Bumble is reportedly planning to IPO — let's talk dating in corona-times
Your move, girl... Bumble, the dating app where women have to make the first move, is open to pursuing a public relationship with investors (opposite of going "exclusive"). The beehive-themed dating & networking company is reportedly planning to IPO at a $6B-$8B valuation in early 2021. Dating is hard — it's even harder during a world-shattering pandemic:
- No more Friday dinner night out: Instead, you're eating TJ’s pad thai in bed while aggressively swiping. That drives engagement for Bumble and Tinder/Hinge-owner Match.
- No more eye contact across the dance floor: Global online dating was up 82% in March, as you made eye contact with 837 Tinder profile pics instead.
- No more physical connection: All you need is a strong WiFi connection. Bumble video chat usage soared 93% after a national emergency was declared.
It's a great time to DTR... with investors. While in-person meetups are dead, the need for looove isn't. So dating apps are thriving. Both Bumble and its publicly-traded rival Match make most of their $$$ from paid subscriptions (Bumble Boost, Tinder Plus) – these have grown during the pandemic.
- Match stock has soared almost 700% since its 2015 IPO, and 40% since January alone.
- Bumble now has over 100M users worldwide — it's hoping public investors will want to match with it, too.
Online Dating’s stigma is gone, thanks to COVID... We've gone from "we met at a bar" lies to Bumble-themed weddings where you swipe to RSVP (#loveatfirstswipe). There's now more stigma around going to a bar than video chatting with a stranger on Tinder. ~40% of all relationships in the US start online. Since the chances of meeting someone in person are slimmer than ever, that number will likely jump faster. Bumble could find long-term love on the public market.