Forbes published Madeline Berg’s article titled “Bumble’s Whitney Wolfe Herd Swiped Right to a $230 Million Fortune”. The article reveals the $1 billion dollar app recently provided the founder with a fortune of $230 million. Though Wolfe Herd didn’t make the list for their “America’s Richest Self-Made Women”, the magazine believes the CEO will make the list soon if Bumble continues to grow at the same rate.
One of the biggest competitors Bumble deals with is Tinder. Wolfe Herd was one of the co-founders of Tinder and worked as the VP of Marketing. However, she left in 2014 after filing a sexual harassment lawsuit against her former boyfriend and co-founder Justin Mateen. It was revealed that he was later suspended from the company and Wolfe Herd settled the case for $1 million. View Whitney Wolfe’s profile on linkedin.
Though she didn’t want to continue in the dating sphere, a fellow dating app enthusiast, Andrey Andreev, convinced her to stick to what she knew. The founder of the dating app Badoo and Russian billionaire provided the startup funding of $10 million, obtaining 79% of the company. Wolfe Herd was also allowed to use the systems and software of Badoo. Using her talents in marketing and her idea to make a dating app centered on women’s experience, Whitney Wolfe Herd created Bumble.
In the first month, the dating app gained nearly 100,000 subscribers and in three short years, it spans the globe with more than 35 million users. The unique selling position of the company was the women first mindset, where the women make the initial contact, empowering women.
The company has also recently released expansions to the app that allows people to meet new friends and conduct business networking. The company continues to grow quickly, growing nearly 70% each year. It brought nearly $100 million in revenue in 2017.
WWD also featured Whitney Wolfe Herd in the article “Whitney Wolfe Herd Joins Imagine’s Board” discussing the recent venture between Wolfe Herd and Imagine Entertainment. She joined the company as a member of the board, acting as a non-voting member. Imagine Entertainment creates original programming, TV and feature films.