Dating app Hornet has announced that it has raised $8million (€7.6million) in its first round of institutional investment funding. The money comes from venture capital fund Ventech China.
The app, which was founded in 2011, says that it has over 15 million total and 3 million monthly active users and claims to be ‘the world’s second largest gay social network’.
China-based social network Blued, which raised £18.9million from DCM Ventures in November 2014, claims to have 27million registered users and is thought to be the biggest gay dating network in the world.
Gay and bisexual men outside of China and Asia may still be more familiar with Grindr, which claims to have around 2million daily users.
In a statement, Christof Wittig, CEO, Hornet, said, ‘We are excited to work with our new investors to further our mission and engage our community.
‘Hornet brings interaction and an experience that builds relationships and helps form meaningful connections to local communities. We will invest heavily into making our vision for a fully connected gay community a reality.’
Hornet recently integrated gay city guide Vespa into its functionality, allowing users to access hundreds of gay-related city guides and listings.
Eric Huet, Managing Partner at Ventech, who will join Hornet’s Board of Directors, said in a statement, ‘We’re thrilled to have the opportunity to invest in Hornet. The platform combined with the user functionality is unparalleled. In such a short time, Hornet has claimed leader position in many markets across the globe.’
Hornet’s news comes after the announcement earlier in the year that Grindr was selling a 60% stake in its business to a Chinese gaming company. Shenzhen-listed company Beijing Kunlun Tech paid $93million for the 60% majority stake.