Online dating app Bumble Inc.’s shares have soared over 70 per cent in New York, valuing the women-led company’s chief executive Whitney Wolfe Herd’s nearly 12 per cent stake at over $1.5 billion. Herd is now the youngest female CEO to take a company public in the US and also the world’s youngest self-made woman billionaire. Off late, Priyanka Chopra Jonas invested in the social networking and dating app bumble. Let us understand why celebrities like Priyanka invest in various start-ups.
The main unique selling point of Bumble is that it is termed as a “feminist dating app” where conversation only starts on a woman’s initiative in case of heterosexual matches. As of 2020, the app had more than 100 million users in 150 countries including India. It is also a platform for friendships and professional communication under the verticals Bumble BFF and Bumble Bizz, respectively.
Bumble has a “freemium model”, where users join and use the app for free. Their revenue streaming comes from in-app purchases and different subscription offerings like Bumble Boost and Bumble Premium.
The company has guidelines that ban people who body shame anyone. Bumble users cannot use “fatphobic, ableist, racist, colourist, transphobic, homophobic and other body-shaming” related languages. US tennis star Serena Williams marketed the app while Priyanka invested in the app. With women making the first move, these women believed in the app and promoted it.
Priyanka Invests in Bumble
With Bumble debuting its IPO at $43, Priyanka Chopra became an investor. Chopra has always been a budding women entrepreneur. She set up her production company Purple Pebble Pictures to focus on producing small budget films and to introduce and promote new talent in the Indian film industry, particularly regional Indians films. She produced several Indian regional language films, including Pahuna: The Little Visitors (2018) and Paani (2019), which won the National Film Award for Best Film on Environment Conservation/Preservation at the 66th National Film Awards.
In 2018, Chopra started investing in tech companies by investing in a coding education start-up called Holberton School and the dating and social media app Bumble. The Bumble app was launched in India with the help of Chopra in October 2018. Chopra believes ideas are the currency of the present. She also launched her haircare line called “Anamoly Haircare” which become available exclusively in Target stores, U.S in February 2021.
Why do celebrities invest in start-ups and what is in it for you?
Several celebrities are looking forward to investing in various start-ups that match their philanthropy. They look for concepts or ideas that interest them and innovations that impact the world. By investing in such start-ups, they boost the sales and reach of these companies, and with a celeb on board, their brand value increases. Celebrities also invest in start-ups because their investments have good returns. They want to invest their earnings in companies that pay off later. Especially celebrities who become brand ambassadors or major stakeholders, future prospects are beneficial and profitable for both the company and celebrity investing in it.