Like many online dating sites, Speed is a freemium service and its revenue comes from premium subscriptions.
After Speed Date secured million in Series B financing from Menlo Ventures, Jason Kincaid at Tech Crunch reported: "Unlike most dating sites, there was no lengthy signup process – the site leaves the real matchmaking to your video chats.
At the end of each interval, the organizer rings a bell, clinks a glass, or blows a whistle to signal the participants to move on to the next date.
At the end of the event participants submit to the organizers a list of who they would like to provide their contact information to.
There are many speed dating events now in the United Kingdom, Canada, and the United States.
Requirement for each event vary with the organizer.
Hurrydate was acquired by Spark Networks (Jdate/Christian Mingle). The advantage of online speed dating is that users can go on dates from home as it can be done from any internet enabled computer.
Speed dating is a formalized matchmaking process of dating system whose purpose is to encourage people to meet a large number of new people.Because the matching itself happens after the event, people do not feel pressured to select or reject each other in person.On the other hand, feedback and gratification are delayed as participants must wait a day or two for their results to come in.Most speed dating events match people at random, and participants will meet different "types" that they might not normally talk to in a club.On the other hand, the random matching precludes the various cues, such as eye contact, that people use in bars to preselect each other before chatting them up.