Match Group (NASDAQ: MTCH) announced a $100 million investment in Sniffies, a map-based platform serving non-heterosexual men. The investment represents a minority ownership stake with an option to acquire the remaining equity in the future.

Sniffies will continue operating independently under founder leadership. The platform has grown to an estimated 3 million monthly active users globally, with over 20 million messages sent daily through its real-time, map-based experience.

"From the first time I met the Sniffies team a year ago, it was clear they had a deep understanding of their users and a strong point of view on how its community actually connects," said Spencer Rascoff, Chief Executive Officer of Match Group.

The investment follows Match Group's previous approach with Hinge, where the company first invested in 2017 before acquiring the business in late 2018. Match Group's portfolio includes Tinder, Hinge, Match, OkCupid, and other dating platforms serving users in over 40 languages worldwide.

"This investment allows us to keep building for our community while staying true to what makes Sniffies unique," said Blake Gallagher, Founder and CEO of Sniffies. "With Match Group's support, we can move faster on improving the product and expanding our network."

Wolfson Partners LLC served as financial advisor to Sniffies for the transaction. The information is based on a company press release statement.