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By Daniel Shvartsman
Investing.com — Main LGBTQ+ relationship app Grindr introduced Tuesday that it might go public by way of a SPAC merger with Tiga Acquisition Corp (NYSE:) in a deal valuing the corporate at $2.1 billion.
“Grindr is the main platform targeted on the LGBTQ+ neighborhood for digital connection and engagement. Now we have a close to ubiquitous international model locally we serve, spectacular scale, best-in-class consumer engagement metrics and adjusted EBITDA margin, and we’re nonetheless simply starting our monetization and progress journey,” mentioned Jeff Bonforte, Chief Govt Officer of Grindr within the announcement press launch.
The corporate’s presentation boasts of 30% income progress in 2021 in addition to a 53% adjusted EBITDA margins, and guides to 35-40% income progress in 2022.
Grindr comes public following relationship apps similar to Bumble Inc (NASDAQ:) and Tinder (a part of Match Group Inc ) (NASDAQ:). The presentation argues that Grindr is earlier of their monetization journey, offering extra upside. Grindr studies 11 million month-to-month energetic customers and 723,000 paying customers on its app to this point.
Bonforte will stay on as CEO, whereas present chair James Lu will stay chair of the merged firm, and Raymond (NS:) Zage, who’s heading up Tiga Acquisition Corp aspect, will be part of the board.
The deal is anticipated to shut within the second half of 2022.
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