Industry

Tinder Cofounder Sean Rad Joins Board Of Nonprofit Platform ‘Good Today’

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Good Today Screen Shot

Goodbye dating, hello good deeds. Tinder co-founder and former CEO Sean Rad announced his newest venture at the 2019 Forbes 30 Under 30 Summit: Good Today, a nonprofit service that makes it easy to support charitable organizations through small daily donations. Rad has joined the company as a founding board member alongside several other notable figures from the business, tech and entrepreneurship worlds.

Good Today users sign up and select a recurring giving plan — 25¢, 50¢ or $1 a day, paid in monthly or yearly installments. Each morning, they receive an email highlighting the cause of the day and two relevant charities to choose from. They can elect to pick the charity that will receive that day’s donation or opt to have their donation roll over to the next day. Good Today is a 501(c)3 organization, as are all the charities it features, and subscriptions are tax deductible.

Andrey Andreev Sells His Stake in Parent Company of Bumble and Badoo

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Blackstone Acquires Majority Stake in MagicLab
Blackstone Acquires Majority Stake in MagicLab

Russian billionaire Andrey Andreev is ending his relationship with MagicLab, the company that owns Bumble, Badoo, Chappy and Lumen. Andreev is set to sell his majority stake in MagicLab to Blackstone in a deal that values the company at $3 billion. As part of the transaction, Andreev will step away from the business and Bumble founder Whitney Wolfe Herd will take over as CEO.

In a prepared statement, Andreev said:

Blackstone presented MagicLab with a great opportunity to further develop the brands and platform, and I am confident Blackstone will take MagicLab to the next level in terms of growth and expansion. I am incredibly proud of the company, and of how we have connected millions of people around the world. At MagicLab, I have had the pleasure of working with some of the best and most talented entrepreneurs. My aim now is to ensure a smooth and successful transition before I embark on a new business venture in search of innovative leaders with new and exciting ideas. I am grateful for all the support of my partners and employees over the years as we couldn’t have gotten to this point without them. I wish MagicLab and Blackstone every success.

Tinder Releases Trailer for Its New Series Swipe Night

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Tinder releases trailer for Swipe Night

In time for scary movie season, dating app Tinder has released the first official trailer for its original interactive series ‘Swipe Night.’ Tinder will release a new episode every Sunday beginning October 6th, with its fourth and final episode dropping October 27th.

The series will be accessed only over the Tinder app for now, and users will not only get to watch the series but will also play an active role as they make choices to see where the story leads. Swipe Night is about the apocalypse, with the central question being: how would you spend your last few hours on earth, and who would you spend them with?

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

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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

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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

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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.