Clover
In short: Clover was a mobile dating app run by Clover Inc., a privately held company based in Toronto, Canada. Launched in 2014, it offered compatibility matching, on-demand dating and later live streaming. A planned $157 million SPAC merger collapsed in January 2023, and the company went bankrupt in August 2023. It is a cautionary example for the industry.
Key facts
| Type | Dating app |
|---|---|
| Headquarters | Toronto, Canada |
| Founded | 2014 |
| Status | Closed. App taken offline and removed from app stores; Clover Inc. filed an assignment in bankruptcy on 2 August 2023. |
| Website | clover.co |
| Operator | Clover Inc., a privately held company [Dating App Clover Closes $12 Million Growth Capital Financin, 3 February 2021] |
| Founded | 2014 (company description) [Clover Dating App Puts The Social In Social Distancing With , 24 June 2020] |
| Headquarters | Toronto, Ontario, Canada [Dating App Clover Closes $12 Million Growth Capital Financin, 3 February 2021] |
| Chief executive | Isaac Raichyk, CEO of Clover [Dating App Clover Closes $12 Million Growth Capital Financin, 3 February 2021] |
| Platforms | iOS and Android [Dating App Clover Closes $12 Million Growth Capital Financin, 3 February 2021] |
| Financing | $12 million growth capital: growth debt from Espresso Capital plus structured equity from an existing investor [Dating App Clover Closes $12 Million Growth Capital Financin, 3 February 2021] |
| Company-reported revenue | $19 million in fiscal 2020 from 900,000 paid subscriptions; 9 million users claimed (company figures) [Dating App Clover Closes $12 Million Growth Capital Financin, 3 February 2021] |
| Live streaming | Launched a live video streaming service called LIVE, announced February 2021 [Dating App Clover Closes $12 Million Growth Capital Financin, 3 February 2021] |
| SPAC merger announced | Business combination with FoxWayne Enterprises Acquisition Corp. announced 20 September 2022, valued at about $157 million; combined company to be named Clover Media Inc. [FoxWayne Form 8-K Exhibit 99.1, 20 September 2022] |
| SPAC merger terminated | Merger agreement terminated by mutual agreement on 12 January 2023 [FoxWayne Form 8-K, Termination of Material Definitive Agreem, 12 January 2023] |
| Bankruptcy | Clover Inc. filed an assignment in bankruptcy on 2 August 2023; GlassRatner appointed trustee; employment terminated 31 July 2023 [Clover Inc. - GlassRatner, 2 August 2023] |
| Business status | App taken offline and removed from Apple and Google app stores on 2 August 2023 [Clover Inc. - GlassRatner, 2 August 2023] |
About Clover
Clover was a mobile dating app operated by Clover Inc., a privately held company based in Toronto, Canada. The company said it was founded in 2014, and Isaac Raichyk was its chief executive. The app ran on iOS and Android and was used mainly in the United States. Its features included compatibility-based matching, an on-demand dating option for arranging meetings, and a live streaming service added in 2021. The company described itself as aimed at Gen Z and millennial singles.
In February 2021 Clover announced $12 million of growth capital, made up of growth debt from Espresso Capital and a structured equity investment from an existing investor. In that release the company reported $19 million of revenue in fiscal 2020 from 900,000 paid subscriptions and said it had 9 million users. These are company figures. In September 2022 Clover agreed a business combination with the SPAC FoxWayne Enterprises Acquisition Corp., valued at about $157 million. The two parties ended the agreement by mutual consent on 12 January 2023.
Clover ended its employment on 31 July 2023 and filed an assignment in bankruptcy on 2 August 2023, according to the trustee, GlassRatner. The app was taken offline and removed from the Apple and Google stores. The trustee has run a claims process for people who paid subscriptions after the app went offline. Dating Industry Insights has described Clover as an earlier personality-first dating app that did not break through, in its coverage of Feels.
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Questions about Clover
Is the Clover dating app still operating?
No. According to its bankruptcy trustee, the app was taken offline and removed from the Apple and Google stores on 2 August 2023, the day Clover Inc. filed an assignment in bankruptcy.
Who ran Clover?
Clover Inc., a privately held company based in Toronto, Canada. Isaac Raichyk was its chief executive.
What happened to Clover's SPAC merger?
Clover and FoxWayne Enterprises Acquisition Corp. agreed a merger in September 2022, valued at about $157 million. They ended the agreement by mutual consent on 12 January 2023.
What is Clover?
Clover was a mobile dating app run by Clover Inc., a privately held company based in Toronto, Canada. Launched in 2014, it offered compatibility matching, on-demand dating and later live streaming. A planned $157 million SPAC merger collapsed in January 2023, and the company went bankrupt in August 2023.
Where is Clover based?
Clover is based in Toronto, Canada.
When was Clover founded?
Clover was founded in 2014.
Also known as: Clover Dating App, Clover Inc..