It was announced this week that the leaders at dating app Bumble put together a fund to help female-founded businesses. The Bumble Fund, started by the COOs of the company, already has a million dollars ready for investment.
Bumble Fund money will go to “companies that primarily serve women, with a focus on female founders from diverse backgrounds.”
This support for female-run businesses is a nice change, especially at a time when there are so few female CEOs that run Fortune 500 companies. There has always been a glass ceiling for many women, and starting a new company is one way a lot of women have dealt with inequality at work. Of course, it’s hard for any new business. Which is why Bumble put together a fund to help female-founded businesses.
Sarah Jones Simmer, Bumble’s COO says:
“We want to give more than capital. We are in a privileged position of having built a legacy of experience over the last four years. And so much of what we are tackling is what other founders are facing on a day-to-day basis.”
Sarah Kunst, Cleo Capital’s managing director, is serving as an adviser to Bumble’s fund and helping the dating app company find investment opportunities. Bumble hopes to generate other leads and funding opportunities through it’s networking app, Bumble Bizz.
“Bumble’s fund has already made commitments to a handful of businesses on an ad hoc basis. Those include prenatal and postpartum healthcare company Mahmee, beauty startup BeautyCon and swimwear startup Sofia Los Angeles, which was a winner of a pitch competition Bumble put on in the spring. Bumble also has invested in several female-focused investment funds including Female Founders Fund and Cleo Capital. Bumble declined to share the specific amounts it had invested in those companies.”
Founded by Whitney Wolfe Herd in December 2014, Bumble has 37 million users and is valued at about a billion dollars by Forbes.