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"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," Wolfe Herd said of Bumble Fund in a 2019 interview with the Female Founders Fund. The company also launched its own fund in 2018 which focuses on early-stage investments to businesses founded and led by women of color and underrepresented groups, with Serena Williams as an investor. Its board has included lawyer Michele Kennedy who launched Peanut in 2017, an app which connects mothers looking to find new mom friends, and boasts over a million users. Ann Mather, who formerly worked as CFO of Pixar Studios and serves on the board of companies including Alphabet, Netflix and Airbnb, joined Bumble's board of director's last year. "I think what she's proven is that you can put women first and you can build a huge company behind that."īumble's board is majority female. Seeing more "role models" like Wolfe Herd take their companies to IPO can help, said Anu Duggal, founding partner at the Female Founders Fund. venture-backed start-ups raised record amounts of capital, funding to female founders fell to a three-year low, according to data from Crunchbase. But the industry still has a long way to go to attaining equitable funding and it could take years to see results. Increasing funding to female and minorities entrepreneurs starts by putting them in the boardroom and at venture firms, as investors can attract diversity, she said. Now Bumble also can boast about becoming a member of a small but growing list of female-founded companies to IPO, which already includes Stitch Fix founder Katrina Lake and the RealReal's Julie Wainwright. As of the third quarter of 2020, it boasted nearly 42 million active users looking to find love with the swipe of a finger. Nearly seven-years later, the company that prides itself on its female-first approach - and which soared in its opening trade on Thursday after raising $2.2 billion in an initial public offering that exceeded expectations and valued the firm at over $7 billion - has garnered a devoted following.
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So she turned traditional dating norms upside down, creating an app launched by women, guided by women and for women that defied age-old gender norms by letting the women make the first move.
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When Bumble founder and CEO Whitney Wolfe Herd launched the dating app in 2014, she wanted to solve a real-world 21st century relationship problem: how to find love for the millions of women just waiting around for men.