Whitney Wolfe Herd’s Creation of Bumble: The $13 Billion Dating App Poised to Revolutionize the Internet
Whitney Wolfe Herd, the youngest self-made female billionaire in the world, marked her company’s debut on the Nasdaq by ringing the opening bell with her one-year-old son in her arms. The event took place at Bumble’s headquarters in Austin, Texas, known as the “hive”, adorned with bright yellow balloons and hexagonal beehive decorations. Underneath a large illuminated sign that read “Make the first move”, Wolfe Herd celebrated this milestone, despite the exhaustion that came with it.
Wolfe Herd shared with GQ that the event was more tiring than it appeared on television. However, the hard work paid off when Bumble’s shares, initially priced at $43, soared to $76 the following day. This surge in share price resulted in a market capitalisation of around £13 billion, making 31-year-old Wolfe Herd the youngest woman to take a company public.
Bumble’s success among investors was not surprising. The perception of dating apps varies among individuals, depending on their personal experiences. Those who have never used a dating app may view them as impersonal and romance-killing. Those who used them over five years ago might recall unsolicited explicit content and ghosting. However, regular users, of which Bumble boasts 42 million each month, appreciate the well-engineered, safe platforms that provide conversation starters to facilitate interactions with matches. The era of profiles featuring scantily clad photos and height measurements is long gone.
Bumble stands out as one of the least toxic dating apps available. Its unique selling point is that women must initiate contact with their matches, reducing the number of unwanted messages. The app employs AI technology, known as a “private detector”, to identify and blur explicit images before they reach the recipient. Profile pictures featuring guns are strictly prohibited. The app’s overall atmosphere is more serious and secure compared to its competitors. As one regular Bumble user puts it, the app is “more wholesome”. Another unique feature is that women have 24 hours to start a conversation after a match is made, otherwise the match disappears. In same-sex matches, either party can initiate the conversation. This time constraint encourages users to actively engage in conversations and meet-ups, rather than just accumulating matches. Hence, the company’s motto, “Make the first move”.