Benchmark to Take Equity Stake in Tinder; Matt Cohler to Join Tinder Board

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Oct 28, 2014, 04:45 ET

LOS ANGELES, Oct. 28, 2014 /PRNewswire/ -- Tinder today announced that Matt Cohler, a General Partner of Benchmark, has joined its board of directors and that Benchmark has taken an equity stake in Tinder. Tinder is controlled by The Match Group, a subsidiary of IAC (NASDAQ: IACI).

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."

"At Benchmark we have long been admirers of the incredible company Sean and the Tinder team have built," said Mr. Cohler. "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."

Sam Yagan, a director of Tinder and the CEO of The Match Group, said, "Matt will complement Sean's proven product leadership and the expertise in the social and dating categories we already have on the board. I'm confident Benchmark's involvement will help Tinder achieve its huge growth potential and am excited about continuing to build out the Tinder team."

About Tinder
Launched in September 2012, Tinder is a social discovery app that uses intuitive technology to connect mutually interested users nearby. Its simple and engaging interface makes meeting new people easier than ever before, while its unique algorithms lead to making more meaningful connections. With millions of users in every major country around the world, Tinder sees more than 1 billion swipes per day which creates over 12 million matches a day.

About IAC
IAC (NASDAQ: IACI) is a leading media and Internet company. It is organized into four segments: The Match Group, which consists of dating, education and fitness businesses with brands such as Match.com, OkCupid, Tinder, The Princeton Review and DailyBurn; Search & Applications, which includes brands such as About.com, Ask.com, Dictionary.com and Investopedia; Media, which consists of businesses such as Vimeo, Electus, The Daily Beast and CollegeHumor; and eCommerce, which includes HomeAdvisor and Shoebuy. IAC's brands and products are among the most recognized in the world reaching users in over 200 countries. The Company is headquartered in New York City and has offices worldwide. To view a full list of IAC companies, please visit www.iac.com.