November 5, 2013
Yesterday Hinge, a mobile dating app, announced a successful Series A funding round in which they raised $4 million. The round was led by New York-based Great Oaks Venture Capital as well as Fortify Ventures, 1776 co-founder Evan Burfield, 500 Startups, and an undisclosed founder of LivingSocial.
The money will go toward an expansion of markets and further development of the already comprehensive platform. CEO and co-founder Justin McLeod is promising the release of a better version of the app on iOS 7 by the year’s end.
While competitor Tinder focuses more on the short-term relationships, Hinge connects you with specific individuals to facilitate the growth of long-term relationships. Aside from being easy to use, the service is completely free of charge.
The catch with Hinge is that, while still using the same hot or not swiping method as Tinder, it connects you to friends of current friends. This helps to eliminate a little bit of social anxiety and provides a sense of trust when you go out on a date.
And since it uses your Facebook information, the people you interact with will have gone to the same kind of college and have similar jobs levels. According to their current data, Hinge sees about 85 percent of people active after a week’s use and 75 percent active after a month’s use.
Currently, hinge is only live in DC, New York City, and Boston, but McLeod wants to expand to countless other markets over the course of the next year. That shouldn’t be too difficult given the funding they just secured and the fact that they recently doubled their user count to 60,000.
Did you like this article?
Get more delivered to your inbox just like it!