Blued is on the verge of going public.
Currently, the title for the largest gay dating app in the world is Blued. Blued has the largest userbase in the world with 40 million registered users. That said, most of those users are in Asia. As such, Grindr has a (small) chance at contesting that title due to its 27 million users extending in 234 countries across the world. If nothing else, it has the largest “gathering” of gay dating app users. But now, it looks like its Blued that’s trailing behind Grindr in one aspect. Going public.
Last month, Grindr was given the go-ahead with its initial public offering (or IPO) plans. This means the company is offering its shares for sale to the public for the first time. And now, it appears that Blued is doing the same.
Blued is planning a U.S. initial public offering that could raise about $200 million, according to Bloomberg. The company has been meeting with potential advisors and they estimate that the share sale will begin next year and place Blued’s value at around $1 billion. Perhaps this will be the start of Blued’s spread into the Western market. Or perhaps the app and company will stick to providing services to Asian men.
The app is celebrated as one of the best, if not the best, gay dating apps around because of its multiple services. The app doesn’t just provide a database of gay men to hook up with, but goes out of its way to provide a community atmosphere and supportive service. The app has features such as live streaming channels, gaming, and blogs/articles to stay updated on LGBTQ issues. In addition, Blued expanded into providing assistance and guidance for gay men looking to go through surrogacy and become fathers.
Providing all of the above has skyrocketed Blued owner, and former policeman, Geng Le into gay icon status in China and in gay Asia overall. But will he be able to convince investors that he can expand his operations in a country where the government’s tolerance of LGBTQ people continues to grow thin? We’ll see in time.
Sources: Bloomberg, Capital Watch
