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Dating App Bumble Launches A Fund To Invest In Other Female-Founded Startups

Popular dating app Bumble may be less than four years old, but that’s not stopping it from becoming the latest buzzy startup to commit to investing in other startups coming up after it.

Bumble is announcing on Wednesday that it has launched Bumble Fund, a fund focused on investing in female-founded and female-led businesses. The fund, which Bumble says it has committed more than $1 million to so far, will invest checks from $5,000 to $250,000 in companies that primarily serve women, with a focus on female founders from diverse backgrounds.

“We want to give more than capital,” says Sarah Jones Simmer, Bumble’s COO, who will be leading the fund. “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.”

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.

To find deal opportunities, Bumble turned to Sarah Kunst, Cleo Capital’s managing director, who is serving as an adviser to Bumble’s fund. Bumble also hopes to surface investments through the professional networking tool within its app, called Bumble Bizz, says Jones Simmer.

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