Snap Interactive, the company behind social dating website AreYouInterested.com and the respective mobile apps, announced today it has entered into agreement with investors to purchase $8.5 million of securities in a private placement transaction.
The additional infusion of capital is meant to continue efforts to accelerate the growth of the publicly traded company, according to CEO Cliff Lerner. “We believe that the capital raised from the private placement will enable us to accelerate our business plan by providing us with the ability to hire additional talent and expand our marketing efforts for the AreYouInterested.com social dating brand. We look forward to putting this capital to work and continuing to grow the Company.”
Based out of New York City, Snap Interactive is a considered a leading providing of online dating applications and mobile applications. The company has developed dating applications for several major social networks, including Facebook, Hi5, and Bebo. With more than 30 million installations across two dating applications on Facebook alone, Snap has also seen significant growth in mobile applications, especially with the AreYouInterested.com social dating iPhone application. The company’s flagship brand AreYouInterested.com has close to 30,000 simultaneous users at peak hours.
Snap Interactive has also performed well on the stock marketed recently, attracting the attention of Bloomberg and Business Insider when the company’s stock doubled to 50 cents per share. On January 6th it was reported the company’s stock surged over 1,000 percent, up $3.46 million in the fourth quarter alone.