Venture capital firm Benchmark have taken an equity stake in Tinder, and partner Matt Cohler has joined Tinder’s board, it was announced yesterday.
The deal has been rumoured for a few months, however reports suggest that the VC firm did not invest any actual money in Tinder.
Re/code quotes sources who say Cohler’s time and efforts on the Tinder board would be traded for small stake of equity in the dating app.
Cohler said:
“At Benchmark we have long been admirers of the incredible company Sean and the Tinder team have built. Tinder’s growth and user engagement continue to be extraordinary.
“My partners and I are honored to join the team and get to work in helping the company realize its full opportunity.”
Cohler was VP of Product Management at Facebook until 2008, and was VP and general manager at the foundation of LinkedIn.
At Benchmark, he has invested in Dropbox, Instagram and Asana.
Sean Rad, co-founder and CEO of Tinder, said, “Benchmark brings to Tinder unparalleled experience in the consumer Internet space.
“I’m excited about the contributions my long-time mentor Matt and the Benchmark team can make to our continued growth.”
Tinder is controlled by IAC, the media conglomerate helmed by Barry Diller.