Finances

Spark Networks SE Reports First Half 2018 Results

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Spark Networks SE, a leading provider of niche dating sites including EliteSingles, Jdate, and Christian Mingle, has revealed its first half 2018 financial results.

In a press release, Chief Executive Officer Jeronimo Folgueira called it “a very productive first half of the year” focused on building a strong foundation for sustainable, long-term revenue growth.

“Our growth strategy remains focused on EliteSingles, our newly added Jdate, JSwipe and Christian Mingle brands, and the recently launched SilverSingles brand,” Folgueira said. “All three of these areas performed well in the first half of the year and we expect to carry our current momentum through the second half of 2018 and into 2019.”

Grindr Announces Plans To Go Public With International IPO

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Grindr, the leading dating app for gay and bisexual men, is preparing to list its shares on international stock exchanges. The app’s Chinese parent company, Kunlun Group, said in a stock exchange filing to the China Securities Regulatory Commission that the listing will take place overseas at an unspecified time. The timing and locations of the share sale will be determined by regulatory approval as well as capital market conditions.

In the Shenzhen stock exchange filing, Kunlun Group said that financing arrangements would be made to support Grindr’s expansion following the completion of the IPO. The company’s board said that going public would “strengthen” Grindr’s competitiveness and support future development plans for the business.

“Grindr’s listing won’t exert a huge influence on the group’s revenues and profits,” Kunlun said in the filing, according to The Independent. “Meanwhile, Grindr can have an individual and direct financing platform which can support its expansion and long-term development.”

Tinder Co-Founder Claims in Lawsuit He Was Forced to Sell His Company Shares

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Sean Rad, Tinder co-Founder and former CEO, claims in a lawsuit that he was forced to sell his shares of Tinder stock by parent company IAC (now Match Group) under pressure of being fired. Because of this, he and other Tinder employees potentially lost millions of dollars through an alleged stock devaluation.

According to an article in The Verge, Rad says he was forced into exercising his options early, about a month before he was fired in September 2017. He says he felt pressured to sell because those options would expire after he left the company, and he suspected Match Group of planning his ouster. As it turns out, Match Group did fire him a month later, even though it wasn’t publicized at the time.

Bumble Launches Fund To Invest In Women-Led Businesses

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Bumble CEO Whitney Wolfe Herd

Over the last four years, Bumble has conquering dating, friendship, and business networking. Now the buzzy company has set its sights on a new arena: startup investments.

Bumble Fund is a new venture focused on early-stage investments for female-founded and female-led businesses. The fund will invest amounts ranging from $5,000 to $250,000 in companies that primarily serve women and are spearheaded by female leaders from diverse backgrounds.

“Investing in and empowering women in business is something that our founder and CEO Whitney Wolfe Herd is deeply passionate about and is at the very core of what Bumble stands for,” said Sarah Jones Simmer, Bumble COO, who will lead Bumble Fund’s investment strategy alongside Bumble Senior Advisor, Sarah Kunst. “Through Bumble Fund we’ll look not only to support those women leaders who have been largely ignored, but we’ll also demonstrate why those investments build smart, successful businesses.”

Tinder Employees Sue Match Group for $2 Billion

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Sean Rad, Co-founder of Tinder

Former and current Tinder employees slapped a lawsuit against parent company Match Group, claiming the popular dating app was purposefully devalued at the time Match Group was valuating stock options. The Tinder employees suing Match Group were placed on administrative leave, according to a report by MSN.

The ten former and current Tinder employees initiating the lawsuit include founder and ex-CEO Sean Rad along with co-founders Justin Mateen and Jonathan Badeen. Tinder’s VP of Communications Rosette Pambakian has also joined the lawsuit, and claims that IAC/ Match Group executive Greg Blatt sexually harassed her at a company party. (IAC changed its name to Match Group, but the company is still owned by media mogul Barry Diller.)

Pambakian wrote an email to Tinder employees explaining her decision, as reported by Fortune Magazine:

Match Group Sees $421 Million in Revenue for Q2

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Match Group, the parent company of popular dating apps such as Tinder, OkCupid, and PlentyofFish, reported second quarter earnings of $421 million, exceeding industry analyst expectations.

The rise in profits was thanks to its star app Tinder, which gained an additional 300,000 subscribers in Q2 alone, and has seen a record 3.8 million subscribers to date. Match Group expects to earn $1.72 billion this year, with Tinder expected to exceed $800 million in revenue, according to Fortune Magazine. Match Group’s subscribers for all apps total about 7.7 million.

“Retention and conversion were a bit stronger than we thought they would be,” Chief Executive Mandy Ginsberg told website MarketWatch.