Hello, Broadsheet readers! Biden-Harris debut takes place within a day, a mask brand carves a niche in a crowded marketplace, and Bumble goes public. Have a careful Tuesday.
– Buzz IPO. Just two weeks ago, we highlighted the disappointing trend Among US IPOs: Of the hundreds of companies that have gone public in the United States over the years, all but 20 have been founded and run by men.
At least one IPO in 2021 will go against the spirit of this phenomenon: Bumble’s.
Wolfe herd’s startup story drew tons of media attention. She started her career in the dating app Tinder but sued the company for sexual harassment and discrimination. The parts settled complaints without an admission of wrongdoing shortly before Wolfe Herd cast Bumble.
Bumble faced its own allegations of misconduct in July 2019, when former employees accused Andrey Andreev, then majority owner of Bumble, fostered a toxic workplace. Andreev said that “many accusations are inaccurate” but that he takes them “seriously”. he later sold his stake in the company. Wolfe Herd said she was by Andreev’s side and never witnessed inappropriate behavior, but she says would never “question someone’s feelings or experiences.”
The 2019 claims put Wolfe Herd in a tough spot because Bumble has always been a female striker. Wolfe Herd founded the app, she wrote in a letter to investors in Bumble’s S-1, on the idea that women should be able to take the first step in a “fearless and judgmental” relationship, and that encouraging them to do so would help to upset the dynamics of traditional and unhealthy dating which “weakened women and created unnecessary pressure on men.
Bumble’s commitment to women’s empowerment and women’s safety goes beyond digital twinning. In 2019, Wolfe Herd and Bumble supported a Texas law that criminalized the unsolicited sharing of nude images and Bumble launched a tool that automatically scrambles obscene photos sent to the application.
The brand’s approach has resonated with users. It reports having 42.1 million monthly active users at the end of September and could be looking for a valuation of between $ 6 billion and $ 8 billion, according to Bloomberg. He reported a net loss of $ 84 million on revenue of $ 376 million between January 29 and September 30 of last year.
Bumble’s IPO stands out for a few other reasons. At 31, Wolfe Herd will be one of the youngest female CEOs to go public with her company. And Bumble is expected to be listed on the Nasdaq with a board of directors made up of 73% women, a stark counterpoint to all companies that go public with mostly composed boards –otherwise entirely-men.