Growlr, a hook-up app for gay bears to meet others of their furry kind, has been acquired by The Meet Group for $11.8 million. The Meet Group (NASDAQ: MEET) will add Growlr to its portfolio of social networking apps which include MeetMe, LOVOO, Skout, and Tagged.
The app was acquired “using $4.8 million in cash on hand and $7.0 million from its existing line of credit, plus an earnout of $2.0 million to be paid in annual $1.0 million installments over the next two years if certain revenue metrics are achieved in each year,” according to a press release.
The Growlr app has more than 200,000 global daily active users, according to The Meet Group.
Said CEO Geoff Cook: “We are thrilled to add Growlr to The Meet Group portfolio. Similar to what we have done with our other acquired properties, we plan to be aggressive in bringing our video model to Growlr. We expect to begin rolling out live video on Growlr in the fourth quarter of 2019. We also see opportunities to grow advertising revenue on the app, and we plan to further invest in user acquisition to expand brand awareness and reach.”