Grindr is aiming to appoint a new LGBTQ+ CEO and is set to become a public company, as part of a $2.1 billion deal with Singapore-based Tiga Acquisition Corp, a so-called ‘blank check’ shell company that raises funds before buying businesses.
Following the deal, which will see $384 million injected into the world’s biggest gay dating app, 78 percent of Grindr will still be owned by existing shareholders.
In 2020, San Vicente Acquisition bought Grindr for $608 million: just under one third of its current valuation, based on the terms of the newly-announced acquisition deal. In 2021 Grindr had an estimated 10.8 million users, making it the most successful LGBTQ+ dating app worldwide.
Jeff Bonforte, Grindr’s current CEO, will step down from the company as the new deal goes through.
“It has been the longstanding goal of Grindr’s current ownership and management that Grindr be led by members of the LGBTQ+ community,” Grindr said in a statement announcing the deal.
It added that “Grindr’s board and management have identified and been in discussions with a potential new chief executive officer candidate who would bring a depth and breadth of experience across technology, finance, and management, including time spent in an executive leadership role at a public company.”
Grindr launched in 2009, quickly becoming the go-to dating app for members of the LGBTQ+ communities. In 2021 the company launched Grindr 4 Equality – a branch of the organization working to promote safety, health and human rights for LGBTQ+ people.
Bonforte said: “Grindr is well positioned to be a public company and will continue to expand the ways it serves the LGBTQ+ community, from products, services to the philanthropic and advocacy work done through Grindr 4 Equality.”
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