Men’s dating app Growlr has sold to tech company, the Meet Group, in a $12million deal.
Entrepreneur Coley Cummiskey launched Growlr in 2010 in Columbus, Ohio.
The Meet Group announced the acquisition via press release.
Meet formed in 2005 as MyYearbook, but it has grown and changed name in the intervening years. Headquartered in New Hope, Pennsylvania, it specialises in dating apps. Brands it already owns include MeetMe, LOVOO, Skout, and Tagged.
Growlr claims to have 10million members and over 200,000 daily active users.
‘I’m excited to announce the acquisition of Growlr, which provides a meaningful step into the large same-sex dating market and expands the base of users to whom we can deliver our live video product,’ said Geoff Cook, Chief Executive Officer of The Meet Group in a statement.
‘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.’
$11.8million deal to buy Growlr
The statement goes on to talk figures.
‘The Company acquired Growlr for $11.8million, using $4.8million in cash on hand and $7million from its existing line of credit, plus an earnout of $2million to be paid in annual $1million installments over the next two years if certain revenue metrics are achieved in each year.’
‘I’m excited at what this means for the Growlr community,’ Cummiskey told Out. ‘The Meet Group dramatically expands our access to development and marketing resources, shares our commitment to the bear community, and allows to dramatically expand our own live video products given TMG is a leader in applying live video to dating communities.’
Cummiskey and his husband, Frank Rollins have pretty much run Growlr alone. The two will stay on with the company for at least the next 12 months to ensure the handover runs smoothly.
Meet says it’s looking to expand the team quickly (already advertising for a Product Manager on LinkedIn). It hopes to bring video streaming services to the app later this year.
Following in Grindr’s footsteps… or paw prints
Growlr’s sale follows the sale of Grindr to Chinese gaming company Beijing Kunlun Tech in 2017.
Launched in 2009, Grindr benefited by being the first geo-location app for gay men to make an impact on the market. In 2016 it sold a majority 61.5% shareholding to Kunlun for $93million. This was followed in 2017 by the gaming company buying the remaining 38.5% for $152million – given it overall ownership.
Grindr remains headquartered in Hollywood, California, but the company is considering an initial public offering.