Bumble/Facebook
- Dating and networking app Bumble is readying to go public as soon as early 2021, according to Bloomberg.
- Bumble could seek an IPO valuation of somewhere between $6 billion to $8 billion, the news agency reported.
- Launched by Whitney Wolfe Herd in 2014, Bumble has grown to around 100 million users.
- Data shows it is the second most popular dating app after Tinder.
- Visit Business Insider’s homepage for more stories.
Bumble, the location-based dating and networking app that allows women to make the first move, is prepared to go public as soon as early 2021, according to a Bloomberg report.
Bumble’s initial public offering could be valued somewhere between $6 billion to $8 billion, Bloomberg said, citing its sources. The company is currently in discussions with underwriters.
No final bank lineup has been settled as the intended float has not yet been finalized and the timing may still change.
Texas-based Bumble would be the latest tech company to join the IPO market that could see other listings this year, including vacation rental app Airbnb and food delivery service Doordash.
Last year, private equity firm Blackstone took a majority stake in Bumble’s parent firm MagicLab, valuing the online dating platform at about $3 billion.
MagicLab’s founder, Andrey Andreev, sold his entire stake to Blackstone and stepped away from the business. Founder Whitney Wolfe Herd, who previously co-founded rival app Tinder, took over the reins as Bumble’s present CEO, while retaining a 19% stake.
Venture capital firms Accel, Bessemer Venture Partners, and Greycroft are said to be Bumble’s other investors.
Launched in 2014 by Wolfe Herd, Bumble has grown to around 100 million users. It is the second most popular dating app after Tinder, according to data from Statista.
Dating platforms such as Tinder, Bumble, and Hinge reported increased traffic during the coronavirus pandemic as millions remained confined to their homes, leading to a dramatic rise in desire for human contact and connection.
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