Industry

Gay dating app Grindr is headed towards an IPO again, now that the U.S. national security panel CFIUS has dropped its opposition.

Chinese gaming company Beijing Kunlun Tech purchased Grindr fully in 2018, but the Committee on Foreign Investment in the U.S. found this problematic and forced Beijing Kunlun to sell the app by June 2020. According to a report from CNBC, a source familiar with the situation said the efforts to sell Grindr by the deadline were continuing, even as plans for the IPO were moving forward.

Image: Bumble

Dating app Bumble is going all-in on its mission to empower women. The latest move is launching a new ad campaign to help combat loneliness, featuring activist and actress Jameela Jamil.

The #askingforafriend campaign launches August 4th in honor of International Friendship Day, and will focus on encouraging Bumble users to build friendships to counter the growing problem of loneliness around the world. According to studies, social media is part of the problem, with one in five people saying browsing through their feeds makes them feel lonely.

Bumble CEO Whitney Wolfe

Bumble CEO Whitney Wolfe Herd spoke out against parent company Badoo in the wake of allegations made by more than a dozen employees that it promoted a toxic work culture, especially for women.

An exclusive by Forbes revealed allegations made by thirteen former Badoo employees who worked at the company’s London headquarters, citing a sexist office culture with drug-fueled parties, employees naming engineering updates after porn stars, and a widely circulated video of an employee receiving oral sex from a prostitute.

Forbes also said the employees specifically named Badoo owner Andrey Andreev, who also owns a majority stake in Bumble, of making derogatory comments around race and physical appearance.

Tinder Lite on Google Play

Tinder has unveiled its new streamlined app after announcing its debut earlier this year. Tinder Lite will be available as a separate app for Android phones and can be purchased through Google Play.

The new Lite app was designed specifically for users in countries and regions where Internet connectivity is slow and most people have lower-cost phones. According to Tinder CEO Elie Seidman, who spoke at the 2019 Rise Tech conference in Hong Kong in mid-July, the new app “would run faster, consume less battery and reduce network usage by about 20 percent,” as reported by The Jakarta Post.

Thirteen former employees are speaking out about Badoo, Andrey Andreev’s dating-focused social network and parent company to Bumble. In an expose published by Forbes, the employees describe a lengthy history of workplace misconduct, including sexism, racism, drug use, wild parties and a possible tax evasion scheme.

Many of the lurid details revealed in the Forbes report occurred during Badoo's period of rapid growth from 2010 to 2012. Badoo launched its iPhone app in 2010. The following year, the company soared from 20 million user signups to 100 million in four months, and earned $200 million in revenue. As Badoo grew, so did its salacious reputation. It is estimated that in 2018, Badoo had just over $300 million in revenue.

Dating app Tinder has a hook-up reputation – and because of this, users in more conservative countries in Asia might be hesitant to try the app. In response, Tinder is revamping its image to maintain its growth streak.

Dating app growth overall has slowed in the U.S. as the market becomes saturated, and it is expected to slow even more through 2022. In order to expand its opportunities, Match Group – Tinder’s parent company, has put a lot of resources into the Asian market, including hiring key executives to oversee the region and advertising its suite of apps.