Notable Dating App Grindr to Go Public Via $2.1B Tiga Acquisition SPAC Merger
2022.05.10 19:21
By Daniel Shvartsman
Investing.com — Leading LGBTQ+ dating app Grindr announced Tuesday that it would go public via a SPAC merger with Tiga Acquisition Corp (NYSE:TINV) in a deal valuing the company at $2.1 billion.
“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,” said Jeff Bonforte, Chief Executive Officer of Grindr in the announcement press release.
The company’s presentation boasts of 30% revenue growth in 2021 as well as a 53% adjusted EBITDA margins, and guides to 35-40% revenue growth in 2022.
Grindr comes public following dating apps such as Bumble Inc (NASDAQ:BMBL) and Tinder (part of Match Group Inc ) (NASDAQ:MTCH). The presentation argues that Grindr is earlier in their monetization journey, providing more upside. Grindr reports 11 million monthly active users and 723,000 paying users on its app to date.
Bonforte will remain on as CEO, while current chair James Lu will remain chair of the merged company, and Raymond Zage, who is heading up Tiga Acquisition Corp side, will join the board.
The deal is expected to close in the second half of 2022.
