Dating app Bumble acquired for $1.3bn by Ithaca Holdings
Key Takeaways
- Ithaca Holdings acquires Bumble for $1.3bn.
- New co-CEOs Ravi Gupta and John Hegeman plan to integrate AI into the platform.
- Founder Whitney Wolfe Herd will stay actively involved with the company.
- The deal follows steep financial losses and a valuation drop from its 2021 peak.
Dating app Bumble has been bought for $1.3bn by investment firm Ithaca Holdings in a deal the new owners describe as a 'bet on the future of humanity.' Incoming co-CEOs Ravi Gupta and John Hegeman plan to use technology and AI to revitalize the platform, which has faced steep losses and a major drop in valuation since its 2021 stock market peak. Founder Whitney Wolfe Herd will remain closely involved after stepping down from her day-to-day role.
The acquisition comes during a turbulent period for online dating platforms, which have seen user growth plateau and younger generations grow disillusioned. Earlier this year, Bumble controversially dropped its famous 'women-first' messaging rule to offer more flexibility, alongside implementing workforce reductions and introducing AI-driven profile features to adapt to changing market demands.
Recommended for you
Tools and services we trust to boost productivity and content workflows.
Browse picks