Online Dating

Beijing Kunlun Tech, a Chinese company which owns the popular dating app Grindr, will now be forced to sell it by June 2020, according to a report by CNN.

Beijing Kunlun Tech owns 60% of Grindr, a popular dating app in the LGBTQ community. Last year the company was planning to take the app public but was stopped when the Committee on Foreign Investment in the U.S. (CFIUS) intervened. The U.S. government agency oversees purchases of businesses by foreign entities and expressed concern that the national security of the U.S. would be threatened by the acquisition of the dating app by a Chinese tech company, because of the sensitive user information it had access to.

Toffee, the UK-based dating app aimed exclusively at privately-educated singles, is beginning its international expansion with Australia. The app was widely criticized as elitist when it launched in the UK last April, but shows no sign of slowing down in the face of controversy. Toffee will become available for Android users in September, followed by the Australia launch in November. Additional international rollouts are planned over the next 12 months.

Founder Lydia Davis insists Toffee was not born out of snobbery. “I’ve found that people from similar backgrounds tend to stick together,” she told Vogue earlier this year. “It was never our intention to be elitist. Schooling is a big part of people’s lives – 10 years of their childhood. It doesn’t define them, but it is part of their identity. It’s just one of many things people might have in common.”

Technology has made it easier than ever to connect with singles around the world, but it has introduced its own set of questions and complications to the dating process. Match’s new service, AskMatch, aims to help curious, confused and clueless users navigate online dating by making a team of dedicated dating coaches available for one-on-one phone sessions.

Unlike the AI chatbots found on other apps, AskMatch coaches are live humans with professional resumes. Members can consult these experts for guidance, actionable tips or a sympathetic ear by selecting the “Talk to a coach” option under the “Discover” tab of the app. After the phone call, members can choose to remain in contact with their coach through the app to ask further questions or provide progress updates.

Tinder plans to launch a new, scaled-down version of the app called Tinder Lite.

According to Tech Crunch, the new app is catering to markets where bandwidth, data usage and storage space have all been challenging, which means customers to pay a premium for access to mobile data. Some of the regions Tinder is targeting include India and Southeast Asia, where parent company Match Group has appointed three new executives and dedicated more resources to growing its brands.

Tinder Lite was initially mentioned in an investor call according to Tech Crunch. However, Match Group CEO Mandy Ginsberg shared few details about the launch or the app. There was no specific date mentioned, and no details about what features would be removed, but likely the trademark swiping and matching would remain as key elements of the Tinder Lite experience.

Bumble and Serena Williams are continuing their collaboration with joint investments in two female-led companies. At Bumble’s inaugural Bumble Fund Summit in Napa, California, the company announced that Bumble Fund and Serena Ventures will back Nude Barre and Virtue Health, the winners of an in-app pitch competition run through Bumble Bizz.

Bumble Fund launched in 2018 with a mission to support female-founded and female-led businesses with early-stage investments. The fund’s first investments included a swimwear company, a prenatal and postpartum healthcare company, a beauty festival, and two other women-focused startup funds.

The Meet Group, a portfolio of mobile social entertainment apps including MeetMe, LOVOO, Skout, Tagged and Growlr, released financial results for its first quarter ended March 31, 2019. The company reported revenue of $49.5 million, an increase of $11.9 million (or 32 percent) from $37.6 million in the first quarter of 2018.

Other highlights from The Meet Group’s Q1 2019 financial report include:

• GAAP net income of $1.3 million, or $0.02 per diluted share, compared to a GAAP net loss of $4.2 million, or a loss of $0.06 per diluted share, in the prior year quarter.
• Adjusted EBITDA of $8.1 million, compared to Adjusted EBITDA of $5.2 million in the prior year quarter.
• Non-GAAP net income of $7.0 million, or $0.09 per diluted share, compared to $4.1 million, or $0.05 per diluted share, in the prior year quarter.