- Joined
- Aug 11, 2012
- Messages
- 253
Rep Bank
$1,455
$1,455
User Power: 276%
Started 12 years ago and sold for $575 Million in cash...... An overnight success. 
"On Tuesday, dating website PlentyOfFish got acquired by Match Group, an IAC/InterActive subsidiary that recently announced plans for an IPO later this year. PlentyOfFish sold to Match Group for $575 million in cash.
36-year-old Markus Frind is the founder and CEO of Vancouver-based PlentyOfFish.
In 2003, "I started PlentyOfFish as a way to improve my resume," Frind tells Business INSIDERS.
"At the time there was a new programming language called ASP.NET, and I don't like reading books, so I just went and created the site in two weeks and then people then people started signing up, much to my surprise. And it blew up from there. It wasn't like I had a plan to create a dating site. It was just a side project I created that got really big."
Before founding PlentyOfFish, Frind had been a developer. Frind has retained complete ownership of the company, which has 75 employees. PlentyOfFish's deal with Match will close by the end of the year.
Frind built PlentyOfFish without a cent of venture capital funding. "By the time I found out what VCs were, I was already making millions in profit and I didn't see the need to raise money because I wouldn't know what to do with it," he told Business INSIDERS. "It was a profitable company and there was no need to raise money."
Frind says PlentyOfFish, which has 90 million registered users and 3.6 million active daily users, was "immediately profitable."
In 2008, Frind told The New York Times that his website's net profits were about $10 million a year, and he only worked about 10 hours a week. Now, he says, he works a bit more than that. "It's funny. Once you start adding people to the company, the amount of time you have to work goes up," he told Business INSIDERS. "We have a staff of 75 now. I've been working normal hours the past few months."
Match Group CEO Sam Yagan said in a statement he’d had his eye on PlentyOfFish for over ten years. “As more people than ever use more dating apps than ever with more frequency than ever, PlentyOfFish’s addition both brings new members into our family of products and deepens the lifetime relationship we have with our users across our portfolio,” he said.
So how does it feel to finally have the deal close, knowing you're walking away with millions of dollars for your project? "I don't know," Frind told Business INSIDERS. "It's still pretty fresh here. It's just very surreal." "
Read more: http://www.businessinsider.com/how-...-sold-it-for-575-million-2015-7#ixzz3fufhq6dJ
"On Tuesday, dating website PlentyOfFish got acquired by Match Group, an IAC/InterActive subsidiary that recently announced plans for an IPO later this year. PlentyOfFish sold to Match Group for $575 million in cash.
36-year-old Markus Frind is the founder and CEO of Vancouver-based PlentyOfFish.
In 2003, "I started PlentyOfFish as a way to improve my resume," Frind tells Business INSIDERS.
"At the time there was a new programming language called ASP.NET, and I don't like reading books, so I just went and created the site in two weeks and then people then people started signing up, much to my surprise. And it blew up from there. It wasn't like I had a plan to create a dating site. It was just a side project I created that got really big."
Before founding PlentyOfFish, Frind had been a developer. Frind has retained complete ownership of the company, which has 75 employees. PlentyOfFish's deal with Match will close by the end of the year.
Frind built PlentyOfFish without a cent of venture capital funding. "By the time I found out what VCs were, I was already making millions in profit and I didn't see the need to raise money because I wouldn't know what to do with it," he told Business INSIDERS. "It was a profitable company and there was no need to raise money."
Frind says PlentyOfFish, which has 90 million registered users and 3.6 million active daily users, was "immediately profitable."
In 2008, Frind told The New York Times that his website's net profits were about $10 million a year, and he only worked about 10 hours a week. Now, he says, he works a bit more than that. "It's funny. Once you start adding people to the company, the amount of time you have to work goes up," he told Business INSIDERS. "We have a staff of 75 now. I've been working normal hours the past few months."
Match Group CEO Sam Yagan said in a statement he’d had his eye on PlentyOfFish for over ten years. “As more people than ever use more dating apps than ever with more frequency than ever, PlentyOfFish’s addition both brings new members into our family of products and deepens the lifetime relationship we have with our users across our portfolio,” he said.
So how does it feel to finally have the deal close, knowing you're walking away with millions of dollars for your project? "I don't know," Frind told Business INSIDERS. "It's still pretty fresh here. It's just very surreal." "
Read more: http://www.businessinsider.com/how-...-sold-it-for-575-million-2015-7#ixzz3fufhq6dJ
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
