Bumble, best known for its female-centered dating app, is set to begin trading on the Nasdaq Thursday under the stock ticker “BMBL.”
The company was founded in 2014 by Wolfe Herd, who started her career at another dating service, Tinder. She initially set out to create a women-focused social network before landing on the concept of a female-focused dating app. Bumble requires women searching for heterosexual matches to make the first move, the idea being that this feature would empower women to make their own choices.
The idea took off. Bumble, headquartered in Austin, has become a household name even as it competes in a crowded market for dating apps. It also now offers services beyond dating, including professional networking (Bumble Bizz) and finding new friends (Bumble BFF).
Bumble’s public offering comes on the heels of multiple successful tech IPOs. Airbnb and DoorDash each soared in their recent public market debuts and continue to trade well above their IPO prices.
Unlike many other technology companies, the majority of Bumble’s board is made up of women. At 31, Wolfe Herd will become one of the youngest female CEOs in tech to take her company public, following in the footsteps of Katrina Lake, the founder and CEO of Stitch Fix, who was 34 when she saw her company through its IPO.
Sarah Kunst, managing director of early-stage venture capital firm Cleo Capital and a former senior adviser to Bumble, told CNN Business that Wolfe Herd’s IPO sets a meaningful example to other founders who don’t fit the mold of what a “tech entrepreneur” typically looks like.
Wolfe Herd’s success story bucks the notion that “you can only start a company credibly if you have multiple prestigious degrees [and] all the right experience,” Kunst said. “She played this game on her own terms.”
The fact that Wolfe Herd got Bumble to this point is significant in the larger push to diversify the venture capital and startup ecosystem so that men — and specifically white men — are not the only big beneficiaries and gatekeepers.
“Whitney and the Bumble IPO is a herald of that coming forward,” said Pam Kosta, CEO of diversity-in-tech nonprofit All Raise. “There is going to be a different kind of wealth creation from this particular IPO and what will people do with that wealth?”