Dating app Bumble bought for $1.3bn in $1.3bn buyout deal
Key Takeaways
- Ithaca Holdings acquired Bumble for $1.3bn.
- New co-CEOs plan to integrate AI to drive growth.
- Bumble previously dropped its 'women-first' chat rule.
- The company faced steep losses after its 2021 peak valuation.
Dating app Bumble has been acquired by investment firm Ithaca Holdings for $1.3bn in a deal the new owners describe as a bet on the future of humanity. The loss-making platform, which recently dropped its famous 'women-first' messaging rule, will be led by incoming co-CEOs Ravi Gupta and John Hegeman. They plan to use AI to accelerate the business and foster deeper human connections.
Founder Whitney Wolfe Herd stated she will stay actively involved with the company she established in 2014. Despite its peak valuation of over $14bn following its 2021 IPO, Bumble has struggled with profitability and user retention amid a broader downturn in the online dating industry.
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