Industry

Bumble and Match Group’s female CEOs have spoken out against new legislation in Texas banning access to abortions and have offered to cover travel costs to help employees get care in other states, and Citigroup’s female CEO has announced her company will do the same.

Over the past several months, Republican-led states including Texas have been passing an array of new extreme anti-abortion laws, including narrowing the abortion care window down to a six-week period before a woman typically knows she’s pregnant, allowing citizens to sue those who help someone get an abortion, and even outlawing abortions for ectopic pregnancies, which are not viable and put the mother at risk. States are enacting these laws in anticipation of the Supreme Court chipping away at existing protections later this year, notably Roe v. Wade.

Match Group and Bumble have headquarters in Texas, where some of the most restrictive state legislation in regard to abortion access has taken place in recent months.

Bumble dating app has partnered with Gucci to help support female entrepreneurs, furthering its mission to empower women not only in their personal lives but professional careers. The move was announced at a kick-off party for this year’s SXSW conference in Austin, Texas, where Bumble has its headquarters.

The two companies held a joint event at a downtown Italian restaurant to highlight female innovators across fashion, technology, film, and music, according to Vogue. The event specifically supported the work of DivInc, “a Texas-based non-profit that works to achieve greater social and economic equality” through supporting those who are starting their own businesses. The non-profit is set to start its new Tech Accelerator Program to benefit women who are just starting out. Bumble and Gucci partnered for the event through their joint campaign called Chime for Change, which promotes gender equality.

Gucci was also celebrating the launch of its new store in downtown, Austin.

New dating apps like Thursday and POM are focusing their efforts on pandemic-weary singles ready to connect via in-person events.

According to a profile of the apps in Business Insider, the apps’ founders saw opportunity as singles grew tired of virtual dating during pandemic lockdowns. As restrictions are starting to lift across the globe, singles are eager to mingle in person again, which is providing new opportunities.

London and New York have both become test cities for Thursday’s events, according to Business Insider. The app has been hosting events in these locations, up to 15 per week that are surpassing venue capacity. This might change in the coming weeks with the latest Omicron surge, but so far it hasn’t slowed the company down.

Bumble’s stock jumped 20 percent after an earnings report from the company showed an increase in revenue for the fourth quarter of 2021, finishing far ahead of analyst expectations.

According to Yahoo!, Bumble’s overall revenue for Q4 in 2021 increased 25.7 percent to $208.2 million compared to $165.60 million for the same quarter the year before, including the negative impact from foreign currency movements year over year. Total paying users also increased 10.6 percent to 3 million, compared to 2.7 million at the end of 2020. Total average revenue per paying user (ARPPU) was $22.83 in Q4 2021, compared to $20.02 in Q4 2020.

While Badoo’s app revenue decreased 3.5 percent to $57.7 million compared with $59.8 million from 2020, Bumble app revenue was on the upswing with a 42.2 percent increase in revenue to $150.5 million in the fourth quarter last year, compared to $105.8 million the year before, not only offsetting but far surpassing the losses.

Dating platform Bumble announced that it will be stopping operations in Russia and Belarus because of the invasion of Ukraine. The company has removed its apps from the Apple Store and Google Play in both countries.

In addition to its signature apps, Bumble has removed its new and popular French app Fruitz, as well as Badoo which is popular across Europe, from app stores in Russia and Belarus, according to The Washington Post.

According to ABC local news in Texas, Bumble said it stands to lose about $20 million in revenue from Russia, Belarus and Ukraine due to the halting of operations. The Washington Post estimates this is less than .1 percent of the Bumble app’s revenue, and 2.8 percent of its revenue across all of its apps.

Online dating might be heading towards a sea change as VC firms invested about $31 million in 43 rounds of funding towards new dating apps in 2021. 

According to website Crunchbase which studies technology trends, the majority of companies raised angel, pre-seed and seed rounds, which means venture capitalist firms were interested in early-stage developments. (There were only three who received Series-A funding.)

Crunchbase also noted that every ten years there seems to be a shift in consumer preferences when it comes to dating app technology, and it usually follows the larger social app trends. Ten years ago, Instagram was the hot new app and dating apps like Tinder gamified their platforms to put photos front and center, where users could just look and swipe.