Technology

Dating app Bumble preparing for IPO above $6 billion

Initial public offering could come early next year, sources say

The Bumble app was started in 2014 by founder Whitney Wolfe Herd, who previously co-founded Tinder. Photograph: EPA

Wed Sep 2 2020 - 16:34

Bumble, a dating app that lets women make the first move, is preparing for an initial public offering that could come early next year, according to people familiar with the matter.

Bumble could seek a valuation of $6 billion (€5 billion) to $8 billion (€6.7 billion), said one of the people, asking not to be named because the matter is private. While it is talking to banks, it hasn’t settled on a lineup, the people added. No plans have been finalised and the timing of Bumble’s IPO could still change.

It would be the latest technology company to consider jumping into the hot IPO market, which could see listings this year from well-known brands including Airbnb and Doordash.

Majority stake

Private equity firm Blackstone bought a majority stake in Bumble last year – when it was known as MagicLab – in a deal that valued the company at $3 billion (€2.5 billion). Founded in 2006 by Andrey Andreev, MagicLab had been mulling an IPO before that deal.

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Representatives for Bumble and Blackstone declined to comment.

The Bumble app was started in 2014 by founder Whitney Wolfe Herd, who previously co-founded Tinder, where she had been an executive. She became chief executive of the family of apps as part of the deal with Blackstone. Other investors include venture capital firms Accel, Bessemer Venture Partners and Greycroft.

– Bloomberg

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