Grindr

Dating app Grindr launched its initial public offering in mid-November and saw its stock quickly soar thanks to enthusiastic investors, and despite the recent downturn of tech and dating app markets. The stock rose more than 400 percent after it launched.

According to MarketWatch, the stock debuted at $16.90 on Friday November 18th, and hit a high of $71.51 before noon. It then closed out the day at $36.50. The LGBTQ+ dating app merged with Tiga Acquisition Corp, a special purpose acquisition company, and debuted that day on the NYSE under the symbols GRND and GRND.WS. Unfortunately, a week and a half later and now the stock has trading as low as $7.63.

"Today marks an important milestone not only for the team at Grindr, but for the LGBTQ community we serve," said Grindr's chief executive officer, George Arison, in a statement reported by NPR. "We enter the public markets with momentum, carried by our market leadership, strong financial performance and significant growth runway as we step up investment in our core product and services."

Joel Simkhai, founder popular gay dating app Grindr, has launched a new queer dating app called Motto.

In an interview with NBC News, Simkhai said he launched the new app to “course-correct” the current culture of gay dating apps. He noted that many (including Grindr) have contributed to a rise in racial discrimination among gay daters, as well as contributing to feelings of body dissatisfaction and low self-esteem in regard to body image.

Motto provides features to counteract and prevent what Skimkhai called “toxicity” on gay dating apps, including requiring users to post photos with faces instead of the popular “headless torsos” that are prominent on apps like Grindr. He’s also limiting users to perusing 10 profiles per day, so they can take their time instead of endlessly swiping.

Image: Grindr

Dating app Grindr announced the launch of its new video series Play Safe, intended to educate dating app users about its safety policies and practices. The videos will be available in the app as well as across the company’s social channels.

According to the company’s press release, the safety features the dating app will be highlighting include the ability to mute, block and report bad actors on the app. Grindr says its team of “human moderators who have been trained on LGBTQ-specific cultural sensitivities and gender-inclusive content moderation” will be reviewing all reports around the clock.

“We work day-in and day-out to make Grindr a place where our users can feel safe and supported, because we know that the world at large is not always accepting of the LGBTQ community,” said Alice Hunsberger, VP of Customer Experience at Grindr.

Grindr CEO George Arison

Dating app Grindr, which serves the LGBTQ+ community, named board member George Arison as its new CEO. He is scheduled to launch the company’s IPO this fall with a $2.1 billion valuation.

Arison is scheduled to take the reins on October 19th. He has long worked in the tech industry and been a board member of the company since May, according to NBC News. Prior to his appointment as CEO, he founded the car reseller app Shift Technologies, where he also served as CEO, and before that he headed a taxi-hailing app.

In addition to hiring a new CEO, Grindr also appointed a new CFO, the former CFO of Disney Streaming Service Vanna Krantz, who launched and grew the highly successful Disney+ product. Grindr’s outgoing CEO Jeff Bonforte and CFO Gary Hsueh will move into advisory roles going forward, according to NBC News.

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.

Dating app Romeo started a new forum for its users to be able to offer support to Ukrainian refugees, and thousands of members were quick to respond.

The gay dating app is based in Germany and has been popular for years, mainly in Eastern Europe. One of its high-profile features is “groups” or chat forums where users can congregate and discuss topics of interest. This past week, when Russia invaded Ukraine, the app decided to harness the traffic in these forums to call on users for help. Developers launched a group called “Shelter for Ukraine” so that users could offer assistance those fleeing the war.

The app was quickly overwhelmed with users wanting to help, with 8,000 members joining the chat after being active for only four days.