Bumble is a tech company that has become increasingly popular for their female-centered dating app. The company recently made the headlines for setting the ball rolling for a date with Wall Street. Bumble is reported to have filled paperwork for an initial public offering, which will set it up for a debut on Wall Street. The move is timely, considering the increasing popularity of dating apps, especially among single people, as the pandemic continues to ravage the world.
Bumble reportedly generated over $376 million in revenue between January 29 and September 30 of 2020. The company, which will be listed on NASDAQ under the stock ticker “BMBL,” also posted a net loss of about $84 million during that same period.
The app was founded by Whitney Wolfe Herd in 2014 following her career at Tinder. She initially wanted to create a women-focused social network before settling for the concept of a female-focused dating app. The app requires women looking for heterosexual matches to make the first move, as opposed to the norm, ultimately empowering women to make their choices. Headquartered in Austin, the app has become a household name and now offers services beyond dating, which include professional networking (Bumble Bizz) and finding new friends (Bumble BFF).
According to the company’s IPO paperwork, the Bumble dating empire had over 42 million monthly active users as of the end of September.
“We remain committed to the major opportunity ahead of us to make dating healthier and more equitable around the world, not only for women, but for people across the gender spectrum,” Wolfe Herd wrote in a letter accompanying the IPO paperwork.
Bumble is set to emulate the likes of DoorDash and AirBnB that soared in their recent public market debuts, indicating strong investor interest in tech stocks. However, the make of Bumble’s board, majority of whom are women, offers something new. Wolfe Herd will also become one of the youngest female tech CEOs to list her company, at the age of 31.
Investment firm, Blackstone bought a majority stake in Bumble’s parent company, known as MagicLab but since renamed Bumble — from Russian billionaire Andrey Andreev in 2019. Andreev is also the founder of Badoo and partnered with Wolfe to start Bumble before selling his stake and stepping down from the business for Wolfe Herd to take charge.
Wolfe Herd has put in the hard work to help Bumble carve a niche in the crowded online dating space. The company has taken several measures that include publicly slamming and blocking a misogynist user to banning gun photos and flagging lewd images sent through direct messages on its platform. Wolfe Herd also used her profile to support issues on women empowerment and the digital world. In 2019, she and Bumble successfully advocated for a new Texas law to outlaw digital sexual harassment.
“Our long-term vision is to be the platform to meet new people, no matter what you might be looking for, whichever life stage or situation you’re in,” Wolfe Herd wrote in the letter to investors. “We will do this with our innovative technology — and by advocating for equality, both through legislation and with the power of our trusted brand.”
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