German dating app Lovoo is acquired for $70M by The Meet Group

Europe, World

You’ve probably never heard of Lovoo but in German-speaking countries (Germany, Switzerland, and Austria) it’s the number one dating app in terms of app store downloads. It’s also in the top 3 in Southern Europe (such as Italy, Spain, France).

It’s now being swept off its feet (ok, acquired) by The Meet Group, which owns other dating properties. The price is a romantic $70 million in cash, inclusive of a $5 million contingent earnout.

The Meet Group announced Lovoo has €27.2 million or $32.4 million in revenues (based on Subscriptions 48%; In-app Purchases 24%; Ads 28%); 5 million monthly active users and 1.9 million daily active users; 47,000 new global registrations per day; and 97 full-time employees spread across Dresden and Berlin.

Geoff Cook, CEO of The Meet Group, said, “We are very excited to expand our global footprint and add LOVOO to our portfolio of apps. LOVOO is our third strategic acquisition in the last 12 months and will represent our largest single app in terms of traffic. We are focused on accelerating growth across our portfolio of brands through innovating our live-streaming video product and sharing best practices in monetization and engagement across the portfolio.”

It’s expected that Lovoo will remain a separate brand and standalone mobile application following the closing of the acquisition. Co-founder and CEO Benjamin Bak is only staying on for another six months to aid the transition. Florian Braunschweig, current COO, and Co-Founder, will take over leadership of LOVOO. The rest of the LOVOO management team is expected to remain in place.

The Meet Group’s portfolio of apps includes MeetMe, Skout, Tagged, and Hi5.

Source link

Articles You May Like

Klang gets $8.95M for an MMO sim sitting atop Improbable’s dev platform – TechCrunch
Hong Kong’s GoGoVan raises $250M from investors including Alibaba’s logistics subsidiary – TechCrunch
With eyes on Europe, Open Banking API provider TrueLayer raises $7.5M – TechCrunch
Fastly raises another $40 million before an IPO – TechCrunch
Google launches its first WeChat mini program as its China experiments continue – TechCrunch

Leave a Reply