Add another publicly traded dating app to the mix.
Grindr said Monday it will merge with a SPAC dubbed Tiga Acquisition Corp. The deal values the LGBTQ+ dating app at a total enterprise value of $2.1 billion post transaction closing.
The SPAC merger - which is expected to close in the second half of the year — will raise $384 million in total funds for Grindr.
“Grindr is the leading platform focused on the LGBTQ+ community for digital connection and engagement," Grindr CEO Jeff Bonforte said in a statement. "We have a near ubiquitous global brand in the community we serve, impressive scale, best-in-class user engagement metrics and adjusted EBITDA margin, and we’re still just beginning our monetization and growth journey."
Grindr will join Match (Tinder owner) and Bumble as the primary publicly traded dating apps.
And it appears to have a solid story to pitch to investors.
According to the company's investor presentation, Grindr had $147 million in sales in 2021 and $77 million in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). Monthly active users clocked in at 11 million last year.
For 2022, Grindr forecast sales growth of 35% to 40% compared 30% growth in 2021. The company sees adjusted EBITDA margins declining to 50% from 53% versus a year ago.