Badoo’s Andrey Andreev sells his stake in Bumble owner MagicLab to Blackstone, valuing the dating apps at $3B
Bumble, the popular and profitable dating and networking app built around the ethos of women calling the shots on how connections get made and developed, has made a deal for some independence of its own.
Andrey Andreev, the founder of Badoo, the controversial London-based company that owns a series of dating apps and was the main backer and builder of Bumble, is selling to Blackstone his entire stake in MagicLab, the company that owned both Bumble and Badoo (and other dating apps), and will step away from the business. Whitney Wolfe Herd, Bumble’s founder, becomes the CEO of the whole company, retaining much of her stake in the business in the process. We understand that stake is at about 19%.
The deal values Bumble and the wider business — which is profitable — at $3 billion.
Blackstone also will be making an investment in the company as part of the deal.
“This transaction is an incredibly important and exciting moment for Bumble and the MagicLab group of brands and team members. Blackstone is world-class at maximizing the success of entrepreneur-led companies, which presents a tremendous opportunity. We are very excited to build the next chapter with them,” said