Toronto-based mobile on-demand dating service Clover has closed a $7 million equity and convertible debenture financing. Jackson Investment Group, a U.S. private investment firm, led the round. Launched in 2013 by Isaac Raichyk, the startup’s CEO, Clover has so far helped streamline the dating process for 4 million mobile users, most of them based in the United States and in the 18-to-34 age group. The company, which is also backed by Social Starts, plans to use the funds raised to expand its team, launch new features, and accelerate user acquisition.
PRESS RELEASE
Mobile Dating App Clover Announces $7M Financing
Jackson Investment Group Leads Round
TORONTO (PRWEB) JANUARY 17, 2018
Clover, the mobile dating service, announced today that it has closed a $7 million equity and convertible debenture financing. The round was led by Atlanta based Jackson Investment Group LLC, a private investment firm with over $1.5 billion of assets under management.
The financing comes on the heels of rapid revenue growth and two consecutive profitable quarters. Clover is one of the highest rated, top-grossing dating apps in the U.S. The company will use the funds to expand the team, launch new features and accelerate user acquisition.
“We have fine-tuned a highly efficient business model. With this financing, we’re able to scale rapidly,” stated Isaac Raichyk, CEO of Clover. “In the dating space, higher user density translates into greater value for each individual user. This is great news for the entire Clover community.”
Clover has 4 million mobile users; 80% are in the largest U.S. markets; 75% in the 18-34 age group. With features like on-demand dating and mixers, Clover uniquely focuses on shortening the time between first contact and a real live date.
“Clover has demonstrated an ability to scale efficiently and compete for market share,” says Rick Jackson, President of Jackson Investment Group LLC. “Isaac and his team have built a beautiful, high-quality product and are committed to delivering value to their customers.”
Isaac is an experienced entrepreneur and founder of five successful startups including Kolvox, the world’s first voice user interface, and Keek, the mobile video social network with 65 million users.
Clover is currently available on iPhone, iPad, Apple Watch and Android.
About Clover Inc.
Clover Inc. is a private mobile dating company headquartered in Toronto, Canada. The company drives revenue growth by building high-value mobile dating services for the next generation of singles. Clover is growing rapidly and is one of the highest rated, top-grossing dating apps in the U.S. For more information visit http://www.clover.co.
About Jackson Investment Group LLC
Jackson Investment Group LLC is a private investment firm based in Atlanta. Led by staffing industry entrepreneur Richard Jackson, the Jackson Investment Group LLC manages over $1.5 billion in assets.
Contact:
MIRANDA MCCURLIE
Clover Inc.
+1 (647) 317-0726 Ext: 103
Photo courtesy of PeopleImages/DigitalVision/Getty Images
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