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Bumble (BMBL) is a US-based company that operates two popular online applications – Bumble and Badoo. These are location-based social apps that facilitate communication between interested users, allowing them to meet new people for dating, friendship and relationship. Described as a "feminist dating app", Bumble is the second-most popular dating service in the US after Tinder. In total, Bumble and Badoo have over 40 million active monthly users across 150 countries. In August 2020, they were two of the highest-grossing online dating mobile apps globally.
The company went public in February 2021. Bumble shares are now listed on the Nasdaq exchange under the ticker symbol BMBL.
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Headquartered in Austin, Texas, Bumble was founded in 2014 by Whitney Wolfe Herd, the co-founder of Tinder, with the help of Andrey Andreev, the founder of Badoo. They were later joined by former Tinder employees Sarah Mick and Chris Gulczynski who helped design the interface and launch the app.
Since its launch, the company has been steadily growing. In 2016, Bumble released ‘BFF’ mode in addition to its ‘Date’ mode to allow users to find friends. The same year, the business partnered with Spotify (SPOT), enabling users to show their music interests by connecting their Spotify account to their Bumble profile. In 2017, a career networking mode Bumble Bizz was launched.
In 2020, Bumble replaced MagicLab as the parent company of both Bumble and Badoo.
The company uses a freemium business model, which allows users to join and match for free. Its revenues are primarily generated from in-app purchases and different subscription offerings like Bumble Premium and Bumble Boost. The firm also makes money from advertising and partnerships.
Among the company's key competitors is Match Group (MTCH) that owns and operates a number of popular online dating services, including Tinder, Hinge, OkCupid and Match.com.
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The company had its initial public offering (IPO) on February 11, 2020, with Wolfe Herd becoming the youngest woman to take a company public. In the offering, Bumble sold 50 million shares at $43 each, raising nearly $2.2bn and giving the company a valuation of $8bn. During the first day on the Nasdaq exchange, the stock soared to $76 and closed the trading session at $70.31, gaining 64 per cent from its IPO price.
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