Dating App Grindr Is Going Public Via SPAC Deal
Ivan Radic/Flickr

Dating App Grindr Is Going Public Via SPAC Deal

Queer dating app Grindr is planning to go public by merging with a Singapore-based blank-check company in a deal that would value the company at roughly $2.1 billion.


West Hollywood-based Grindr said Monday that it has agreed to merge with Tiga Acquisition Corp., a special purpose acquisition company (SPAC) trading on the New York Stock Exchange. Grindr plans to raise at least $384 million from the transaction, with plans to use the funds to pay down debt and further grow its business.

Since launching in 2009, Grindr has grown to around 11 million monthly active users globally, roughly 80% of whom are under 35 years old. The app, which is free to download on iOS and Android devices, has emerged as the queer community’s most popular answer to the Match Group-owned Tinder, which caters primarily to straight singles. Grindr does compete with other queer dating apps including HER, mainly used by lesbian women; Lex, for queer users; and Feeld, an app for polyamorous connections.

Grindr said it generated $147 million in revenue last year, a 30% increase from the year prior. That revenue growth was fueled by an increase in the number of users paying for the app’s premium subscription, which totaled 723,000 at the end of 2021—up 31.5% year-on-year.

Grindr is pursuing a SPAC merger despite a sharp slowdown in SPAC deals amid heightened regulatory scrutiny, as well as a wider stock market correction that has pumped the brakes on IPO deal volume this year. Still, SPAC deals remain a quicker way for companies to list on public markets by side-stepping much of the regulatory red tape around traditional IPOs.

The app recently came under fire after a Wall Street Journal article exposed Grindr’s years-long practice of selling users’ precise location data to the highest bidder—a practice that runs the risk of outing some users’ sexuality and compromising their safety. The company countered the report by claiming it had implemented new privacy policies to prevent the sharing of “precise location” data.

​Ian Cinnamon
Ian Cinnamon

On this episode of Office Hours, Apex founder and CEO Ian Cinnamon discusses the importance of investing in space exploration and shares his thoughts on the evolving space ecosystem in Los Angeles.


Read moreShow less
Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

https://twitter.com/spencerrascoff
https://www.linkedin.com/in/spencerrascoff/
admin@dot.la
Here's How To Get a Digital License Plate In California

Thanks to a new bill passed on October 5, California drivers now have the choice to chuck their traditional metal license plates and replace them with digital ones.

The plates are referred to as “Rplate” and were developed by Sacramento-based Reviver. A news release on Reviver’s website that accompanied the bill’s passage states that there are “two device options enabling vehicle owners to connect their vehicle with a suite of services including in-app registration renewal, visual personalization, vehicle location services and security features such as easily reporting a vehicle as stolen.”

Read moreShow less
Steve Huff
Steve Huff is an Editor and Reporter at dot.LA. Steve was previously managing editor for The Metaverse Post and before that deputy digital editor for Maxim magazine. He has written for Inside Hook, Observer and New York Mag. Steve is the author of two official tie-ins books for AMC’s hit “Breaking Bad” prequel, “Better Call Saul.” He’s also a classically-trained tenor and has performed with opera companies and orchestras all over the Eastern U.S. He lives in the greater Boston metro area with his wife, educator Dr. Dana Huff.
steve@dot.la
RELATEDTRENDING
LA TECH JOBS
interchangeLA