Feeld’s Global Expansion Drives Revenue Surge to £39.5 Million
Innovative Dating App Sees Major Financial Growth
Feeld, a dating app designed for non-traditional relationships, has experienced remarkable financial growth, nearly doubling its revenue over the past year. Catering to non-monogamous, queer, and alternative relationship dynamics, the UK-based platform has expanded its global presence significantly.
From Carlisle to the World: Feeld’s Expanding Horizons
Operating from an industrial estate in Carlisle, Cumbria, Feeld was established with a mission to “elevate the human experience of sexuality and relationships,” according to the founders. The app’s unique approach and growing user base have propelled it onto the international stage.
The company’s latest financial statements, now publicly available for the first time, highlight a substantial increase in both profits and revenues. For the fiscal year ending December 2023, Feeld reported a surge in profits from £2.4 million to £5.5 million. Revenues rose impressively from £20.7 million to £39.5 million.
International Revenue Boost
The majority of Feeld’s revenue is now generated from international markets, with £33 million of the total turnover coming from outside the UK. The app is available for free worldwide, including in major markets such as the US and Australia, with additional charges for premium services.
Founders’ Evolution and Strategic Changes
Feeld was founded in 2014 by Bulgarian-born Dimo Trifonov and his partner, Ana Kirova. Initially launched as “3nder,” the app faced legal challenges from Tinder, leading to a rebranding to Feeld. Kirova, who has been integral to the app’s development since its early days, became the CEO in December 2023. Under her leadership, Feeld undertook a significant rebranding and technological upgrade, which has since stabilized following initial glitches.
Ownership and Financial Insights
Recent filings at Companies House indicate a shift in Feeld’s ownership structure. As of early 2024, nearly half of Trifonov’s shares were transferred to Kirova, reducing his stake to below 50%. Kirova now holds nearly 24% of the company. Shareholders received dividends of £400,000 in 2023, compared to £292,923 the previous year.
Kirova commented on the company’s ethos, stating, “I do not believe in growth at all costs, and we do not pursue that as a business. We listen to our members across different channels and do our best to grow Feeld in ways that support their personal journeys. Noting the current trends within the dating app industry, Feeld has proven that our model defies tradition and people are responding accordingly.”
Resilience and Future Prospects
Feeld’s recent success marks a significant turnaround from 2016 when Trifonov expressed concerns about the future due to the lawsuit from Tinder. He had criticized Tinder’s actions as an aggressive move against his startup, pointing out similarities to Grindr, a precursor to Tinder.
Since those early challenges, Feeld has grown its team from just eight employees in 2016 to nearly 50, showcasing its resilience and ongoing commitment to expanding its unique offering in the dating app industry.
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