Bumble Files for IPO – CNN

The company filed paperwork on Friday for an initial public offering, presumably setting it up for a Wall Street debut when dating apps became a lifeline for singles during the epidemic.

The company reported $ 376.6 million in revenue between September 29 and 30 of last year. During the same period, the company posted a net loss of $ 84.1 million.

Bumble was founded in 2014 by Whitney Wolf Heard, who began her career on Tinder. that It was initially determined to create a female-centric social network before embarking on the concept of a female-centric dating app. Bumblebee needs women to search for heterosexual matches to make the first move, the idea being that the feature will empower women to make their own choices. It closed: Bumble, headquartered in Austin, has become a household name and now includes services beyond dating, including professional networking (Bumble Biz) and finding new friends (Bumble BFF).

According to its IPO paperwork, Bumble Dating Empire counted 42.1 million monthly active users by the end of September.

She sued Tinder, founded Bumblebee and is now, at the age of 30, CEO of a $ 3 billion dating empire

Wolf Heard wrote in a letter with IPO paperwork, “We are committed to making dating healthier and more equitable for people around the world, not only for women, but for a more significant opportunity across the gender spectrum. “

Bumble is set to go public on the heels of other successful tech IPOs. Airbnb and DoorDash suggested strong investor interest in their recent public market debates.

Unlike many other technology companies, the majority of Bumble’s board is made up of women. At 31, Wolf Heard would become the youngest female CEO at Tech to make her company public. Katrina Lake, founder and CEO of Stitch Fix, was the youngest female CEO to do so in 2017, when she was 34 years old.

Investment firm Blackstone bought a majority stake in Bumble’s parent company – called MagicLab, but renamed Bumble – from Russian billionaire Andrey Andreev in 2019. The parent company also includes Lit, a popular digital dating service outside the United States, founded by Andreev. in 2006.

Andreev served as Wolf Heard’s partner since Bumble began. As part of the deal, Andreev sold his stake and exited the business; Wolf Heard took the helm. Blackstone’s deal valued parent company Bumble at $ 3 billion.

The online dating space is crowded, with competition groups such as Tinder, Hinze, Match, and OkCupid all being owned by the Match group. But Wolfe Heard has worked to alienate his company – banning gun photos and flagging unsightly images sent via direct messages to his app to publicly abuse and prevent a wrong user. for. She also used her profile to throw her weight around issues related to women and the digital world. In 2019, she and Bumble successfully advocated a new Texas law declaring digital sexual harassment.

“Our long-term vision is to be a platform to meet new people, no matter what standard of living or status you are in,” Wolf Heard wrote in a letter to investors. “We will do this with our innovative technology – and by advocating for equality, through legislation and with the power of our trusted brand.”


Leave a Reply

Your email address will not be published.