Dating app Bumble is preparing for an IPO worth between $6 billion and $8 billion

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  • The dating and networking app Bumble is readying to go public as soon as early 2021, according to Bloomberg.

  • Bumble could seek an initial-public-offering valuation between $6 billion and $8 billion, the news agency reported.

  • Launched by Whitney Wolfe Herd in 2014, Bumble has grown to about 100 million users.

  • Data shows it is the second-most-popular dating app after Tinder.

  • Visit Business Insider’s homepage for more stories.

Bumble, the location-based dating and networking app that allows women to make the first move, is prepared to go public as soon as early 2021, according to a Bloomberg report.

Bumble’s initial public offering could be valued between $6 billion and $8 billion, Bloomberg said, citing its sources. The company is in discussions with underwriters.

No final bank lineup has been settled, as the intended float has not yet been finalized and the timing may still change.

The Texas-based Bumble would be the latest tech company to join the IPO market that could see other listings this year, including the vacation-rental app Airbnb and the food-delivery service DoorDash.

Last year, the private-equity firm Blackstone took a majority stake in Bumble’s parent firm, MagicLab, valuing the online dating platform at about $3 billion.

MagicLab’s founder, Andrey Andreev, sold his entire stake to Blackstone and stepped away from the business. Whitney Wolfe Herd, the Bumble founder who previously cofounded its rival app Tinder, took over the reins as Bumble’s present CEO, while retaining a 19% stake.

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The venture-capital firms Accel, Bessemer Venture Partners, and Greycroft are said to be Bumble’s other investors.

Launched in 2014 by Wolfe Herd, Bumble has grown to about 100 million users. It is the second-most-popular dating app after Tinder, according to data from Statista. 

Dating platforms such as Tinder, Bumble, and Hinge reported increased traffic during the coronavirus pandemic as millions remained confined to their homes, leading to a dramatic rise in desire for human contact and connection. 

Read more: GOLDMAN SACHS: Female portfolio managers are outperforming their male counterparts so far in 2020. These are the 25 stocks they own the most compared to men.

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