Grindr, a dating app for the LGBTQ community, announced on Monday that it will become a public company.
In a statement on Monday, Grindr said it has merged with Tiga Acquisition Corp. (TAC), a special purpose acquisition company. The acquisition company will raise $384 million in cash proceeds, which will consist of $284 million of TAC’s cash in trust plus up to $100 million in a forward purchase agreement.
Grindr also said the new merger will help pay off and satisfy debt and fund future growth.
Grindr, founded in 2009, is a widely popular dating app in the LGBTQ community, attracting 10.8 million monthly users in 2021, with 80 percent of its users being under the age of 35, according to the statement.
“Grindr is the leading platform focused on the LGBTQ+ community for digital connection and engagement. We have a near ubiquitous global brand in the community we serve, impressive scale, best-in-class user engagement metrics and adjusted EBITDA margin, and we’re still just beginning our monetization and growth journey,” Grindr CEO Jeff Bonforte said in a statement.
“Grindr is well positioned to be a public company and will continue to expand the ways it serves the LGBTQ+ community, from products, services to the philanthropic and advocacy work done through Grindr 4 Equality,” Bonforte added.
Chinese officials removed the dating app rom its Apple App Store in February, citing compliance issues with China’s Personal Information Protection Law.
The Personal Information Protection Law, which took effect at the end of 2021, requires that data stored in applications that is transferred to other locations be approved by government officials. The law also limits the personal information stored in apps.
The popular app was also removed from app market services from Chinese companies such as Tencent Holdings Ltd. and Huawei Technologies Co. Alphabet Inc.’s Google Play Store is unavailable in China.