Grindr has sold 60% stake to China gaming company for $93 million
Beijing Kunlun Tech values app at $155 million
The popular gay app, Grindr has sold a 60% stake to Chinese online gaming company for $93 million.
The Shenzhen-listed company announced on January 11, 2016 it had bought 98,448,000 shares in New Grindr – giving the value of the six-year-old startup at $155 million.
The remaining shares will be held by founder Joel Simkhai and his employees.
The company emphasized that the deal still had to pass an antitrust review.
In the fiscal year 2014, New Grindr had revenue of $31.74 million – with profit of $13.74 million – 66% from its 10.5 million members in 196 countries.