Chinese Gaming Billionaire Buys U.S. Gay Dating App Grindr

Chinese Gaming Billionaire Buys U.S. Gay Dating App Grindr

One of China’s newly minted technology billionaires finalized a deal to purchase a controlling stake in Grindr, the world’s biggest social-networking app that is gay.

Beijing Kunlun Tech Co., an online games company that helped introduce Angry Birds to Asia, offered $93 million in money for 60 per cent of the latest Grindr LLC, the ongoing business stated in a statement towards the Shenzhen stock market. Beijing Kunlun Chairman Zhou Yahui, who became a billionaire following the business detailed stocks a year ago, had been scouting other prospective opportunities within the U.S., relating to a business spokeswoman, Sophie Chen.

Zhou, well worth $1.7 billion based on the Bloomberg Billionaires Index, has overseen seven deals for Kunlun since April — including Grindr and a minority stake in Uk mortgage company LendInvest Ltd. The addition of this mobile application Grindr will broaden its profile of services and produce an innovative new way to obtain income, the organization stated.

In February, designer Rovio Entertainment Oy said it finalized an exclusive cope with Kunlun to produce a type of the hit mobile game crazy wild Birds tailored for Chinese players. Kunlun also offers circulation legal rights for Supercell Oy’s Clash of Clans and Boom Beach, and Electronic Arts Inc.’s dependence on Speed, based on Chen.

Changing Tradition

“Grindr could be the platform that is top their area and it is mostly called data-driven, and for their great individual base,” Chen said within an email. “It’s important to the Kunlun Internet eco-sphere that is global.”

Beijing Kunlun’s stocks rose by the maximum daily 10 % restriction after it announced the pact. The offer awaits review that is antitrust the U.S. government.

“We have taken this investment inside our business to speed up our growth,” Joel Simkhai, creator of Grindr, said in a blog post. “It will generally be business as usual for people only at Grindr, however with a renewed feeling of function and additional resources.”

Dating apps are struggling to maintain income development, partly because clients tend to stop investing in the ongoing solution once they look for a match. IAC/InterActiveCorp controls nearly all U.S. application that is dating share through its ownership of Match, OKCupid and Tinder, while Grindr’s direct rivals consist of Scruff and Jack’d.

Grindr, which calls itself the world’s biggest gay network that is social hosts 2 million site visitors daily across 196 nations, based on an organization reality sheet. The Los Angeles-based mobile app was released in ’09 and fits users according to individual pictures and location.

China’s attitude toward homosexuality has withstood a radical change within the decade that is past. Once a part of Chinese tradition one of the elite, it absolutely was pushed underground through the Communist period, as well as the Chinese Psychiatric Association formally classified homosexuality as a psychiatric condition until 2001.

Recently, the scene that is gay seen a resurgence. Blued, a domestic homosexual social-networking application established by an old officer, has attracted significantly more than 3 million daily users and secured capital from endeavor capitalists DCM Ventures.

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