The public market has a new product called Grindr. In other words, the company is making the private into the public, a move it has already enacted with user data. On Monday, the world's most popular queer dating app announced it would soon become a publicly traded company. A special acquisition company called Tiga Acquisition Corp. is acquiring Grindr to enable it to move to the markets. The company is based in the Cayman Islands and is led by two former Goldman Sachs guys. The new public company will be called Grindr Inc. and is valued at an estimated $2.1 billion. Tiga plans to put up $384 million to seal the deal, which includes cash in trust and an additional $100 million in a forward purchase agreement. The funds will be used to pay off debt and fund growth initiatives, according to the press statement. The boards of both companies unanimously approved the acquisition, which is expected to close in the later half of the year. Next-Level Sound can be experienced. Theater-like sound surrounds you with spatial audio with dynamic head tracking.
Grindr is the leading platform for digital connection and engagement in the LGBTQ+ community. 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 are still just beginning our monetization and growth journey. There have been some speed bumps so far.
The app, which lets users connect with each other based on proximity and preference, has faced criticism for selling off location and other sensitive data rather indiscriminately. The company's practices were revealed in a Wall Street Journal investigation. Users location data is now closed off to buyers according to the company. The privacy practices in the WSJ report are no longer in play according to a statement sent to Gizmodo by Grindr.
Although it's not alone in the world of dating app data dealings, Grindr is notable for the preciseness of some of its location data and the extra-sensitive nature that data has because of homophobia and transphobia.
Tracking data from Grindr led to the public outing of a catholic priest. In a 2020 Norwegian report, researchers found that Grindr was selling off users' device information, age, gender, and relationship preferences to advertising partners. The HIV statuses of users were shared with advertisers.
In this move to go public, Grindr learns how to manage his private life better.
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