Bumble announces IPO, plans to go public with 42M monthly users

Source: Private Equity Insights

Women-led relationship and dating application, Bumble has recently announced its Initial Public Offering (IPO) revealing that it has recorded over 42 million monthly active users.

The social media platform brings career building, friend-finding and dating together on a single platform for users to enjoy the era of digital communication. The start-up has recently filed for an IPO and listed its Class A shares on the NASDAQ, global stock market index under the name ‘BMBL’ according to the United States Securities and Exchange Commission, also commonly known as the SEC.

Founded back in 2014 by Whitney Wolfe Herd, Bumble has the potential to become a prominent women-led brand that continues with its efforts to support the community in their relationship journeys, says the founder in a letter filed with the SEC. She further mentions that Bumble, as a platform excels in helping people find new healthy relationships in three different tangents, be it career, love or friendship.

As mentioned in a report by PYMNTS, the relationship start-up has a monthly active userbase of over 42 million, according to the regulatory filings.

Bumble has reportedly raised undisclosed funding from three financing rounds. The latest round concluded on March 1, 2020, according to company profile on CrunchBase.

As mentioned in a report by Sensor Tower, Bumble runs two apps under it; the Bumble app and the Badoo app. Bumble app was introduced in 2014 while the Badoo app has been in operation since 2006. Since its inception. Bumble has been on the fame page being among the first dating apps led by a women entrepreneur. It has held its position as the world’s second highest-grossing dating and relationship application. Badoo app takes the fourth position on the highest-grossing charts worldwide.

The existing investors of Bumble include Greycroft- a New York-based Venture Capital firm, US-based growth Venture Capital company- Accel and one of India’s top actresses, Priyanka Chopra Jonas who first invested in the company back in 2018.

Bumble plans to go public when most companies and start-ups are aiming to capitalise on one of the strongest IPO markets in two decades, according to NDTV. The dating app says that it has recorded a steady revenue growth with increased operating costs which has resulted in losses. Furthermore, the regulatory filings mention that the start-up has found a flaw in its internal which is lack of control over its IT and defined processes.