Grindr has handed majority ownership to Chinese gaming company Beijing Kunlun World Wide Technology Co. for $93 million, valuing the Hollywood start-up at $155 million post-investment.
The app has become a go-to hookup app for men looking for same-sex relationships, getting about 2 million daily users. But the company has sought to play a bigger role, beyond matchmaking, in the lives of its users and the investment is aimed at accelerating that process. Grindr, launched in 2009, also has faced competition from apps like Scruff and Tinder since then.
The investment is noteworthy because Chinese authorities do not recognize same-sex marriages or civil unions, and being publicly gay remains taboo in China. But Chinese gay rights activists have scored some recent victories, and the increased pressure may begin to open some doors. Read more via LA Times