Milestones

Dating app conglomerate 9Count announced that it has raised another $6 million in VC funding on top of its earlier Series A funding of $21.5 million, bringing total funds raised so far to $27.5 million.

According to Tech Crunch, investors have taken notice of the company’s dating app Summer, a rebranding of former dating app Spark, which has gained traction in a saturated market namely for its appeal to younger daters.

Summer hit number one in the App Store in two markets immediately after its launch and now has more than 500,000 downloads, over a million registered users, and more than 300,000 monthly active users (just a few months later). 9Count CEO Alex Hofman told Tech Crunch that it’s “the fastest-growing dating app to hit the market since Bumble arrived in 2014.”

Match Group has acquired The League, a dating app known for its exclusivity because you have to apply to join.

The news about the members-only dating app was disclosed by a Tinder spokesperson to Tech Crunch. The League has become popular among ambitious, career-focused people looking for a more exclusive dating app experience, and as a result the app grew a long waiting list with people vying for a place. The terms of the deal were not disclosed.

Match Group’s new CEO Bernard Kim sent an email to employees, sharing the news: “We have just closed our acquisition of The League, a premium, niche dating app with a curated member base focused on matching career-oriented users looking for a serious relationship,” Kim wrote.

Dating Group has made several high-profile acquisitions in the past year, thanks to a new round of seed funding and rising user numbers. The moves indicate the dating conglomerate is one of the main players in the fast-growing industry, expanding its competitive advantage by offering more niche dating apps.

In the fall of 2021, the company added Cupid Media to its growing portfolio, and now oversees more than 33 dating platforms, making it one of the world’s largest dating conglomerates along with Match Group, according to DatingNews.com. This acquisition also grew the company’s annual revenue to $300 million, which was already growing in the wake of the pandemic. Cupid Media owns dating apps AsianDating, LatinAmericanCupid, Muslima, FilipinoCupid, and ThaiCupid among others.

Dating Group has also acquired Dil Mil, a fast-growing dating app specifically for South Asian singles. At the time of acquisition, the app was growing at a rate of around 50% in overall downloads, with a 38% increase in active users, according to a press release from Dating Group. Dil Mil has become increasingly popular among South Asians in the U.S. and other countries who want a more targeted dating app experience. Dil Mil offers a diverse array of regional preferences with multiple language and religious options, something that the larger apps like Tinder can’t provide.

Metaverse dating apps have become popular among singles in China, and now one of the most popular - Soul - intends to go public in the Hong Kong market. It is backed by tech giant Tencent, with Bank of America Merrill Lynch and CICC serving as co-sponsors.

Soul lets users create and use avatars (often resembling Japanese anime) to interact over the app, and rivals TikTok for time spent engaging on the app – an average of about 40 minutes per user, according to South China Morning Post. It currently has over 32 million users.

Downloads and engagement have grown in part due to recurring lockdowns across the country from Covid-19 outbreaks. Between 2019 and 2021, Soul’s monthly active users went from 11.5 million to 31.6 million, according to parent company Soulgate.

Google has reached an agreement with app developers who sued over unfair Play Store practices, including charging a 30 percent commission on all in-app purchases. Part of the settlement requires Google to pay developers $90 million in lost revenue over the years, including Match Group.

According to Tech Crunch, in addition to the $90 million payout, Google will be revising its Developer Distribution Agreement to allow developers to contact users outside of the app, and to be more transparent with annual reports detailing app removals and account terminations, for example. In addition, Google will add a new “Indie Apps Corner” to its Play Store to highlight apps made by smaller startups and independent developers, who often get overlooked for the big players.

The settlement doesn’t resolve a larger problem of allowing developers to use third party payment systems and cutting Google Play and Apple Stores out of these commissions, which currently is not allowed in either store. Match Group and others have sued both Apple and Google for the right to have their own in-app payment system without forcing users to go through the stores, and for having to pay a percentage of every purchase to the tech giants.

Dating app Grindr announced it will become a public company through a merger with Tiga Acquisition, and that the combined companies have been valued at $2.1 billion.

According to Bloomberg News, Tiga is a special acquisition company and isn’t offering any private investment in public equity (PIPE) deals but will provide Grindr with an estimated $384 million in cash proceeds, which includes $284 million of Tiga’s cash in trust plus up to $100 million in a forward purchase agreement. The company will use the funds to pay down debt and invest in future growth.

Grindr had several offers from other SPACs before merging with Tiga.