CNBC – July 7 – Justin McLeod, co-founder and CEO of Hinge, originally created the dating app "to solve my own problem." But after launch, it wasn't working; users weren't finding lasting relationships. Since McLeod was actively using the app himself, he saw its issues firsthand and decided to pivot. McLeod and his team completely rebooted the company in 2015 and again in 2016 – by 2015, Hinge had raised $26M, and Hinge burned through most of its funds. Rather than focusing on growth, engagement and users' time on the app, Hinge started to prioritize getting users on dates. The company created Hinge Labs to help users navigate their relationships beyond their initial match. That year, Hinge had an estimated valuation of $75.5M, after raising $17.5M in a Series A seed round led by Shasta Ventures. In 2019, Match Group announced that it fully acquired Hinge for an undisclosed amount.
by Taylor Locke
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