basically two years to the day of its majority investment in Grindr, China-based mostly tech firm Kunlun neighborhood has totally received the homosexual relationship app.
Grindr is among the many, if not the, world’s most standard LBQT dating app with a claimed 3.3 million each day users. Kunlun, which is most excellent established for video games however is a part of a consortium that acquired Opera’s browser company, bought 60 % of the carrier in January 2016 for $ 93 million. China cash community pronounced that Kunlun paid $ 152 million for the remaining stake, that’s in response to inventory filings.
The deal will additionally see a transformation within the structure of Grindr’s company with CEO and founder Joel Simkhai exiting the company. The startup’s current board chairman, Yahui Zhou, is stepping in as meantime CEO except a full-time substitute is employed.
In different exec shuffles, existing vice-chairman Wei Zhou turns into CFO with Scott Chen, previously with facebook and Instagram, relocating in as CTO.
“I’m beyond pleased with what we’ve constructed as a group and how Grindr has been in a position to make a meaningful and lasting contribution to the world group. we now have performed our success as a result of the energy and international reach of our group. I appear forward to Grindr and Kunlun’s endured commitment to building tolerance, equality, and admire around the globe,” Simkhai pointed out in a press release.
Grindr turned into centered over seven years in the past and it by no means raised outdoor funds. That’s fairly rare these days.
Featured photograph: Leon Neal/Getty photos
Fundings & Exits – TechCrunch