The gay hookup app Grindr is going public.
The company announced on Monday it merged with Tiga Acquisition Corp., which Grindr said would allow it to pay off debt. The new company is valued at $2.1 billion.
Grindr was founded in 2009. The company was acquired by a Chinese company, which was forced to divert it in 2020. The company is based in West Hollywood.
In 2021, the app had 10.8 million users per month with 80 percent under the age of 35. (Or 80 percent of Grindr’s users claim to be under 35). Grindr had revenue of $147 million last year, up by 30 percent from the year before.
The company said it would use proceeds of the sale of stock for new products and services through its philanthropy and advocacy arm Grindr 4 Equality.
The deal is expected to close by the end of the year.
— David Taffet