Bumble To Go Public With A Traditional IPO
The company filed paperwork on Friday for an initial public offering, it reported generating $376.6 million in revenue between Jan. 29 and Sept. 30 of last year (and a net loss of $84.1 million). According to its IPO paperwork, the Bumble dating empire counted 42.1 million monthly active users as of the end of September.
Bumble was founded in 2014 by Whitney Wolfe Herd, who started her career at Tinder. The app requires women searching for heterosexual matches to make the first move. It took off: Bumble, headquartered in Austin, has become a household name and now includes services beyond dating, including professional networking (Bumble Bizz) and finding new friends (Bumble BFF).
"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.
At 31, Wolfe Herd will become one of the youngest female CEOs in tech to take her company public and the majority of Bumble's board is made up of women.
Investment firm Blackstone bought a majority stake in Bumble's parent company (Blackstone valued Bumble, the parent company, at $3 billion) from Russian billionaire Andrey Andreev in 2019 (the company includes Badoo, a popular digital dating service outside the United States, founded by Andreev in 2006).
"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."