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Grindr enters SPAC deal, outlines expansion and growth plans

Grindr enters SPAC deal, outlines expansion and growth plans

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LGBTQ+ online dating app Grindr and Tiga Acquisition, a special purpose acquisition company (SPAC) have closed their previously announced business combination. The plan has been in the works since May, and according to Bloomberg, the shares of the dating app have spiked 214%.

In an interview with WSJ, Vanna Krantz, CFO of Grindr said majority of its growth is funded internally and Krantz plans to review subscription prices. A paid account currently starts at US$19.99 per month. Moreover, 80% of Grindr’s revenue mainly comes from subscriptions.

Founded in 2009, Grindr is an iconic global brand within the LGBTQ+ community. As a public company, Grindr will be focused on expanding its platform through user growth, the introduction of additional features and monetisation streams and further international expansion.

George Arison, CEO, said, “Today marks an important milestone not only for the team at Grindr, but for the LGBTQ+ community we serve. We enter the public markets with momentum, carried by our market leadership, strong financial performance and significant growth runway as we step up investment in our core product and services. I am thrilled to work with our team and investors as we continue expanding our platform and enhance the critical social infrastructure for a traditionally underserved community.”

According to reports on CNBC, Grindr’s debut also comes amidst turbulent times for other apps in the dating community with the likes of Bumble and Match dropping 31.7% and 64.9% since the start of the year.

In a release dated May 2022, Grindr said it is looking to improve core user experience to drive engagement and retention, leverage industry playbook to drive monetisation and add revenue streams and expand product offerings to attract new users and serve additional use cases.

The release also said that as of December 2021, it had 10.8 million monthly active users, with 61-minutes average daily time spent per user in December 2021. Around 80% of profiles are 35 years old or younger. Its annual sales and marketing spend in 2021 of approximately 1% of revenues.

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