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Thursday, 8 August 2019

Match Group acquires Harmonica, the Egypt-based “halal Tinder”

M&A WATCH- Match Group acquires app Harmonica: Match Group (the owner of dating and matchmaking platforms such as OkCupid, Hinge, and has acquired Egypt-based Muslim matchmaking app Harmonica from Cairo-based startup accelerator Flat6Labs, the company said in a statement. Harmonica — essentially a halal version of Tinder — is “an app which approaches mobile matchmaking with respect for local traditions and cultures” to help local singles find life partners. The acquisition marks the first significant Flat6Labs exit, and will give Match Group its first office in the Middle East. The value of the acquisition was not disclosed. The details of the transaction will be announced at a presser on 26 August. Alliance Law Firm acted as Harmonica’s legal counsel.

Harmonica first joined Flat6Labs’ program in August 2017: The startup accelerator provided the company with funding, training and legal services during the four-month program, helping the company to acquire around 5k users. Its user base surged 700% shortly after exiting the program. Flat6Labs and 500 Startups then invested in Harmonica to upgrade its algorithms and its monetization strategy into practice. Users have steadily grown by 650% since then.

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