Soulgate, which provides a gamified social networking app in China, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Soul is a virtual social network app created to address the drawbacks of current social media platforms. Users, called "Soulers," create a new identity in Soul's virtual universe to freely create, share, explore, and connect with other users. The company generates interest graphs for each user and sends them to different "planets" based on their passions to connect with other like-minded users. In March 2021, the company averaged 9.1 million DAUs, a 94% increase over the prior-year period.
The Shanghai, China-based company was founded in 2016 and booked $104 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol SSR. Soulgate filed confidentially on January 22, 2021. It had been on our Private Company Watchlist since March 2021. Morgan Stanley, Jefferies, BofA Securities and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.
