Online Personals Watch: News on the Online Dating Industry and Business

Dating Apps Thrive in China

NEW YORK TIMES - China has cracked down on many tech companies, but has allowed dating apps that provide social connections to flourish. The number of dating apps in China with over 1K downloads soared to 275 this year from 81 in 2017, according to data.ai. Downloads of the apps have increased, as have in-app purchases. Investors have also poured ~$5.3B into dating and social networking companies in the country last year, up from $300M in 2019, according to PitchBook. Zhang Lu, the founder of Soul, a dating app backed by Tencent, has said that "loneliness is the core problem we want to solve." In July, Soul filed for an IPO in Hong Kong after tripling its monthly active users to 31M between 2019 and 2021.

by Chang Che and Zixu Wang
See full article at New York Times

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Soul, Chinese Metaverse Dating App, Vies for HK Listing

FINANCIAL TIMES - Tencent-backed social media app Soul uses avatars instead of pictures and connects people using algorithms. The app is vying for a listing in Hong Kong after abruptly pulling a plan to sell shares in the US last year. Soul's owner Soulgate filed paperwork in Hong Kong this week revealing the company had racked up a loss of Rmb1.3bn ($194M) last year. Still, it has attracted Tencent, which bought a 49.9% stake in the company. The app lets users pick avatars and interact in the metaverse, with many of its 32M users flocking to its app for dating

by Ryan McMorrow, Nian Liu & Hudson Lockett
See full article at Financial Times

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Tencent-backed Soulgate Halts U.S. IPO Plans

REUTERS - June 23 - Soulgate, the Chinese social networking app backed by Tencent Holdings, has halted plans for its IPO in the U.S. because it received other offers to raise capital. The Shanghai-based company, which launched its mobile app in Nov 2016, was looking to raise ~$198M. In March, the company had 9.1M daily active users on average.

by Niket Nishant
See full article at Reuters

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Tencent-Backed Online Dating App Soulgate Is Going Public

THE MOTLEY FOOL - June 17 - Soulgate, which operates one of China's most popular social networks, Soul, has filed early-stage plans for an IPO. The Chinese tech giant Tencent owns a 49.9% stake in Soulgate, making it the largest shareholder in the company. While Soulgate makes every effort to say Soul is not a dating app, it's often described as such. That's because Soul's main attraction is an AI algorithm that helps users find their perfect match. This feature sets it apart from other dating apps, where users scroll through reams of profiles to find someone they like. Soul is now China's fifth-most-popular social media app according to Sensor Tower. This puts it in a great position to grow its share of China's mobile social networking market, which it estimates to be worth $18B. Soulgate's $78M in 2020 revenue is just 0.4% of this opportunity. Soul had 1.7M monthly paying users in March, up from 929,300 in 2020. But that's only 5.1% of its 33.2 MAUs.

by Lawrence Nga
See full article at Nasdaq

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IPO-Bound Soulgate Sells Itself as Service for the Lonely

SEEKING ALPHA - May 21 - Soulgate, the Tencent-backed operator of a social networking app, is planning a $100M Nasdaq listing. Soulgate's monthly active user base roughly doubled to 33.2M in March from a year earlier, with 9.1M daily active users. Soulgate's rapid growth has come at a high price. In the last quarter, the money-losing company spent 471M yuan ($71.9M) on sales and marketing, or nearly double its total revenue of 238M yuan. Aimed at Generation Z, Soulgate displays neither images nor real names of its users. Users take a personality test when they sign up.

See full article at Seeking Alpha

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Chinese Online Dating App Soul Seeks to Raise $100M in U.S. IPO

CAIXIN GLOBAL - May 12 - Tencent-backed social media app operator Soulgate is seeking to raise an initial target of $100M in an IPO in the U.S., betting investors will buy into the growth story of its networking features even as it continues to lose money. Soulgate, whose dating and chatting app Soul targets adults under 30, says it would spend the proceeds mainly on developing its AI, big data capability and technology infrastructure, as well as brand marketing and promotional activities to grow its user base. Soul launched in November 2016, matching users to like-minded individuals online via AI after they take a personality test and list their interests. 74% of its average daily active users (DAUs) are under 30. Soulgate is yet to turn a profit with losses expanding last year to 600.9M yuan ($92.1M), from 348.7M yuan in 2019. In the first quarter of this year, the company's net loss ballooned sixfold YOY to 409.6M yuan. However, the company has posted steady revenue growth, recording 498M yuan ($77M) in total revenues last year, up from 70.7M yuan ($12M) in 2019.

by Timmy Shen & Qian Tong
See full article at Caixin Global

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Chinese Dating App Maker Seeks IPO in US

PITCHBOOK - Mar 17 - Soul, a Chinese dating app provider, is reportedly in talks with bankers about a deal to go public in the US at a valuation of $1B. Soul seeks to raise $200M in its IPO. Soul has previously raised $60M from investors including DST Global, Genesis Capital and 5Y Capital.

See full article at Pitchbook

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Top Dating Apps in China During Coronavirus Pandemic

SCMP.COM - May 1 - The nine largest dating apps by China iOS app store ranking are Yidui, Tantan, Momo, Soul, Yimu, Zhenai, Hezi, Blued and Rela. ~622M people used dating apps in China last year, and the market is set to hit $290M in revenues by 2024, according to Statista.com.

• Yidui
  Video-based speed matchmaking app, targeting singles in lower-tier cities, it later introduced a professional matchmaker in the app and added a live-streaming feature to speed up matches
• Tantan
  China's Tinder clone, launched in June 2014, raised ~$120M. In 2018, the company was acquired by Momo
• Momo
  Launched in 2011, evolved from a simple location-based dating app to a general social platform that, in addition to its original features, also includes group chats, live-streaming, short-video, and casual games. The company went public on Nasdaq in Dec 2014.
• Soul
  Launched in 2015, it matches users based on a personality test, targeting young users. Soul has closed a Series C round of an undisclosed sum last year.
• Jimu
  Released in late 2016, the app melds features of dating apps with youth social networking functions, targeting urban residents who like art, fashion, and music. The company raised "tens of millions of yuan" in June last year from a Series B round led by Bluerun Ventures and Sequoia Capital. In July 2019, Hong Kong-listed Chinese live-streaming firm Inke bought Jimu for $85M.
• Zhenai
  Founded as early as 2005, is one of the oldest and well-known matchmaking websites in China, which also offers offline services. Zhenai has made several updates to its app in a bid to reach younger users as well, adding features including personal assessments, live-streaming, and a status-posting section.
• Hezi
  Voice-based social app Hezi was launched at the beginning of 2019, founded by two senior executives from Momo.
• Blued
  Launched in 2012 by the Chinese LGBTQ community website Danlan, Blued is the top gay dating app in China. The company has raised ~$130 M.
• Rela
  Founded in 2012, the first location-based dating app for lesbians in China.

See full article at SCMP

Chinese Soul App Focuses on Shared Values Rather Than Appearances

TECHNODE - Jan 16 - Shanghai-based Renyimen Technology launched Soul App in late 2016. While most dating apps let users browse a feed of profile pictures to find matches, Soul App employs a mix of personality and interest tests to sort users. It then uses machine learning to generate pools of members with similar values and interests for users to choose from. Users cannot see any personal information of others, besides their test match score and their public posts. Soul App closed a $60M Series C led by GGV Capital in Dec 2018. In January 2018, the company raised tens of million dollars in a Series B from DST Global, Genesis Capital, and Morningside Venture Capital. Soul App has ~10M monthly active users.

by Tony Xu
See full article at Technode

This post also appears on InternetDatingInvestments.com