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Dating App Grindr Is Going Public Via SPAC Deal
Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
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.
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Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
https://twitter.com/samsonamore
samsonamore@dot.la
CrimeDoor True Crime App Releases AR Experience of Notorious BIG, Tupac Murder Scenes
06:50 AM | March 02, 2021
Anyone wishing to relive the drive-by shooting of Notorious B.I.G., aka Christopher Wallace, can do so later this month through the true crime augmented reality app, CrimeDoor.
The upcoming release will coincide with the 24th anniversary of the Brooklyn native's murder outside the Peterson Automotive Museum, where he was attending a Vibe Awards after-party. CrimeDoor will also be releasing a door into the murder scene of rapper Tupac Shakur, Notorious B.I.G.'s West Coast rival.
The app has a number of new additions slated and has seen users surge since it paid $1,000 to Olivia Snake, a true crime TikToker with 1.1 million followers, to promote it in mid-January, founder Neil Mandt said. Before that point, about 11,000 people had downloaded CrimeDoor since its October launch; in the subsequent 72 hours, 60,000 more piled in.
Over the last six weeks, Mandt said CrimeDoor has been downloaded 220,000 times. Even as it faces criticism from victims' rights advocates, it climbed as high as number four among news apps on the iOS App Store, which uses an algorithm to rank apps based on factors including downloads and user engagement.
Those data were confirmed by third-party analytics firms Apptopia and Sensor Tower.
"We hit the market [with the TikTok influencer], we got a lot of publicity, we saw immediate growth," said Mandt.
CrimeDoor allows users to explore unsolved crime scenes recreated with augmented reality (AR). The app opens onto a map that shows users nearby historic crime scenes. Each crime comes with a case file that includes a list of articles, documents, photos, audio clips and videos curated by crime journalists and researchers. For an additional fee, users can explore select crime scenes via AR environments the company creates with Unity, a gaming engine.
Mandt, a Hollywood veteran and true crime enthusiast, said CrimeDoor now has around 700 case files, comprising about 60,000 total hours worth of content, and that at least three new cases appear on the app every day. There are currently 20 "doors" — augmented reality portals through which users can enter various crime scenes — which will increase by about one per month, Mandt said.
CrimeDoor Pushback
A local NBC station in Arizona ran a segment in December highlighting concerns that the app exploits victims. Mandt responded that they are only sharing facts, and not glorifying violence.
The company maintains it can actually help victims' family members who want to bring new light to the unsolved crimes that stole their loved ones.
But not everyone may want that. Ferroll Robin, executive director of L.A.-based Loved Ones Victims Services, lost her brother to homicide.
"This is a very sensitive issue," she said. "[CrimeDoor] could trigger all kinds of emotions that families and loved ones have kind of moved past, so this could actually re-victimize them in a sense." Some families might see CrimeDoor as helpful, she said, "because they want their crime solved so bad." On the other hand, Robin reiterated, "I've had clients say 'I don't even want them found at this point,' because they've already dealt with it and moved on with their life."
Mandt pointed to families of two unsolved murder victims who have helped build out their respective crime door scenes on the app.
Kelsi German, sister of Libby German, one of two victims slain in Delphi, Indiana, in 2017, has given CrimeDoor details on what her 15-year-old sister looked like at the time of her murder, and the murder scene itself, Mandt said. Family members of Rebecca Zahau, murdered in Coronado, California in 2011, have also helped build out an AR re-creation.
"The awareness on those cases has significantly jumped, as a result of our efforts," Mandt said.
As CrimeDoor continues to release new material, Mandt and company partner Paul Holes, a former crime investigator, think the app can help crowdsource valuable information for cracking unsolved cases. Holes formerly worked on the Golden State Killer case, which was ultimately solved after decades of empty leads thanks in part to true crime enthusiasts who conducted their own investigations.
Mandt said he is expecting soon to partner with media companies interested in giving viewers an opportunity to dig deeper into crimes they feature on their programs, pointing to a hypothetical example of Dateline NBC. He previously told dot.LA that such an arrangement would involve a revenue share; he did not cite specific partners but noted that announcements should be forthcoming.
CrimeDoor is free to use, but accessing a door costs $1.99. Users can also purchase unlimited door access for $4.99 per month. Mandt would not say how much money the company has earned but noted that 7% of users make a purchase, suggesting about 15,400 of the 220,000 downloads over the past six weeks brought in some cash.
Influencer marketing has been key to the app's rise, Mandt said, noting that the $5,000 or so the company has spent on that channel represents the vast majority of its advertising expenses.
After Snake shared the hype clip on her TikTok, other influencers chimed in, for free. A YouTuber who goes by cjades, with 287,000 subscribers, narrated a side-by-side walkthrough of a crime door, saying, "I thought this was absolutely insane and I thought I have to make a video about this." That video, Mandt said, captured about 40,000 views over the next several days.
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Sam Blake
Sam primarily covers entertainment and media for dot.LA. Previously he was Marjorie Deane Fellow at The Economist, where he wrote for the business and finance sections of the print edition. He has also worked at the XPRIZE Foundation, U.S. Government Accountability Office, KCRW, and MLB Advanced Media (now Disney Streaming Services). He holds an MBA from UCLA Anderson, an MPP from UCLA Luskin and a BA in History from University of Michigan. Email him at samblake@dot.LA and find him on Twitter @hisamblake
https://twitter.com/hisamblake
samblake@dot.la
Mars, Money, and Makeovers : LA’s Big Week
08:43 AM | December 06, 2024
🔦 Spotlight
Happy Friday, LA!
This week has been full of energy in LA’s tech world, with some big moves that are hard to ignore. From a local company going public to bold partnerships and exciting projects, here’s a look at the stories driving conversations and shaping what’s happening right now.
ServiceTitan's IPO Ambitions
Image Source: ServiceTitan - Cofounders Ara Mahdessian & Vahe Kuzoyan
ServiceTitan, a Glendale-based software leader for tradespeople like plumbers, electricians, and HVAC technicians, is gearing up for a major step forward: its initial public offering. The company plans to offer 8.8 million shares priced between $52 and $57, targeting a valuation of up to $5.16 billion. Trading under the ticker “TTAN” on the Nasdaq, ServiceTitan’s IPO is backed by financial heavyweights Goldman Sachs and Morgan Stanley. ServiceTitan’s software simplifies essential tasks such as scheduling and payments for trades professionals, providing much-needed solutions in an industry frequently underserved by technology. The IPO reflects both the company’s rapid growth and a broader trend of integrating advanced tools into foundational industries.
SpaceX: Shooting for the Stars (and $350 Billion)
Image Source: SpaceX
SpaceX is on the verge of solidifying its place as the world’s most valuable startup, with insiders estimating a valuation of $350 billion, according to Forbes. It’s not just about rockets anymore; this company has its sights on global internet domination with Starlink and a future where Mars isn’t just science fiction. Investors are clearly betting big on SpaceX’s ability to pull off the impossible—time and time again. The company’s achievements not only redefine the limits of private enterprise but also establish SpaceX as a key player in reshaping humanity’s relationship with space. For the LA tech scene, SpaceX’s valuation is more than a number; it’s a reminder of what’s possible when ambition meets execution. The question isn’t “what’s next?”—it’s “what’s not?”
Anduril x OpenAI: The Future of AI Defense
Image Source: Anduril
In a move that underscores the rapid convergence of defense and cutting-edge AI, Costa Mesa-based Anduril Industries announced a partnership with OpenAI. This collaboration aims to bolster U.S. leadership in artificial intelligence while enhancing national security capabilities. Anduril, known for its autonomous defense technologies, is leveraging OpenAI’s advanced AI systems to supercharge its offerings. The implications? Think faster decision-making and smarter tech on the battlefield. This partnership not only signals Anduril’s commitment to innovation but also highlights the growing importance of AI in reshaping defense.
The Rose Bowl Legacy: Preserving an Icon
Image Source: VisitPasadena
The Rose Bowl, Pasadena’s iconic stadium and a symbol of Southern California’s rich history, is gearing up for an $80 million transformation as part of its "Lasting Legacy Campaign." This effort isn’t just about preparing for the 2028 Olympics—it’s about enhancing the fan experience while staying true to the venue’s historic roots. From new field-level club seats to a cutting-edge videoboard, upgraded Wi-Fi, and even a refurbished marquee sign, this project balances nostalgia with modern innovation. The Rose Bowl has always been more than just a stadium—it’s a cultural landmark that represents LA’s ability to honor its past while embracing the future. If there’s a place that embodies where history meets progress, it’s here.
2024 Wrapped: Your Year in Music
Image Source: Spotify
As the year winds down, music lovers are diving into Spotify Wrapped and Apple Music Replay 2024. These features don’t just highlight our favorite tracks; they showcase how deeply music integrates into our daily lives and memories. For anyone in the tech or startup world, these features are a masterclass in how data-driven personalization can deepen user loyalty and turn casual interactions into powerful engagement.
Whether it’s setting the stage for the next space frontier, advancing national security with AI, or revitalizing a cultural landmark, this week’s stories remind us that progress is as much about preserving what matters as it is about reaching for what’s next.
🤝 Venture Deals
LA Companies
- Nectir, an educational technology company that allows educators to design customized AI teaching assistants providing students with 24/7 personalized support, has raised a $4M Seed funding round led by Long Journey Ventures to develop new features and expand its team. - learn more
- Talus Network, a blockchain platform merging AI and decentralized tech to create smart agents, has raised a $6M Strategic funding round led by Polychain Capital at a $150M valuation to advance its ecosystem, including Protochain, Nexus, and an AI dating app. - learn more
LA Venture Funds
- Alexandria Venture Investments and B Capital participated in a $161M Series B financing round for Nuvig Therapeutics, a California-based biotech company specializing in immunomodulation therapies, to advance its second-generation immunomodulator into Phase 2 clinical development and expand its pipeline. - learn more
- Plus Capital participated in a $35M Series B funding round for Sage, a New York-based company specializing in senior living operations, to enhance its technology platform and expand its services across the U.S. and internationally - learn more
- Supply Chain Capital led a $4.5M Seed funding round for Celleste Bio, a cocoa tech company specializing in cell-cultured cocoa production, to scale its manufacturing capabilities and accelerate sustainable cocoa innovation. - learn more
- Village Global co-led a $5.75M Seed funding round for Across AI, a San Francisco-based startup developing AI-driven enterprise solutions, to accelerate product development and expand its team. - learn more
- M13 led a $5.4M Seed funding round for Cat Labs, an Austin-based startup focused on combating crypto and AI-enabled crime, with the funds being used to develop tools and services that address digital asset security threats. - learn more
- Chapter One Ventures participated in a $4M Seed funding round for Fiamma, a Singapore-based startup focused on decentralized finance infrastructure, with the funds being used to develop innovative tools for secure and efficient on-chain lending. - learn more
- The Games Fund participated in a $3M funding round for Playgama, a gaming platform that simplifies the distribution and monetization of HTML5 games across various platforms; the investment will be used to enhance their Platform-as-a-Service ecosystem, including monetization, quality assurance, and management tools. - learn more
- Fika Ventures led a $6M Seed funding round for StretchDollar, a Pittsburgh and San Francisco-based fintech startup that simplifies health benefits for small businesses through a self-service platform; the funds will be used to enhance their platform and expand their team. - learn more
- OCV participated in a $27.6M funding round for OSSIO, a Woburn, Massachusetts-based medical device company specializing in bio-integrative orthopedic implants; the funds will accelerate commercial efforts, including new product development and establishing a manufacturing and training center in Florida. - learn more
- Avalaunch participated in a $6.5M Seed funding round for Avant, a Palo Alto-based decentralized finance protocol that issues a "stable-value" token called avUSD, to scale its crypto yield products. - learn more
- Rebel Fund participated in a $2.5M Seed funding round for Circleback, a San Francisco startup that uses AI to generate meeting notes and action items, integrating with platforms like HubSpot and Notion; the funding will support expansion and development. - learn more
LA Exits
- Mission Cloud Services, a leading AWS managed services and consulting provider, has been acquired by CDW to enhance its cloud solutions portfolio. - learn more
- Of Kos, formerly VMed, a healthcare marketing agency specializing in digital and creative solutions, has been acquired by ONAR, a global network of marketing agencies, as part of its expansion into the healthcare marketing sector. - learn more
- Rhapsody Voices, a boutique podcast network representing leading content creators and offering tailored solutions for revenue growth through sponsorship representation, content creation, strategy, and marketing, has been acquired by Evergreen Podcasts. - learn more
- TEDIVO, a Long Beach-based software provider specializing in container supply chain tools like BAPLIE Viewer Online, has been acquired by Lynxis to enhance its port orchestration products and improve cargo management efficiency. - learn more
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