Andrey Andreev Forms ‘Magic Lab’ and Invests $100 Million
Andrey Andreev has announced the formation of a new holding group to operate the brands associated with Badoo. ‘Magic Lab’ will act as the umbrella to Badoo, Bumble, Chappy and Lumen.
These companies will continue to benefit from Badoo’s shared technology and engineering resources, which can also be used to introduce and scale new products at speed.
The move sees a marketing push in the direction of wellbeing. According to a press release, Magic Lab brands will attempt to move the needle on issues such as ageism, misogyny and self-doubt. Badoo rebranded recently, introducing a new slogan: “Date Honestly”.
Further, Andreev has committed $100 million to “identify, recruit and support the next generation of product visionaries and innovative founders”. The cash, set to be used for marketing and brand building, can be applied for by submitting ideas on the Magic Lab website.
“Today we are making our mission known to the world – Magic Lab creates life-changing moments for millions of people by building relationships,” said the billionaire entrepreneur.
“Those special moments when people meet for the first time are what makes life memorable. The formation of this group reflects our belief that the Internet can be used as a force for good and that everyone deserves a connection, no matter your social, ethnic or economic background.
“Our differentiated technology platform, talent, and experience enables us to bring new consumer products, brands and features to the market faster and more efficiently than our competitors.
“After our success with Badoo, Bumble, Chappy and Lumen, we are continuing to search for innovative leaders who have new ideas on how to connect people together. Our dream is to create the future of relationships by building chemistry all over the world.”
Shares of Match Group fell around 0.8% following the announcement.
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