Bumble has announced the launch of Bumble Fund, a VC fund looking to support female founders and female-led businesses.
It will invest sums of between $5,000 and $250,000 in companies by women, for women. Women from minority backgrounds are especially welcome to put their initiatives forward.
COO Sarah Jones Simmer said to Forbes: “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.”
Some of the investments made already have been into swimwear, beauty, and prenatal / postpartum healthcare.
Sarah Kunst, Managing Director of Cleo Capital, is serving as an advisor to the VC fund. She will help Bumble to identify new businesses with high potential. Bumble will reportedly also be looking for entrepreneurs via Bumble Bizz.
Whitney Wolfe Herd’s dating app is set to make investments for an initial 18 months, before reviewing the programme and deciding whether or not to expand it.
On the question of Bumble Fund unintentionally excluding male founders, Jones Simmer said: “Us investing in prioritizing women as a way to put a little capital in the ecosystem. I would hope it would be met with excitement from both men and women.
“By focusing on bringing women up and making them feel safe and included, we create an environment healthy for men, too.”
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