The dating app for the LGBTQ+ audience Grindr announced yesterday its intention to enter the Stock Exchange, in an operation that would initially value it at US$ 2.1 billion (about R$ 10.8 billion).
The platform, used by 11 million people each month, expects to raise US$384 million to invest in infrastructure and monetization tools in order to attract and retain more people and diversify the business’s revenues. .
“We have a global brand that is present almost everywhere in the community we serve, an impressive size, an engagement rate from our users and an operating margin that is among the best in the industry, and we have recently started our journey in terms of monetization and growth” , said Jeff Bonforte, CEO of Grindr, quoted in a statement.
The Californian company opted for a Spac (Special Purpose Acquisition Company). She highlighted the “mission in service of the LGBTQ+ community” and potential, noting that the target market is “growing rapidly” and that the app only reaches “2%” of that market at the moment. It also noted that 80% of the profiles correspond to people under the age of 35.
Grindr, however, faces problems in several countries. The American company recently appealed a record €6.3 million fine imposed by Norway for illegally sharing personal data.
In other countries, the app is censored. He disappeared in January from app stores in China, where same-sex marriage is banned and LGBTQ issues remain taboo, even though homosexuality was decriminalized in 1997.
Founded in 2009, Grindr was owned by Chinese video game specialist Kunlun Tech, forced to resell it to an American company in 2020 after pressure from the US, which cited national security reasons.
A federal agency feared that American users would be blackmailed if the government demanded data (sexual orientation or HIV status, for example) from Kunlun Tech.