Andrey Andreev, the founder of Badoo, the controversial London-based company that owns a series of dating apps and was the main backer and builder of Bumble, is selling his entire stake in MagicLab, the company that owned both Bumble and Badoo (and other dating apps), to Blackstone and will step away from the business.
Whitney Wolfe Herd, Bumble’s founder, becomes become the CEO of the whole company, retaining much of her stake in the business in the process.
“This transaction is an incredibly important and exciting moment for Bumble and the MagicLab group of brands and team members.
But while Bumble has been growing at a healthy clip — in addition to being profitable, MagicLab had revenue growth of 40% annually — the transaction caps off a tumultuous time at the corporate level for the company.
The bigger company at the time also included the eponymous Badoo app, which itself now has 450 million users, as well as a number of others targeting more specific communities (for example, older people), and it was altogether expecting to make some $400 million in revenues in 2018.
They have a highly talented team and strong set of platforms, including Bumble, which was built on a commitment to inclusion and female empowerment,” said Jon Korngold, Head of Blackstone Growth (BXG), in a statement.
As with Wolfe Herd and Blackstone, Andreev does not address this aspect of the story in his statement on the sale, focusing instead on making a good return on his investment to fuel building more apps ahead.