Industry

China’s Largest Gay Dating App Blued Plans U.S. IPO

Industry
  • Contributed by:
  • Views: 86
Blued Chinese Dating App

China’s gay dating app Blued is making its next move – an IPO in the U.S. market.

According to Bloomberg, the largest app for the LGBTQ community in China is planning to raise about $200 million through the IPO. The sale will likely take place next year, and the company could be valued as high as 1 billion US dollars.

Blued was founded by a former policeman named Geng Le in 2012, and now has more than 40 million users and garnered more than $130 million in venture capital as of March of this year, according to Bloomberg. The app offers live streaming and gaming in addition to online dating, and also connects men who want to become parents with surrogates overseas. These types of services are also part of Blued’s strategy to generate additional revenue outside of the traditional dating app.

Momo Tops Fortune’s Ranking Of The 100 Fastest-Growing Companies In 2019

Industry
  • Contributed by:
  • Views: 164
Momo Tops Fortune's List

Momo ended 2018 on a mixed note. In the good column: revenue jumped 51 percent in the third quarter of the year and net income rose nearly 8 percent year-over-year. In the bad column: news broke that 30 million Momo users may have been affected by a data leak.

If there was any doubt then which column would win in the end, it’s long gone now. Momo is back on its feet and recently scored the coveted number one spot on Fortune’s 2019 list of Fastest-Growing Companies in the world. It’s the Chinese dating app’s first appearance on the annual top 100 list.

Match Group Stock Up 17% Thanks to Tinder

Industry
  • Contributed by:
  • Views: 128

Match Group stock rose considerably after its second quarter earnings report was better than expected, thanks in large part to its star dating app Tinder.

According to Reuters, Match Group revenue for the three months ended June 30 was revealed in a recent earnings call with investors. It rose about 18% to $498 million, about $10 million higher than forecast. The company grew its average subscriber base 40.5% to 5.2 million in the same quarter, more than expected, thanks to its new features and the launch of Tinder Lite. Match now expects to add over 1.6 million average subscribers in 2019, much higher than the 1 million the company had forecast earlier. With all this good news, Match Group stock rose 17 percent.

Tinder Lite provides a version of the app that uses less storage and provides faster service, thanks to a scaled-down version of the famous swiping technology. It launched for Android phones in certain countries in both Southeast Asia and South America, where most people use less expensive Android phones and Internet speed is slower.

Grindr Moves Forward With IPO Plans After U.S. Government Drops Opposition

Industry
  • Contributed by:
  • Views: 113

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.

Bumble's New Ad Campaign Features Actress and Activist Jameela Jamil

Industry
  • Contributed by:
  • Views: 127
Jameela Jamil using Bumble
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 Speaks Out Against Toxic Culture of Parent Company Badoo

Industry
  • Contributed by:
  • Views: 185
Bumble CEO Whitney Wolfe
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.