Bumble, which operates online dating apps including Badoo and Bumble, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $900 million.
The company operates the Badoo and Bumble online dating apps; the Bumble dating app is known for having women initiate conversations. Badoo and Bumble currently serve over 40 million users on a monthly basis, with an average of 150 million messages sent every day in the nine months ended September 30, 2020. Bumble and Badoo rank among the top five grossing iOS lifestyle apps in 30 and 89 countries, respectively.
The Austin, TX-based company traces its roots to 2006 and booked $543 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol BMBL. Goldman Sachs, Citi, Morgan Stanley, and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
