Beijing Kunlun Tech has handed over $93 million dollars for a whopping 60% of shares in New Grindr LLC, the company behind the most popular ‘social networking’ app for gay men.
In a blog post, Joel Simkhai, founder of the company and app wrote, “We have taken this investment in our company to accelerate our growth… It will generally be business as usual for us here at Grindr, but with a renewed sense of purpose and additional resources.”
The app is widely used in the gay community, boasting 2 million active daily users who spend nearly an hour on the app every day.
It’s unclear whether the move by Beijing Kunlun Tech will see the app break the Chinese market where app, Blued, remains the favourite networking app for gay men. The company were the ones to introduce Angry Birds to a Chinese audience and also hold the distribution rights for Supercell Oy’s Clash of Clans and Boom Beach, and Electronic Arts Inc.’s Need for Speed.
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