Leading LGBTQ+ Social Network Grindr to IPO in $2.1 Billion SPAC Merger, 10.8 Million Monthly Active Users in 2021 Averaging 61 Minutes Per User
12th May 2022 | Hong Kong
The #1 social network for LGBTQ+ community Grindr will IPO in a SPAC merger with Tiga Acquisition Corp (NYSE), valuing the firm at $2.1 billion with the SPAC merger and raising $384 million (Tiga $284 million in cash, $100 million in forward purchase agreement). Existing shareholders of Grindr will own 78% of the new combined entity. Grindr is founded in 2009, and has 10.8 million monthly active users in 2021, averaging 61 minutes per user (Dec 2021), 723,000 paying users (Dec 2021), and 80% or profiles are 35 years old or younger. In 2021, Grindr reported revenue of $147 million, with 53% EBITA and annual sales & marketing spent of only 1% of revenue. Official Statement: “The business combination is expected to close in the second half of 2022, subject to regulatory and stockholder approvals, and other customary closing conditions.” (IPO ~ Initial Public Offering, SPAC ~ Special Purpose Acquisition Company, also known as “blank cheque company”)
“ Leading LGBTQ+ Social Network Grindr to IPO in $2.1 Billion SPAC Merger, 10.8 Million Monthly Active Users in 2021 Averaging 61 Minutes Per User “
Yahoo: Grindr
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