Benchmark swipes right for Tinder

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David Paul Morris/Bloomberg

Matt Cohler, general partner of Benchmark, has joined the mobile dating app as a director in exchange for an equity stake in the company.

Annlee Ellingson

Staff Writer- L.A. Biz

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Tinder has a new board member. Matt Cohler, general partner of Benchmark, has joined the mobile dating app as a director in exchange for an equity stake in the company.

Barry Diller's IAC still owns a controlling stake through its Match Group subsidiary — a situation that has limited investors' interest in the West Hollywood startup. It's unclear how big Benchmark's share will be, but according to Re/code, it's small and no money changed hands. Instead, the stake was traded for "the time and expertise of the high-profile VC."

"Benchmark brings to Tinder unparalleled experience in the consumer Internet space," said Tinder co-founder and CEO Sean Rad. "I'm excited about the contributions my long-time mentor Matt and the Benchmark team can make to our continued growth."

"At Benchmark we have long been admirers of the incredible company Sean and the Tinder team have built," added Cohler. "Tinder's growth and user engagement continue to be extraordinary. My partners and I are honored to join the team and get to work in helping the company realize its full opportunity."

Part of that "full opportunity" will be monetization. Along those lines, Rad revealed last week that Tinder plans to launch a premium service next month.