PROTOCOL - Introduced in 2009, Grindr pioneered the use of then-new iPhone location features to show nearby users ready to chat or go further. On May 9, Grindr announced it planned to go public through a SPAC deal that would value the company at $2.1B, almost 10 times what it sold for four years ago. If shareholders approve the merger, Grindr will finally be a public company. Grindr primarily makes money off ads, with some revenue from user subscriptions for premium features. ~94% of Grindr's 11M monthly active users worldwide use it for free, according to an investor presentation. The company is promising investors that there's $14 trillion to be made serving the LGBTQ+ community. Grindr had revenue of $104.5M in 2020, growing ~40% to $145.8M in 2021. Grindr lost $13.1M in 2020 and made $5.1M last year. Grindr has been criticized for weak privacy protections. It also has comparatively sparse resources devoted to moderating its 11M monthly active users: According to the company, it has 75 moderators contracted through the company PartnerHero. Grindr recently partnered with Spectrum Labs, an AI company, to help scale its content moderation.
by Veronica Irwin
See full article at Protocol
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