Social network Grindr going public at $2.1bn value

According to GIZMODO: Grindr Is Going Public, but Your Data Already Kind of Was

“Tiga is a “blank check company” based in the Cayman Islands and led by two former Goldman Sachs guys. The post-transaction, new public company will be called Grindr Inc., and is valued at an estimated $2.1 billion….Grindr said those funds will be used to pay off debt and “fund planned growth initiatives.” Once all is said and done, Grindr’s existing equity holders will keep an estimated 78% of the company, according to a press release from Tiga.”

According to press releases Grindr has organized a majority LGBTQ+ identifying Board of Directors for its public entity (CEO and majority shareholders will continue to be straight). The board will include. including: CEO of Shift Technologies Inc., George Arison; former United States Ambassador to the Organization for Security and Co-operation in Europe, Daniel Baer; senior partner at Simpson Thacher, Gary Horowitz; CMO of Hootsuite, Maggie Lower; Investor and Tech Executive, Nathan Richardson; and SVP of Marketing and Communications at BigCommerce, Meghan Stabler.

James F. Lu, who is literally trained as a rocket scientist; is Chair of Grindr’s Board of Directors and led the purchase of Grinder from the Chinese owners said, “Bringing Grindr to the public markets with TAC furthers our mission to connect the LGBTQ+ community. This transaction is a milestone event, not only for our iconic company, our people, partners, and investors, but also for the community we serve around the world.

the investor prospectus is here

SAN FRANCISCO: Social network Grindr on Monday said it has hooked up with a special purpose acquisition company to become a publicly traded company valued, out of the gate, at $2.1 billion. Los Angeles-based Grindr expected to raise $384 million when it combines with Tiga Acquisition Corp and becomes Grindr Inc. “Grindr is the leading platform focused on the LGBTQ+ community for digital connection and engagement,” said chief executive Jeff Bonforte. “Grindr is well positioned to be a public company and will continue to expand the ways it serves the LGBTQ+ community.” Grindr had an average of 1…

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