Grindr, the pioneering dating app for gay men, is reported to have hired an investment bank to advise it on a possible sale.

The L.A. company, which matches gay and bi-sexual men for dates, has retained Raine Group, according to a report by Bloomberg. Grindr has more than 5 million active users, according to the company’s website, and generates revenue from selling ads and charging a $12 monthly subscription fee. Since its founding in 2009, Grindr has not taken any outside funding.

A spokesperson for Grindr declined a request for an interview. Representatives of Raine Group could not be reached.

Grindr could be a potential match for IAC/Interactive Corp.’s portfolio of online dating sites, which includes Match.com, OKCupid and Tinder. Tinder has often been compared to Grindr due to an emphasis on swiping, though Grindr’s swiping feature doesn’t accept or reject potential matches, it just moves users through a catalog of profiles.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.

For reprint and licensing requests for this article, CLICK HERE.