Hey Snackers,
Perfect Valentine's Day meal for homebodies: 3D rib-eye, fresh out of the steak printer. Sooo much tastier than the '90s Epson black-and-white fillet.
Stocks closed at record highs again, boosted by a string of positive earnings. Bitcoin also soared to a record after BNY Mellon announced a new crypto unit.
PS: The market is closed on Monday for Presidents Day (aka: Washingtonâs Birthday) â so we'll be back in your inbox on Tuesday.
Love at first swipe... More like: love on first trading day. Bumble saw its stock pop as much as 80% during its first day as a public company (#romantic). Shares of the female-focused dating app closed the day up 64% from their IPO price. And Bumble's 31-year-old founder and CEO Whitney Wolfe Herd became the youngest woman to ever take a company public. Women are Bumble's competitive advantage, in more ways than one:
But don't call it a dating app... Bumble prefers "preeminent global women's brand." In addition to Bumble Date: it also offers Bumble Bizz for career networking (think: swipeable LinkedIn), and Bumble BFF to connect with new friends (without benefits).
Bumble wants you for life... not just for your "single and ready to mingle" stage. It's a notably different strategy than Match Group's Hinge, which calls itself "the app that's designed to be deleted." To provide lifetime value post-DTR, Bumble is expanding into platonic categories. It's even planning to monetize BFF, Biz, and "other potential new categories." We're thinking "Bumble Bark" for dog-lovers.
Like tech Twitter, for audio... Nightmare fodder. Buzzy audio-based social network Clubhouse recently raised cash at a reported $1B valuation, 10X its valuation in May. Back then: the invite-only app had just 1.5K users and was almost exclusively filled with early investors, their friends, and tech bros. In less than a year, it has gained 5M users, mainstream appeal, and a potential Facebook copycat. Thatâs largely thanks to its community of Black users:
Pull up the stats... Clubhouse isnât the only social app whose growth was propelled by Black communities. In the early stages of Snapchat, Vine, and Dubsmash, Black people were overrepresented in usage â fueling mainstream adoption by making these apps cool, creative, and relevant. âCommunities of color drive the cultural conversation and a lot of the initial wealth creation for apps like Clubhouse,â according Mercedes Bent, partner at Lightspeed Venture Partners. While Black communities drive growth, they donât reap its financial benefits as much. Thatâs partly a result of:
Gatekeepers are key to greater inclusion... That's why VC firms like Andreessen Horowitz and SoftBank have created funds geared towards BIPOC entrepreneurs. But VCs arenât the only drivers of change: barriers to inclusion appear at much earlier stages than the VC pitch room, preventing people from becoming entrepreneurs in the first place. That includes the massive racial wealth gap, which limits access to loans, capital, and educational opportunities that drive innovation.
Authors of this Snacks own shares of: Disney, Walmart, Match, and Microsoft
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