Queer “dating” app, Grindr plans to go public in a merger deal that would value the company at $2.1 billion.
According to the U.S. Securities and Exchange Commission, Tiga Acquisition Corporation, a special purpose acquisition company (SPAC) will raise $384 million. Much of that will go to pay off Grindr’s debt.
Tiga Acquisition Corporation has said in a statement that the funds will go towards, “supporting growth areas, launching new endeavours and continuing our purposeful work to advance the best interests of the global queer community.”
World Largest Dating App Gay/Bi/Trans/Queer People
Grindr, which describes itself as “the world’s largest social networking app for gay, bi, trans, and queer people,” had, according to Financial Times, 10.8 million users; 723,000 of which are paying subscribers. Subscriptions make up the majority of the company’s income.
According to Grindr, each user spents an average of 61-minutes daily on the app per December 2021 figures. Around 80% of profiles are 35 years old or younger. The app is also a highly profitable business delivering $147 million in non-GAAP revenue in 2021 – a 30% year or year growth.
“Grindr is well positioned to be a public company and will continue to expand the ways it serves the LGBTQ+ community, from products, services to the philanthropic and advocacy work done through Grindr 4 Equality.”
Some of Grindr’s main competitors include Tinder, Hinge, and Bumble.