Tuesday, January 12, 2016
Grindr Sells Majority Stake To Chinese Gaming Firm For $93M
Los Angeles-based mobile dating app developer Grindr has raised $93M for its gay dating apps, from Chinese gaming firm Beijing Kunlun Tech Co.. Grindr said late Monday that it sold a 60% stake in the company to Beijing Kunlun Tech Co., valuing the company at $155M. Grindr told its users that it would be "business as usual" for the firm, which had previously been entirely self funded. Grindr said the investment would help it accelerate its growth and allow it to to expand its services. Grindr is led by Joel Simkhai.