Whitney Wolfe Herd is the founder and chief executive officer of Austin, Texas-based Bumble. Her dating app is now the second most popular one in the United States and the company itself is valued at over $1 billion. Bumble was launched in 2014 and made a name for itself as the dating app where women make the first move. She has since added onto the app and it can now be used to find friends as well as develop professional networks.
In any industry it is hard for women to create a new business. This is especially true in the technology industry. Whitney Wolfe Herd’s company is women-owned and its staff is 85 percent female. She is now looking to help other female entrepreneurs through a new venture capital fund she established, Bumble Fund. She started this fund with $1 million and is willing to invest anywhere from $5,000 to $250,000 in other companies launched by women like herself. Read more articles of Whitney Wolfe at vanityfair.com
Whitney Wolfe Herd pointed to the stats which show that very few women-owned companies receive venture capital dollars. Founders who are women have only gotten 2% of the $85 billion that was provided by venture capitalists in 2017, for example. The lion’s share of the money went to companies led by men, 79%, another 12% went to companies led by men and women, and in, 7% of the cases, it couldn’t be determined what the makeup of the team’s founders was.
Recently Whitney Wolfe Herd decided to decline an offer to buy Bumble. Match Group had made a $450 million offer to buy her company but she gave turned them down because she didn’t want to relinquish control of her company. The buyout would have inevitably changed just what Bumble is all about she felt. Since that time her company, which is privately held, has gone on to be valued at over $1 billion making it one of the unicorns of the technology industry to attain such a feat. She isn’t planning on giving up control of Bumble anytime soon to anyone.