One of the biggest online portals for Gay men, Grindr has sold its majority stake to Beijing Kunlun Tech, China based gaming firm.
After this deal, Grindr is valued at $155 million and this marks the first outside investment for the company. Interestingly, Grindr is one of those companies, which are completely bootstrapped to reach on such great level.
Grindr has been around since over 6 years now and in a recent report published by The New York Times, Grindr has over 2 million daily users spending an average of 54 minutes inside the app. At such time, these number are mind blowing, considering that there are many new services coming up regularly. In 2014, Grindr reported a revenue of $32 Million, up from $25 million in 2013.
Grindr founder and CEO Joel Simkhai added that the deal remains one of biggest factors of their success as an initiative to connect Gay men online. Joel and team will continue to own the remaining stake of the company. The latest plans include getting into more areas and connecting more people.
It is still unclear if Beijing Kunlun Tech will get Grindr into China, because there are quite a few apps already available with a major share of the market. However, this move is seen as an aggressive one by the gaming company to expand its portfolio and reach outside China. Kunlun tech has invested huge sums in last couple of years in various startups and it continues to do the same, however, this time, outside China.
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