Technology

Dating app Bumble preparing for an IPO above $6 billion

The firm's IPO could come early next year, Bloomberg reported, amid a string of tech companies going public as markets recover

LABS and Reuters

02.Sep.2020 09:36 BRT
UPDATED 11:52 BRT

Bumble has over 100 million users, which puts it in the second position among dating apps, behind Tinder;
Over 70% of its users come from the U.S, but Europe, Australia, India and Mexico have significant bases, says SensorTower.

Dating app Bumble is preparing for an initial public offering (IPO), and could seek a valuation of $6 billion to $8 billion, Bloomberg News reported, citing people familiar with the matter.

Bumble’s IPO could come early next year, the report said, adding that no plans had been finalised and the timing of the IPO could change.

Tech companies are looking to ride the stunning recovery in U.S. capital markets from the Covid-19 pandemic that earlier this year forced several companies to postpone their debuts. Short-term home rental company Airbnb, for instance, already made its first moves to perform its IPO before the end of the year.

According to Bloomberg, Bumble is a “dating app that lets women make the first move”. The app was started in 2014 by founder Whitney Wolfe Herd, who previously co-founded Tinder, the leader in the field of dating apps, where she had been an executive.

According to TechCrunch, Bumble has grown to more than 100 million users, which puts it in the second position among its peers. Over 70% of its users come from the U.S, but Europe, Australia, India and Mexico have significant bases.

Private equity firm Blackstone bought a majority stake in Bumble in 2019 – when the app was known as MagicLab — in a deal that valued the company at $3 billion.