Bumble is a dating app known for its design that reverses the normative behaviors adopted by genders in dating. What distinguishes the app from its competitors is that it requires women to make the first move.
The company focuses on creating a safe platform for women, as the CEO put it into words: “When women are safe and happy, everyone else follows, and it creates a better relationship for everyone.” Unsurprisingly, the company is backed by strong female leaders involving the CEO Whitney Wolfe Herd, the board of directors with a female majority, and investors Priyanka Chopra Jonas and Serena Williams.
Bumble accumulated $2.2 bn from its IPO this week. The online dating business surpassed expectations. Shares began trading above 77% of its IPO price on the company's public debut and had a market capitalization of $13 bn before the close on the same day.
Female leadership in a male-dominated industry
Traditionally, female CEOs had comprised a small percentage of all venture capital investments. This ratio dropped even further with the pandemic, and women-led startups received the lowest funding in the last few years. Hence, Bumble sets an example for female leaders in an industry mostly dominated by men: "Our aim is to be another voice calling out for more investment in women-owned businesses and encourage others to take part in bringing amazing women entrepreneurs into the heavily-skewed venture capital ecosystem." as said by Whitney Wolfe Herd.