*Not held. This is purely an overview of an interesting asset, which has a lot of hair on it (pun intended). I personally do not consider the company investable.
I have never used the app, so most of the scuttlebutt was conducted through friends.
When I first read the Grindr S1 at the end of 2021 I remember thinking: ‘This might just be the most promotional listing document I have ever seen’. I also remember being underwhelmed by how poorly the property appeared to be monetised. Having been unacquainted with its corporate history, it’s no wonder I was surprised on both accounts. I do not, nor have ever, owned $GRND, but I have been fascinated by the business for quite a while.
A couple of characteristics jumped out at me straight away. Firstly, the product is widely derided - some might even say hated - by its users, despite the fact that it is still ubiquitous. This kind of cognitive dissonance has been a hallmark of other great, durable products - mostly in technology. Secondly, the product has seen little material changed since its initial commercial breakthrough in the 2000’s. The lack of meaningful innovation is partly explained by its corporate history (more on this later), but also by the fact that it doesn’t really need to do much to maintain its hold on users. Finally, mismanagement has resulted in the platform being poorly commercialised. In other words there are opportunities for significant value creation (sometime) in the future. It’s my opinion that the company resembles more of an online classifieds business rather than a traditional online dating app.
Corporate History & Context
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