With Valentines day around the corner, this is probably the best time for a dating app company to go public. That was the case with Bumble, it got listed in NASDAQ on Thursday, 11th February. It was listed at around $40 and rose more than 60% to around $72 per share on its market debut.
CEO, Whitney Wolfe Herd just became the world’s youngest self-made female billionaire with the IPO. Her roughly 12% stake in the company has a value of over $1.5 billion dollars. She is also the youngest female CEO ever to take a company public in the U.S. She is also the co-founder of rival app Tinder.
Wolfe Herd left Tinder in 2014 after filing a lawsuit against them alleging that her former boss and boyfriend, Justin Mateen, had sent threats, derogatory texts and stripped her of her cofounder title at Tinder. Thereafter, she worked with Andrey Andreev, a London based Russian billionaire, the creator of Badoo, to start Bumble.
Bumble is marketed as a Female led dating app company, giving women the power to initiate a connect unlike Tinder and other dating apps. Female leadership begins with CEO Whitney Wolfe Herd and extends to the company’s board of directors and investors including actress-model Priyanka Chopra Jonas and Serena Williams. Wolfe Herd created Bumble as a service “by women, for women,” touting it as a place where women were empowered and harassment was rigorously policed.
But in late 2019, Andreev was accused of overseeing a seamy, hedonistic office culture at Badoo. More than a dozen ex-Badoo staffers told Forbes in 2019 that the company held wild parties and that female employees were frequently objectified. This was against Bumble’s mantra of women empowerment.
Quick Numbers: –
- Raised $2.2 billion through the IPO.
- Firm was valued at $7 billion.
- For Q3 2020, it had Monthly Active Users of 42.1 Million.
- Year To Date 9/2020, It had 2.4 million paying users.
- YTD 9/2020, revenues were at $416.6 million.
- Net loss YTD 09/2020 were at 116.7 million.