LAS VEGAS — (05-09-22) — It’s official, the world’s largest gay dating app Grindr are going public through a blank-cheque firm whose founder was part of a consortium that bought the company in 2020, according to a filing with the US Securities and Exchange Commission on Monday.
In a statement released on Monday, Grindr said it has merged with Tiga Acquisition Corp. (TAC), a special purpose acquisition company. The acquisition company’s goal is to raise $384 million in cash proceeds, which will consist of $284 million of TAC’s cash in trust plus up to another $100 million in a forward purchase agreement.
According to Grindr, the new merger will help pay off and satisfy debt and fund future growth for the popular gay dating app that was founded in 2009. It is one of the top gay dating apps of the LGBTQ community, attracting 10.8 million monthly users in 2021.
According to their stats, 80 percent of its users are under the age of 35, according to the statement released by Grindr.
“Grindr is the leading platform focused on the LGBTQ+ community for digital connection and engagement. We have a near ubiquitous global brand in the community we serve, impressive scale, best-in-class user engagement metrics and adjusted EBITDA margin, and we’re still just beginning our monetization and growth journey,” Grindr CEO Jeff Bonforte said in a statement.
“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,” added Bonforte.
Article by: Keith Witchka, Staff Writer
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