With 27 million registered users, the Chinese gay dating app called Blued is claiming to be bigger than Grindr, and looking to expand its success overseas.

The app recently completed its latest round of investor financing and announced that the company is now worth $300 million, compared to Grindr's reported $155 million.

Blued was created in 2012 by gay entrepreneur and former policeman Geng Le, and although most of its users are in Asia, it says that 20% are currently outside of China.

The app is one of the first Chinese-language geo-dating apps in the region, and with the fact that an estimated 1.7 million of China's 1.3 billion people identify as LGBT, there's still a lot of room to grow.

"The gay business is a piece of virgin territory in China, and we hope to become a leader of this lucrative market," Le said. "The substantial spending ability of gays and the funding support we got indicate the strong power of the so-called pink economy."

h/t: Gay Star News