Acquisitions

If you’ve ever felt like dating apps are starting to look and feel the same, you’re not imagining it. But every so often, a new platform comes along that shakes things up, and now one of the biggest names in the industry is betting big on exactly that.

The Los Angeles Times reports that Match Group has invested $100 million into Sniffies, a fast-growing platform focused on real-time, map-based connections for queer men. It’s not just a financial move, it’s a strategic play that could reshape competition in the dating space.

Randian Capital, an activist investor in Bumble, is urging the company to follow its “turnaround plan,” which also includes a potential sale.

The investor group spent six months analyzing Bumble’s business practices and is advocating for drastic change to be made because “the current trajectory is not working,” according to sources who spoke to Investing.com.

When asked about potential buyers, Randian mentioned one interesting company – Meta, which owns Facebook, Instagram, and WhatsApp, and dominates the social media market. Meta is also currently the subject of an SEC investigation into the nature of its previous mergers, which are alleged to violate anti-trust laws, due to some internal correspondence among its executives.

Bumble is expanding its focus with the acquisition of Geneva, a platform built around connecting people with groups and clubs to help “build community.”

According to Tech Crunch, the acquisition further expands Bumble’s platform beyond dating in the hopes of gaining new users and growing revenue. As Tech Crunch noted, the company laid off a third of its workforce earlier this year, and has been struggling to increase its paying userbase along with other dating apps.

The terms of the deal were not disclosed with the announcement according to Tech Crunch, but as it pointed out, Bumble CEO Lidiane Jones has said that the company will be pursuing acquisitions to drive growth. This new purchase indicates the company is interested in community-building on its platform, likely to drive engagement.

Bumble is expanding its suite of apps with the acquisition of Official, an app that helps people improve their relationships through check-ins and date planning, according to Fast Company.

Networking and friendship building are already part of Bumble’s platform, and Official adds to the mix to encourage couples to better communicate and set intentions in their relationships.

Official will remain a standalone app for now instead of being folded into Bumble’s app, though CEO Whitney Wolfe Herd told Fast Company that there were opportunities for the two platforms to “collaborate.” Couples who met on another app will also be able to sign up for Official, which means joining Bumble’s userbase. With the addition of Official, Bumble is seizing on an opportunity to keep people on its platforms even after they’ve met and formed a relationship.

Muslim dating app Muzmatch has lost an appeal in its continuing legal battle with Match Group.

Match Group, which owns popular dating apps like Tinder, Hinge and OkCupid, filed a lawsuit against Muzmatch to change its name due to striking similarities with its own brand. The judge in the appeal upheld the June 2022 ruling calling for Muzmatch to make the name change, and the company has recently complied, changing its name to Muzz per The Times of India.

The original ruling also found in favor of Match Group due to SEO (search engine optimization) issues. Having “match” in the app’s name would mean keywords comprising the word “match” would increase Muzmatch’s chances of appearing higher up in Google searches, which means Muzmatch would unfairly benefit from Match Group’s brand.

Match Group, parent company of popular dating app Tinder, is in talks to purchase a strategic stake in Shaadi, an India-based online matchmaking service.

The Economic Times first reported that the two companies were in talks, and that Match Group was looking to buy out Shaadi’s institutional stakeholders, but few details have emerged.

According to Ink 42, this latest development comes after Match Group has refocused its efforts and brought on a new executive team to run Tinder, which last year saw its first quarter of revenue decline since the company went public. Match Group has set its sights on the fast-growing Asian market, especially India and its large under-30 market.