Nasdaq-listed Hello Group has bought a majority stake in Amsterdam dating platform Inner Circle, a company founded in 2012 that says it has nearly 9 million members.
Credit: this report is based on a story first published by TNW (The Next Web). Read the original at thenextweb.com.
According to TNW, Hello Group, the Nasdaq-listed group behind the dating apps happn and Coffee Meets Bagel, has acquired a majority stake in Inner Circle. The two companies announced the deal on 2 November and did not disclose the price or the size of the stake, TNW reported.
Inner Circle was founded in 2012 and most of its community sits in Europe and Latin America. The app screens applications before it admits new members and then matches people on shared interests, lifestyles and values.
What changes and what stays
The deal leaves the brand and the base in place. Inner Circle keeps its name and will continue to operate from Amsterdam, and its members' personal data remains subject to the EU's General Data Protection Regulation (GDPR).
Hello Group will back the platform with its technology, product development and operational teams as Inner Circle looks to enter new markets. The buyer said the acquisition fits its plan to build a portfolio of apps covering different ways of meeting and socialising.
That portfolio already spans happn and Coffee Meets Bagel, as well as the Chinese social and dating platforms Momo and tantan, and Soulchill.
Screened membership instead of swiping
Inner Circle has positioned itself as an alternative to swipe-based dating. Next to its matching service it runs interest-based groups called Circles and organises events where members meet in person.
Hello Group chairman and chief executive Tang Yan said he expects the next phase of growth in online dating to come from "platforms that understand their communities deeply". He sees room to take Inner Circle to more countries by pairing its established brand with Hello Group's experience in growing dating and social apps.
Co-founder and chief executive David Vermeulen said the company had set out to challenge the idea that online dating had to revolve around endless swiping. With Hello Group as majority owner, Inner Circle aims to bring that model to more people and cities.
Original source: TNW, "Hello Group buys majority stake in Dutch dating app Inner Circle" Suggested image: Inner Circle logo or app visuals from the company's own website or press materials (innercircle.co)
