This popular dating app just went public – TheStreet

The practice of dating has evolved greatly and rapidly over the past decade. Gone are the days of personal ads, speed dating, and blind dating (unless you have a specific app for that). Thanks to dating apps, singles can choose from a wider pool of potential and make it easier than ever. It’s the effective way to date, and like it or not, dating apps are a regular part of the cultural zeitgeist. Over the past decade, Tinder and its unique “hot or not” swiping technique have been mentioned in stand-up comedy, late-night talk shows, and just about every group of friends on the face of the earth.

Tinder debuted in 2012, the app’s claim to fame was swiping, which made sorting through pictures feel like pressing buttons in a video game. The app also used a short-form approach to scanning potential partners, leaving the days of lengthy profiles in the dust.

Meanwhile, in 2015, Match Group (MTCH)- Get a free report went public, and since then Match has been collecting other dating apps to add to its library of services. In 2019, Match Group bought Tinder for $1.9 billion. It was a big acquisition for the company that launched the old-school in 1993 before dating moved to mobile. Today, the company owns Tinder, Hinge, OkCupid, Plenty of Fish and more.

However, one dating app that Match has failed to acquire is Bumble (BMBL)- Get a free report. The app was designed by a former Tinder employee and is famous for a messaging system that allows women to reach out first. Last February, the dating app went public and has even been making its own acquisitions.

Now, another family-friendly dating app has listed on the New York Stock Exchange, and it’s the first of its kind to do so.

Grindr goes public

Reports in May indicated that the popular LGBTQ dating and hookup app Grindr was in talks to separate from its parent company Tiga Acquisitions Corp. Earlier in the week, the West Hollywood-based app Grindr announced the closing of the business combination with his former parent group. The move was approved on November 15 at a shareholder meeting, renaming the company Grindr Inc. with the symbol GRND.

Wall Street welcomed the IPO that sent shares down 25% in their first day of trading to close at $36.50.

According to CEO George Arison, “Today marks an important milestone not only for the Grindr team, but also for the LGBTQ community we serve. We are entering the public markets with momentum, thanks to our market leadership, strong financial performance and a significant growth track as we step up investment in our core products and services.”

And this community is not small either. Last year, Grindr attracted about 11 million monthly users.

LGBTQ in business and dating

Arison will continue to serve as the company’s CEO following his appointment in September. Grindr’s new CEO is one of the few openly gay CEOs of a public company in the U.S. CFO Vanna Krantz will remain on staff as CFO of Grindr Inc.

Additionally, the new company’s Board of Directors will also be an incredibly representative LGBTQ board. And that’s okay, because Grindr has been a staple in the gay and queer dating community since its inception. Dating has historically been a potentially dangerous activity for queer people. Using dating apps, especially queer-focused apps like Grindr, allows for the safety of meeting people without face-to-face interactions.

Regarding the growth of the company, they are hiring for different positions. You know, in case you know any recently fired Twitter employees who want to program something a little spicier.

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