M&A advisory for online dating companies
Online dating M&A has cooled from the consolidation peak around the major listed platforms and now turns on the small set of operators with proven monetisation outside the dominant apps. Buyers have learned the cost of paying for downloaders rather than payers, and diligence has shifted to paid conversion, retention beyond the first weeks and the share of revenue from IAP versus subscription tiers.
The buyer universe is genuinely small. Match Group and Bumble drive almost all strategic activity in dating, and their corp dev teams screen vertical and community-focused platforms against the gaps in their existing portfolios. Consumer app holdcos building social and lifestyle portfolios sit alongside them, along with PE platforms with mobile subscription experience and a small set of strategics from adjacent social and lifestyle categories. Flow has direct access across the Match and Bumble corp dev teams and the app holdcos.
Flow team has relevant sector experience and has worked with online dating companies across mass-market dating apps, vertical and community-focused platforms, matchmaking and concierge services and adjacent social discovery products.
"Online dating" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing online dating M&A targets
DAU
MAU
DAU / MAU
Download-to-payer conversion
Payer ARPU
Payer cohort retention
Subscription churn
IAP revenue share
App store fee leakage
Cost per install
Paid LTV
Refund & chargeback rate
Online dating valuations in May 2026
Public online dating comps trade at 1.4x EV/Revenue. Median revenue multiple across online dating M&A deals was 0.4x in the last 12 months.
1.4x
Median EV/Revenue as of May 2026 for public online dating companies
3.2x
Match Group is the highest valued public online dating company based on EV/Revenue (excluding outliers)
0.4x
Median EV/Revenue across online dating M&A deals in the last 12 months
-
Median EV/Revenue across online dating VC rounds in the last 12 months
Key recent online dating M&A deals
$1.8B acquisition of ProSiebenSat.1 Media by MFE-MediaForEurope was the largest online dating M&A transaction completed in the last year.
See all online dating M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Sep-25 | ProSiebenSat.1 Media |  | ProSiebenSat 1 Media SE is a German mass media and digital company that operates in three segments: Entertainment, which derives maximum revenue, Dating & Video, and Commerce & Ventures. The Entertainment segment represents the core of the company's business with a focus on the Seven.One Entertainment Group, which provides multi-platform digital media to audiences in Germany, Austria, and Switzerland. The Dating & video segment offers a range of online matchmaking services and other social entertainment. The Commerce & Ventures segment supports young companies by offering media-for-revenue or media-for-equity partnerships through its TV reach. Geographically, it derives key revenue from Germany, Austria and Switzerland (DACH), followed by the United States of America and other regions. | MFE-MediaForEurope | $1.8B | 0.4x | |
Feb-26 | IRLY |  | IRLY is a Gen Z dating app featuring gamified profiles, interactive games, and AI matching to replace traditional swiping. | dua.com | - | - | |
Jan-26 | Delight |  | Delight is a San Francisco-headquartered dating app launched in 2022 that matches users for exclusive one-on-one connections. The platform emphasizes meaningful relationships by limiting simultaneous matches, incorporating video profiles and personality quizzes to foster compatibility among young professionals. | Simpro | - | - | |
Dec-25 | Frnd |  | Frnd is a Bangalore-based social discovery app launched in 2019 that prioritizes safe, anonymous friend-making. Users engage in interest-based chats without revealing personal identities upfront. Available on iOS and Android in India, the platform moderates content to eliminate harassment and promote positive interactions among young adults. | Turn Capital | - | - | |
Sep-25 | Happn |  | Happn is a Paris-headquartered mobile dating app that matches users based on physical proximity and crossed paths in real life. Launched in 2014, it uses geolocation to show profiles of people encountered during daily routines in cities worldwide. Happn operates in over 40 major markets including London, New York, and São Paulo. | Hello Group | - | - |
Most active buyers of online dating companies
dua.com, Simpro and MFE-MediaForEurope are the most active acquirers of online dating companies in the last three years.
See all online dating acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
dua.com |  | Dua.com is a Vienna-headquartered social networking platform that connects diaspora communities across 50 countries through language-specific chat rooms, event calendars, and matchmaking tools. Founded in 2018, it supports 20 languages including Arabic, Turkish, and Kurdish, with features for virtual cultural festivals and business networking. The site facilitates over 1 million monthly active users sharing heritage content like recipes and music playlists, while partnering with NGOs for refugee integration programs in Europe. | IRLYSpottedQysh Me | 1 | |
Simpro |  | Simpro Group is a Brisbane-headquartered developer of job management software for field service trades including plumbing, HVAC, electrical, and construction. The suite covers quoting, scheduling, invoicing, asset tracking, and compliance reporting, serving over 5,000 businesses in Australia, New Zealand, the UK, and the US. | DelightBigChangeAroFlo+1 | 1 | |
MFE-MediaForEurope |  | MFE-MediaForEurope is a commercial TV operator in the Italian and Spanish commercial TV sector, offering free-to-air television programming on general interest channels (Canale 5, Italia 1 and Rete 4 in Italy, and Tele5 and Cuatro in Spain) and a wide portfolio of semigeneralist and thematic channels available in linear and on-demand OTT services comprising a broad range of cinema, TV series and children’s channel content. The group generates maximum revenue from TV advertising, and the rest from sales of TV rights and productions, pay streaming service, movie distribution, construction, rental, and maintenance of TV equipment, etc. Its operating segments are: Italy, which is its key revenue-generating market, and Spain. | ProSiebenSat.1 Media | 1 | |
Hello Group |  | Hello Group Inc provides mobile-based social networking services. It enables users to establish and expand social relationships based on location and interests. Its platform includes the Momo mobile application and a variety of related features, functionalities, tools, and services that it provides to users, customers, and platform partners. The company derives its revenue from live video services, value-added services, mobile marketing services, mobile games, and other services. It operates in three segments: Momo's service lines, Tantan's service lines, and QOOL's service lines, out of which Momo's service lines segment derives the majority of revenue. | Happn | 1 | |
Turn Capital |  | Turn Capital is a venture firm that invests in and acquires businesses at various growth stages. The company targets technology and software sectors, providing capital for expansions and buyouts. Headquartered in the United States, Turn Capital supports portfolio companies with strategic guidance to accelerate development and market entry. | FrndFlash CoffeeZuvio+1 | 1 | |
CLOUD N |  | CLOUD N is a Tokyo-based operator of shared seating lounges and retail stores featuring modern Japanese interiors. The company runs multiple locations across Tokyo, including high-traffic spots in Shibuya and Shinjuku, where professionals access flexible workspaces equipped with high-speed Wi-Fi, power outlets, and refreshments. Its lounges blend co-working functionality with cafe-style amenities, attracting remote workers and business travelers. CLOUD N emphasizes minimalist design inspired by urban Japanese aesthetics, complete with ergonomic seating and natural lighting. | Mrk & Co | 1 | |
Match Group | | Match Group Inc is a provider of online dating products. The company's portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and more, each built to increase its user's likelihood of connecting with others. The company has four operating segments: Tinder, Hinge, Evergreen and Emerging, and Match Group Asia. The company generates the majority of its revenue from the Tinder segment. | HERThe LeagueHyperconnect+1 | 1 | |
DateSpot | | DateSpot is an online service connecting singles for compatible long-term relationships through its extensive user network spanning major cities. The platform emphasizes building lasting matches by prioritizing compatibility assessments and community events. Available via web and mobile, DateSpot operates primarily in North America and Europe, facilitating introductions for users seeking serious partnerships beyond casual encounters. | ValleyMatch | 1 | |
noii | | noii is a Zurich-based live video dating app that employs algorithms and psychological matching to connect users via voice, gestures, and real-time conversations. The platform facilitates authentic impressions without swiping, targeting serious relationships in Europe. Launched in 2020, noii prioritizes privacy and compatibility in its matchmaking service. | Matter | 1 | |
Spark Networks | | Spark Networks SE operates an international online dating site. Its focus is on catering to professionals and educated singles with serious relationship intentions in North America and other international markets. The group reports two reportable segments, Zoosk and Spark, and operates a portfolio of premium brands including EliteSingles, Jdate, Christian Mingle, SilverSingles, and JSwipe. The company's geographical presence is in the United States, Germany, and the Rest of the world; the majority of its revenue comes from the U.S. | FilteroffZooskAffinitas+1 | 1 |
Founders and investors we've worked with
We've supported winning builders across online dating and beyond.
Pure
We provided buy-side advice to Russmedia on its acquisition of Pure, a London-based casual online dating platform, supporting commercial diligence and deal execution.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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