Gay Social Networking App Now Valued at $155 Billion

In a flooded, yet still-growing gay social networking app market, Grindr has maintained its position as the market's forerunner. The app has 2 million regular users in 192 countries, looking for everything from friends to a husband, based on the guys in closest proximity to them. Founded by Joel Simkhai six years ago with a few thousand dollars of his own investment, the app has self-fueled its growth since its inception, until now.

Gaming company Beijing Kunlun Tech has agreed to buy a 60-percent stake in the company, which is now valued at $155-million. In a message to its users, Simkhai said:

For nearly seven years, Grindr has self-funded its growth, and in doing so, we have built the largest network for gay men in the world. We have taken this investment in our company to accelerate our growth, to allow us to expand our services for you.

Grindr said it needed a partner to grow faster, and add resources more quickly, and due to their "digital know-how and willingness to let Grindr continue operating as before," Grindr's COO, Carter McJunkin, said Beijing Kunlun Tech was the right company to work with. Simkhai added that the investment was "a huge vote of confidence in our vision to connect gay men to even more of the world around them."

Will this change your perception of the company? Will you still use the app, or will you continue "Looking?" and sending unsolicited butthole pics as usual?

Full story in the New York Times.