U.K. It matches users based on photos and location and recorded a revenue of $32 million in 2014, up 29 percent from $25 million in 2013.
“We have taken this investment in our company to accelerate our growth, to allow us to expand our services for you, and to continue to ensure that we make Grindr the number one app and brand for our millions of users,” Grindr founder and CEO Joel Simkhai wrote in a company blog post.
Yahui Zhou, chairman of Beijing Kunlun, said: “We have been very impressed by Grindr’s progress to date and are extremely excited about the future of the company.”
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