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Dating app company Bumble Inc. (NASDAQ:BMBL) has announced plans to acquire Geneva, an app designed for group and community connections based on shared interests. The financial terms were not disclosed.
Bumble’s suite of apps currently includes Bumble, Badoo, Fruitz for dating, Official for committed relationships, Bumble For Friends for friendships, and Bumble Bizz for professional networking.
Bumble intends to leverage Geneva to expand the Bumble For Friends feature, transitioning from one-to-one interactions to larger group and community engagements.
This move aligns with Bumble’s commitment to creating safe and welcoming environments for all types of connections.
The acquisition is expected to be finalized in the third quarter of 2024, pending standard regulatory approvals and closing conditions.
Also Read: Bumble Pulls Anti-Celibacy Ads After Outcry: ‘We Unintentionally Did The Opposite’
The company has recently laid off 30% of its workforce due to weak earnings, signaling a shift towards prioritizing community-building.
Geneva, founded in New York in 2019, focuses on connecting individuals with similar interests in local areas. It had raised around $36 million from notable backers, including Coatue, Instagram founders Mike Krieger and Kevin Systrom, Sequoia's Michael Moritz and Patreon co-founder Jack Conte, reported TechCrunch.
Founded by Whitney Wolfe Herd in 2014, Bumble was one of the first dating apps built with women at the center and connects people across dating, friendship, and professional networking.
Bumble stock has lost more than 29% in the last 12 months. Investors can gain exposure to the stock via Trenchless Fund ETF (NYSE:RVER) and IShares Robotics And Artificial Intelligence Multisector ETF (NYSE:IRBO).
Price Action: BMBL shares are trading lower by 1.6% at $12.10 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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