In more unexpected acquisition news: The relatively unknown Chinese online gaming company Beijing Kunlun Tech has reportedly bought a majority stake in the world-famous gay dating app Grindr, according to founder and CEO Joel Simkhai.
Grindr broke the news via their website on Monday, describing Beijing Kunlun’s involvement as a “majority investment,” purportedly 60% for $93 million.
It’s unconfirmed whether or not Grindr plans to introduce itself to the Chinese market — if so, it will have to compete with lots of strong and well-entrenched local competition.
Beijing Kunlun will be the first outside investor for Grindr, which was founded in Los Angeles with Simkhai’s own money in 2007. Before this, Kunlun was mostly known for distributing online games in China.
“It will generally be business as usual for us here at Grindr, but with a renewed sense of purpose and additional resources to deliver a great product to you,” promised Simkhai.
He also called the deal a “a huge vote of confidence in our vision to connect gay men to even more of the world around them.”
Kunlun reportedly enjoyed a 10% stock boost following Grindr’s announcement, which has helped to officially crown chairman Zhou Yahui as a billionaire. Zhou is now valued at $1.7 billion USD.
Not quite enough to buy the producer of Jurassic World, but not too shabby.
By Pinky Latt