Online dating platform Match Group has paid an undisclosed sum to complete its acquisition of US-based dating app developer Hinge, having previously purchased a 51% stake, according to TechCrunch.
Match had secured a 12-month option to wholly acquire Hinge when it bought the majority stake in June 2018. The financial terms of the initial deal also remain undisclosed.
Founded in 2012, Hinge has developed an online service for users seeking long-term relationships, billing itself as an app “designed to be deleted”.
Hinge initially relied on a user’s social graph on Facebook to match people with friends of friends, but began adding other platforms shortly before the 2018 deal.
The app will complement Match’s existing portfolio of dating apps, which includes more casual dating services such as Tinder and OKCupid, and will help the corporate expand that offering to target users looking for more serious relationships.
Match plans to invest more capital into Hinge in order to grow its user base, and will continue to develop new features and grow its user base internationally beyond its current markets of the US, UK, Canada and Australia.
Hinge first raised an undisclosed amount from Match in 2017, adding to $20.6m it had previously raised across multiple rounds.
Talent and sports agency CAA’s corporate venturing arm, CAA Ventures, had joined Founders Fund, Lowercase Capital, Lumia Capital, Middleland Capital and Great Oaks Venture Capital to supply $4.5m of seed capital for the company in 2014.
CAA Ventures returned later the same year to participate in a $12m series A round alongside Lowercase, Great Oaks, Shasta Ventures and Eniac Ventures. Hinge’s shareholders also included Graph Ventures, Militello Ventures and Fortify Ventures.
