After co-founding Tinder and exiting the company, Whitney Wolfe Heard created a different kind of dating app. She planned to create a female-centric social network, not a dating app. However, his now-former trade partner, Russian billionaire Andrey Andreev, persuaded him to go the other way instead. The girls’ first move was inspired by Sadie Hawkins dancing at Whitney School to create a dating app, where girls asked boys to tell their dates. Bumblebee’s concept is very simple: when two people match, women have 24 hours to send the first message. If they do not, the match disappears. If they send a message, the man has 24 hours to reply, or the match disappears. Once both parties have sent a message, that timer goes off. Bumble launched in December 2014. Last week, the app officially filed its S-1 with the Security and Exchange Commission to form its IPO.
S-1 filings showed that Bumble had $ 488.9 million in revenue in 2019. This is a 35.8% year-on-year increase. From 29 January to 30 September 2020, Bumble had $ 376.6 million in revenue. The app has 42 million monthly average users, of which 2.4 million opted for the paid, premium version of Bumble. Up to $ 100 million in IPO filing paperwork was offered. However, this figure is probably a common placeholder. Bumble could, in fact, look for a valuation of $ 8 billion during its IPO. In 2019, the Blackstone Group acquired a majority stake in the company, valued at $ 3 billion. As part of the Blackstone deal, Bumble’s longtime CEO and founder of Bumble’s parent company, MagicLab, will sell his stake in the app and step out of his role as CEO. Wolf Heard was eventually elevated to CEO of the company he founded at the time.
Bumble is based in Austin, Texas. Unlike most other tech companies, Bumble’s board of directors is primarily made up of women. 31-year-old Wolf Herd will become the youngest female CEO in the tech space to make her company public. Stitch Fix’s Katrina Lake was formerly the youngest female CEO at Tech when she made her company public in 2017.
One thing is certain – the online dating space and the dating app space are crowded. It features Bumble, Tinder, Matcha, OkCupid, Hynge, Grindr, Coffee Meets Bagel, Jadette, Happen, Her, The League, Raya, and many, many, many more. Wolfe Heard broke away from other dating sites and apps by sending an abusive message to a woman, banning photos of users posing with guns and apps for direct messaging service Flagging of nude images sent via has stopped. Wolfe Heard has long advocated for women. In 2019, he and Bumble were integral in passing a new law in Texas that outlined sexual harassment online.
Bumble’s IPO will be written by Goldman Sachs, Citigroup, Morgan Stanley and JP Morgan. The stock will trade on the NASDAQ under the ticker BMBL.