MagicLab, the company behind a portfolio of dating and social networking apps including Bumble and Badoo, has sold a majority stake to Blackstone. The deal values the business at approximately $3 billion.
Founded by Andrey Andreev in 2006, MagicLab’s suite of apps has connected over 500 million people across the world across dating, social and business. The company’s portfolio also includes Lumen, a dating app specifically designed for over 50s, and Chappy, a social connection app on a mission to end the stereotyping of gay men in dating and friendship.
Andrey Andreev said:
“Blackstone presented MagicLab with a great opportunity to further develop the brands and platform, and I am confident Blackstone will take MagicLab to the next level in terms of growth and expansion.
“I am incredibly proud of the company, and of how we have connected millions of people around the world. At MagicLab, I have had the pleasure of working with some of the best and most talented entrepreneurs.”
As part of the acquisition, Andreev will be selling his stake and stepping down from the business.He will be replaced as CEO by Whitney Wolfe Herd, Founder and CEO of Bumble. Andreev said his priority now is to ensure a “smooth and successful transition” before embarking on a new business venture.
Whitney Wolfe Herd added:
“I am honored to take on the role of CEO of the group. I will strive to lead the group with a continued values-based and mission-first focus, the same one that has been core to Bumble since I founded the company five years ago. We will keep working towards our goal of recalibrating gender norms and empowering people to connect globally, and now at a much faster pace with our new partner.”
The financial terms of the deal were not disclosed.