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IPO investors seem to think they’ve found a true match with dating app company Bumble.

The company behind Badoo and the Bumble app raised $2.2 billion in an offering of 50 million shares priced at $43, more shares sold at a higher price than previously anticipated.

Last valued at about $3 billion when Blackstone acquired the business in 2019, it is now valued at about $8.2 billion.

As we all wait for the inevitable fury around the IPO pop or radio silence should shares fall in its first day of trading, here’s the skinny on Bumble’s financial picture:

  • The dating app that lets women make the first move posted revenue of about $416.6 million for the first nine months of 2020, surpassing
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Match Group (Nasdaq: MTCH), the company that owns dating app Tinder, agreed to acquire Hyperconnect, a South Korean maker of apps aimed at forming friendships, for no small amount: about $1.7 billion in cash and stock for the owner of the Azar and Hakuna Live apps.

“Coronavirus is accelerating existing digital trends” may be a phrase that has become overused at this point—but it still holds water. And there’s perhaps no better proof than this. The effects of loneliness became front and center in the isolating nature of the pandemic. The deal allows Match to expand beyond romantic liaisons and into platonic ones, and also grow in different geographic regions.

“With more than 75% of usage and revenue coming from markets spread across Asia, their product suite and regional footprint squarely complements our own,”  Match Chief Executive Officer Shar Dubey said of Hyperconnect.

The deal also points to a … Read the rest

The grainy security camera footage is shocking.

The elderly man walking down the street in Oakland, Calif.’s Chinatown neighborhood never even sees his assailant, a man who shoves him to the ground with brutal force and walks away. The video of the attack on the 91-year-old man, recorded on January 31, became the most recent evidence in a wave of mostly unaddressed hate crimes against Asian Americans and Pacific Islanders.

Now, activists have had enough.  

It’s been a long time coming. Hollywood stars began calling out the racist violence early in the pandemic. By mid-summer, Stop AAPI Hate, an alliance of three organizations serving AAPI communities, began documenting the incidents. They quickly found that bullying, assaults, and verbal abuse were “becoming the norm” across the U.S. By September, it seemed that one in four young Asian American adults had been bullied or otherwise harassed.  

Actors and activists Daniel Read the rest

A naive part of me hoped for a slow start to Monday. This was not my 👏 day 👏.

Let’s kick off the week with a highly debated topic: the move by some venture capitalists to Florida and Texas.

Founders Fund, the venture capital firm founded in part by Peter Thiel, has rented out space in Miami for a new office.

The firm, which has invested in the likes of Airbnb, signed a one-year lease at a space with 2,073 square feet in the city. Joining the outspoken number of investors frustrated by San Francisco’s government, Founders Fund General Partner Keith Rabois recently announced his move to the city in November and acquired a home in the area.

On Twitter, Rabois has been highly vocal about his bullishness towards the city: “It has been easier to recruit people to join our new startup in Miami than to persuade … Read the rest