grindr# JobHunting - 待字闺中
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Grindr, the popular dating and social networking app for gay men, has found
itself a match.
The company on Monday said it had sold a majority stake to the Beijing
Kunlun Tech Company, a Chinese gaming company, valuing the six-year-old
start-up at $155 million. Beijing Kunlun will acquire 60 percent of Grindr,
with the remainder to be owned by Grindr employees and Joel Simkhai, the
company’s founder. Grindr has previously not raised capital from outside
investors.
“We have users in every country in the world, but in order to get to the
next phase of our business and grow faster, we needed a partner,” Carter
McJunkin, chief operating officer of Grindr, said in an interview. Mr.
McJunkin said the pairing made sense for Grindr because of Beijing Kunlun’s
digital expertise, and its agreement to let Grindr’s founders continue its
operating structure and retain its current team.
For Beijing Kunlun, Grindr offers a chance to expand beyond its core gaming
assets and into other lifestyle categories, as well as markets outside China.
"We have been very impressed by Grindr's progress to date and are extremely
excited about the future of the company," Yahui Zhou, chairman of Kunlun,
said in a statement. "We will continue to seek out and invest in high-
quality technology companies led by top-tier management across the globe."
Founded in 2009 by Mr. Simkhai with a few thousand dollars of his own money,
Grindr has grown to become a mainstay of the gay hookup and culture in 196
countries around the world. The mobile app lets users see photos of one
another based on their location, and users can share photos and text
messages with one another.
Grindr sees two million regular visitors every day, who spend an average of
54 minutes using the app, according to the company. Grindr's revenue was
about $32 million in 2014, according to a financial disclosure, up 29
percent from $25 million in 2013.
The online dating space has heated up in the last few years, as the
InterActive Corporation, the digital media conglomerate, has systematically
acquired and consolidated Internet dating properties. Last year, IAC spun
off its dating companies into a separate company, the Match Group, which
debuted on the Nasdaq exchange in November. Tinder, the popular mobile
dating app, is that company's crown jewel, and is especially popular among
young audiences.
To grow beyond its current audience, Grindr tried its hand at courting other
demographics — Blendr was the company's attempt at a social network for
more than gay and bisexual males — but those efforts have largely fizzled.
"We experimented in other audiences, but we decided we do the gay audience
best," Mr. McJunkin said. The company's future growth prospects rest on "
solving more problems" for Grindr's core gay user group, including things
like places to go and things to do, he said. "We've expanded to make it more
of a lifestyle company," he said.
itself a match.
The company on Monday said it had sold a majority stake to the Beijing
Kunlun Tech Company, a Chinese gaming company, valuing the six-year-old
start-up at $155 million. Beijing Kunlun will acquire 60 percent of Grindr,
with the remainder to be owned by Grindr employees and Joel Simkhai, the
company’s founder. Grindr has previously not raised capital from outside
investors.
“We have users in every country in the world, but in order to get to the
next phase of our business and grow faster, we needed a partner,” Carter
McJunkin, chief operating officer of Grindr, said in an interview. Mr.
McJunkin said the pairing made sense for Grindr because of Beijing Kunlun’s
digital expertise, and its agreement to let Grindr’s founders continue its
operating structure and retain its current team.
For Beijing Kunlun, Grindr offers a chance to expand beyond its core gaming
assets and into other lifestyle categories, as well as markets outside China.
"We have been very impressed by Grindr's progress to date and are extremely
excited about the future of the company," Yahui Zhou, chairman of Kunlun,
said in a statement. "We will continue to seek out and invest in high-
quality technology companies led by top-tier management across the globe."
Founded in 2009 by Mr. Simkhai with a few thousand dollars of his own money,
Grindr has grown to become a mainstay of the gay hookup and culture in 196
countries around the world. The mobile app lets users see photos of one
another based on their location, and users can share photos and text
messages with one another.
Grindr sees two million regular visitors every day, who spend an average of
54 minutes using the app, according to the company. Grindr's revenue was
about $32 million in 2014, according to a financial disclosure, up 29
percent from $25 million in 2013.
The online dating space has heated up in the last few years, as the
InterActive Corporation, the digital media conglomerate, has systematically
acquired and consolidated Internet dating properties. Last year, IAC spun
off its dating companies into a separate company, the Match Group, which
debuted on the Nasdaq exchange in November. Tinder, the popular mobile
dating app, is that company's crown jewel, and is especially popular among
young audiences.
To grow beyond its current audience, Grindr tried its hand at courting other
demographics — Blendr was the company's attempt at a social network for
more than gay and bisexual males — but those efforts have largely fizzled.
"We experimented in other audiences, but we decided we do the gay audience
best," Mr. McJunkin said. The company's future growth prospects rest on "
solving more problems" for Grindr's core gay user group, including things
like places to go and things to do, he said. "We've expanded to make it more
of a lifestyle company," he said.