Dating app creator Bumble has acquired Geneva, an online platform focused on forming real-world groups and clubs. Bumble stated that this acquisition aims to transition its emphasis from “one-to-one connections to groups and communities” — essentially fostering friendships.
Terms of the deal remain undisclosed, but this announcement follows Bumble’s recent declaration of pursuing acquisitions for growth. CEO Lidiane Jones (who joined Bumble from Slack last year) mentioned in a recent earnings call that the company would assess the “value add” of an acquisition and its alignment with Bumble’s business goals.
“There are numerous intriguing tech companies across the industry that we keep an eye on, but we first evaluate whether it aligns with and accelerates our long-term mission,” Jones stated during the company’s Q1 earnings call this month.
Bumble has historically been cautious with mergers and acquisitions, acquiring the French dating app Fruitz two years ago and last year spending $10 million on Official, an app designed for couples.
Friends will be friends
Although Bumble is predominantly known for its dating app, the company recently hinted that friendships might become a larger focus moving forward. This shift is partly due to a general decline in dating apps which resulted in Bumble laying off 30% of its workforce this year following weak earnings. Bumble already offers a separate friends app aimed at meeting local people, and Geneva enhances this concept.
Founded in New York in 2019, Geneva focuses on connecting like-minded individuals in a specific area, whether for forming running clubs or book discussions. The company had secured approximately $36 million from notable investors, including Coatue; Instagram founders Mike Krieger and Kevin Systrom; Sequoia’s Michael Moritz; and Patreon co-founder Jack Conte.
In a LinkedIn post this morning, Jones indicated that the future strategy would be to “accelerate our friendship product using Geneva’s powerful technology platform.” This suggests that Geneva may eventually be integrated into Bumble, potentially ceasing to operate as a standalone platform. However, when queried by a news outlet, Bumble did not confirm the future status of Geneva. In a separate post, Geneva assured that it will continue to support “your existing groups,” and is temporarily limiting membership to invite-only during the transition. The final status of Geneva post-acquisition, expected to complete in Q3 2024, remains uncertain.
