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Grindr, the publicly-traded company behind the popular dating and social networking app for LGBTQ people, is closer to becoming private.

On Friday, two of Grindr’s board members who are also major investors offered to acquire the West Hollywood company for $18 per share in cash, a proposal that would value Grindr at nearly $3.5 billion.

The buyout offer represents a 51% premium over the company’s stock price on Oct. 10. It’s a sign that the dating app is facing another inflection point as Gen Z users, tired of swiping through potential matches, move toward in-person interactions.

The board members, George Raymond Zage III and James Fu Bin Lu, are part of a group of investors that

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