The OPW/iDate Weekly News Summary.
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Bumble Welcomes Priyanka Chopra As Investor, Partner In India Expansion
THE BEEHIVE - Oct 5 - Priyanka Chopra is an Indian actress, producer, philanthropist, activist, and entrepreneur. She is joining Bumble ahead of its upcoming expansion into India. Bumble and Priyanka first began collaborating for the launch of Bumble Bizz in October of 2017. From then on, they began architecting a plan to partner and collaborate on a rollout into India. Priyanka's manager Anjula Acharia also joins Bumble as a strategic advisor. Bumble will officially launch in India this fall after spending the past 9 months building a local team, defining a go-to-market strategy, and engaging key partners in the market.
Dating Startup Betterhalf.AI Raises $500K In Seed Funding
ANALYTICS INDIA MAGAZINE - Oct 11 - AI-based dating startup raised $500K in a seed funding round. The investors included former MD of Google India Shailesh Rao, former investment director of Flipkart Rehan A Khan along with other senior investors. The startup has already raised ~$750K till now. Founded in 2016, by two MIT alumni, Pawan Gupta and Rahul Namdev, Betterhalf.AI uses artificial intelligence to find matches through compatibility scores based on multiple relationship dimensions and their interactions on the product.
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The Match Group: We Underestimated Tinder, But So Did Sean Rad
FORTUNE - Oct 10 - The Match Group on Tuesday filed a motion to dismiss a lawsuit accusing it of undervaluing Tinder, saying that Sean Rad was closely involved in Tinder's valuation and underestimated its potential revenues. Tinder co-founder Sean Rad and a group of ex-Tinder workers filed the lawsuit in August, alleging that Match lowballed Tinder's valuation in July of last year to stop Rad accessing from the full value of his stock options. The group alleges that Match created "a false picture of Tinder's financial condition and prospects" resulting in "bogus numbers," or a $3B valuation. IAC say that Rad was closely involved in determining that $3B number. He estimated that Tinder to bring in $500M in revenue this year - significantly less than the $800M they now project for 2018. Match didn't predict Tinder's success over the past year, but neither did Rad, Match claims.'
Bumble Owner Targets Nasdaq IPO To Become World's Top Matchmaker
BLOOMBERG - Oct 11 - The group behind Bumble is weighing an IPO in the U.S. as part of its plan to become the world's biggest dating business, according to founder Andrey Andreev. "We're now in very deep discussions with banks," including JPMorgan Chase & Co., Andreev said. Andreev, 44, is the majority shareholder of Bumble owner Rimberg International Corp., a holding company that also controls gay-dating app Chappy and London-based Badoo. Andreev, who founded Badoo in 2006, hopes the IPO will help his firm overtake Match Group. Andreev said revenue may be as much as $400M this year, which is less than a third of Match's $1.33B last year. Bumble would be the "umbrella brand" for any IPO, which won't happen before year-end, he said. Badoo invested $10M to help Wolfe Herd start Bumble, giving Andreev's group a stake of ~75%. Today, Bumble has 41M users, more than double from a year ago. "Bumble is going crazy," Andreev said. "Bumble is already in Germany, and it's growing at 500% a month there."
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No ICO For Dating Startup Ohlala
GRUENDERSZENE - Oct 11 - "Paid dating" startup Ohlala wanted to raise 100M Eur from an ICO. But Ohlala's founder Pia Poppenreiter now said there will be no public token sale. "I realized that this would not serve the larger goal of building a sustainable, global player in the paid dating industry," said the founder. The Ohlala team does not seem to be the only one that currently disregards an ICO. ICO global investment fell sharply as the year progressed: In January, companies raised $ 2.4B in ICO compared to $300M in September. ICOs can be a huge risk for the investors: Those who participated in the ICO of the Frankfurt Fintechs Savedroid money, lost 93% of their money.
AdultFriendFinder User Files Suit Over Data Breach
LEGAL NEWSLINE - Oct 9 - A California man alleges his confidential personal information was compromised in an adult dating site data breach that happened in October 2016. Hackers accessed 339M accounts. The plaintiff holds FriendFinder Networks Inc. responsible because the defendant allegedly failed to implement industry-standard measures to safeguard users' personal information and failed to immediately notify its members whose information may have been compromised.
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Facebook Dating To Be Added To Users' Profile Tab?
SOCIALBARREL - Oct 11 - Soon-to-be launched Facebook Dating could be accessible through users profile tab - and that is per reliable Jane Manchun Wong. Wong, who all the while has been consistent in bringing latest news on various Facebook products via her Twitter page, said users can access Facebook Dating through the profile tab as soon as it is launched. Wong supported her claim with the screenshot below.
The Inner Circle Just Won Deloitte Technology Fast 50
SILICON CANALS - Oct 12 - The Inner Circle, a selective dating app, won the Deloitte Technology Fast 50. At a gala dinner in Amsterdam, the Amsterdam-based company beat "Slack for retail" - startup Speakap and last year's winner Sendcloud. The Inner Circle showed a four-year growth of 3460%, with Speakap (2143%) and Sendcloud trailing behind (1928%). The dating app lately went live in Melbourne, Sydney, and Hong Kong. The last edition, the startup won the title Most Disruptive Innovator at Deloitte Technology Fast 50.
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