TIME IPO

Online Matchmaker Zoosk Files $100M IPO

While it has yet to log a profit, the popular dating site boasts 26 million members and a top iTunes App. It filed papers with the Securities and Exchange Commission Wednesday announcing a planned $100 million initial public offering

The online dating website Zoosk filed papers with the Securities and Exchange Commission Wednesday announcing a planned $100 million initial public offering.

The San Francisco startup was founded in 2007 and began as a website but has been particularly successful as a mobile app, grabbing the number one grossing dating app spot in the Apple app store. The 26-million member service, with users spread across 80 countries, saw revenues of $178 million last year for a net loss of $2.6 million in 2013, Techcrunch reports. In 2012, the site posted a significantly higher net loss of $20.7 million and revenues of just $109 million.

While Zoosk’s earnings have yet to hit positive territory, the service has been gaining users at a rapid pace. According to its IPO filing, by the end of 2013 Zoosk had a total of 26 million members and 650,000 paying subscribers — up 44% and 35%, respectively from 2012.

Bookrunners for the IPO include Bank of America Merrill Lynch, Citigroup, and RBC Capital Markets, according to Techcrunch.

[TechCrunch]

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