made an undisclosed investment acquired an equity stake in Los Angeles-based online dating app Tinder, reportedly without spending any money on the deal. As a result of the funding transaction, Benchmark general partner Matt Cohler has been named to the company’s board of directors.
Re/Code reported yesterday Benchmark took an equity stake in the company in exchange for partner Matt Cohler taking a seat on Tinder’s board of directors. IAC announced the transaction in a press release Monday, but only said Benchmark was taking an equity stake in the company, and Cohler was joining the board, without providing details of the arrangement.
Tinder is owned by The Match Group, an IAC subsidiary, which continues to hold a controlling stake in Tinder, Re/Code reported.
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Correction: A previous version of this article said Benchmark had made an investment in Tinder, rather than acquiring an equity stake in the business. The post has been updated.