Zoosk is a social dating application. It offers a personalized dating experience through its behavioral matchmaking technology. It was founded in 2007 and is based in San South Jordan, Utah. In March 2019, Zoosk was acquired by Spark Networks SE.
Zoosk has filed 35 patents.
Latest Zoosk News
Nov 22, 2023
Spark Networks Shares Restructuring Plans Spark Networks has shared its financial restructuring plans, detailing its next steps as it looks to prevent insolvency. These plans involve outsourcing departments within the company and re-negotiating loan agreeements. The documents state “The Restructuring Plan is intended to prevent the insolvency of [Spark Networks SE] by eliminating risks that could jeopardize its continued existence and resolving any balance sheet over-indebtedness that would have existed without the Restructuring Plan”. The filings explain that without these plans being implemented, Spark Networks “would have to file for insolvency without undue delay”. The results of insolvency would “have a significant negative impact on…operating business, could lead to an immense loss of reputation among its customers and cause significant losses in value…” So what will this restructuring involve? Spark Networks is set to reorganise its operations by outsourcing certain departments, including parts of the marketing, engineering, maintenance, and customer service teams. “This is also associated with a reduction in the number of employees in the Spark Group”, the statements add. Layoffs had been announced earlier this year, with Spark Networks looking to close its Berlin operations by January 2024 and part ways with 200 full time employees. In addition to internal restructuring, the dating company also reorganised its loans and agreements with investors. Law360 reports that Spark Networks reached an agreement with creditors that includes “the waiver of almost $30.8 million in debt, up to $24 million in new loans, [and] a $20 million capital raise”. The article highlights that the dating company owes more than $100 million on a loan from MGG Investment Group, and over $13 million on a loan used to acquire Zoosk in 2019. Spark Networks explained that it had faced financial difficulties after seeing declining subscriber numbers caused by insufficient marketing, among other things, Law360 reports.
Zoosk Frequently Asked Questions (FAQ)
When was Zoosk founded?
Zoosk was founded in 2007.
Where is Zoosk's headquarters?
Zoosk's headquarters is located at 10808 South River Front Parkway, South Jordan.
What is Zoosk's latest funding round?
Zoosk's latest funding round is Acquired.
How much did Zoosk raise?
Zoosk raised a total of $61.1M.
Who are the investors of Zoosk?
Investors of Zoosk include Spark Networks, Canaan Partners, ATA Ventures, Bessemer Venture Partners, Keating Capital and 6 more.
Who are Zoosk's competitors?
Competitors of Zoosk include Bumble, Coffee Meets Bagel, The Meet Group, Harmonica, Tinder and 7 more.
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