Group Shifted its Focus to Niche Apps And Launched a $50M Corporate VC Fund

VALLETTA, Malta, April 15, 2020 /PRNewswire/ -- Group--one of the leading social discovery companies globally and an umbrella brand for more than 15 projects, including, Dil Mil, Lovinga, Tubit, and TripTogether--today announced plans to develop its first product for the LGBT community and to launch its own investment program to support the next generation of dating apps. The plan was announced at its regular board meeting in Malta.

During the meeting, Group board members discussed the future strategy of the company and its business development plans. Jev Golinejs, a member of the Board of Directors, said: "There's a clear trend of dating moving towards niche apps targeted at specific audiences and varying significantly in the way they work. This opens a huge space for new opportunities and entrants."

Acknowledging this new direction, Group is planning to focus on niche apps and announced the expansion of its brand portfolio by launching a new product specifically targeted at the LGBT community--a community not covered by any of its brands yet.

This new guys-only dating app will offer a unique combination of freemium local connection and unlimited long-distance contacts available under subscription. The app will also have several unique features, including video streaming tools that will make communications truly real while offering more possibilities to match with other users. The creation of this app reflects Group's strategy to satisfy representatives of practically all niche groups in the long term.

Jordan Goodwin, Group Product Manager, said: "Now there are over 1,500 dating apps or websites looking to draw people to their product, and to match them with one another. Niche apps aim to satisfy specific audience requirements in the most effective way, and represent the next huge wave in dating."

Meanwhile, the company's Corporate VC fund was formed in order to invest in dating projects across the globe. The corporate vehicle under the Group umbrella will invest in companies in the Seed to Series B stage, with a ticket size of up to $5 million.

In order to expand, Group sees three main directions: buying, building, and investing in promising dating projects. The launch of its VC fund, the debut of a new niche dating app, and the recent acquisition of Dil Mil illustrates its strategy of expansion through investment, development, and M&A, respectively. In all, the company is planning to strengthen its influence in the dating market and is expected to expand its business globally.

About Group Group is a global social discovery platform, enabling people from around the globe to connect through the power of shared interests and mutual benefits. Group has offices in seven countries and a team of more than 500 professionals with more than 73 million registered users across the entire portfolio. Brands include, DateMyAge, LovingA, Tubit, AnastasiaDate, ChinaLove, and many more, each with a unique platform tailored to different communities defined by interest, geography and demographics.

Media contact:

Alexandra Suslova
+1 781 691 5211

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