Bumble Fund by the popular dating is a fund to invest in female-led startups. The company behind the app is less than four years old but it’s not too early to launch a fund that can be used by them to back other startups especially those led by females.
The fund called Bumble Fund was announced earlier today and it is focused on investing in female-founded and female-led businesses. The females are basically those from diverse backgrounds and working on startups whose target are also women. These are women particularly ignored by the establishment.
The founder and CEO at Bumble said this…
The gender gap in venture capital is staggering, particularly for women founders of color. @bumble, a tech company w/ an 85% female workforce, wants to be part of the solution. Today we launch Bumble Fund to invest in women ignored by the establishment. https://t.co/lj2edR8hof
— Whitney Wolfe Herd (@WhitWolfeHerd) August 15, 2018
With the over $1 million committed so far, and check ranges from $5,000 to $250,000, this has been ongoing for the past 18 months. However, Bumble plans to expand the size of the fund as it grows while also evaluating the performance of the fund.
Bumble is presently valued at $1 billion.
Over the course of the Bumble Fund, different female-led startups has been funded and mentored such as those in the healthcare, beauty and swimwear industry.