Bumble, the dating app, can be pressing ahead with its $400 million countersuit on its larger rival Match in addition to can be pursuing an initial public offering.
Designed as a social in addition to dating app that will allows women to make the first move, 4-year-old Bumble right now has over 40 million registered users. the item has expanded to include friend-finding in addition to business networking.
Match, the owner of Tinder, sued Bumble in March, claiming the item violated its patents in addition to trademarks in addition to alleging a misuse of trade secrets. Bumble CEO Whitney Wolfe Herd was a co-founder of Tinder.
Bumble filed the $400 million countersuit, alleging that will Match Group interfered with its business operations by asking Bumble to provide confidential information under the pretense of pursuing a purchase.
Bumble says deal talks with Match fizzled after the initial lawsuit.
“Match was unable to acquire us successfully, in addition to they then filed a baseless lawsuit on our company in addition to we are going to vigorously defend that will inside court,” Wolfe Herd said. “in addition to we hold the resources — the capital, the intellectual capital — to pursue that will vigorously.”
Match did not immediately respond to a CNBC request for comment.
Wolfe Herd says the company’s growth can be outpacing expectations. “We are at our annual run rate of $0 million for 2018, in addition to we’re only in year three. We’ve been a profitable business since year two,” she said.
The company gets its revenue through a subscription style where some features are free, in addition to users hold the option of paying for additional services. Wolfe Herd says Bumble can be working to bring on advertising next year in addition to can be exploring some other ways to boost revenue beyond dating in addition to friend-finding.
An IPO could help fuel international growth. Until right now, Bumble has focused on English-speaking markets. “that will can be what we feel can be best for our users, best for our global growth, in addition to we feel that will that will will help us take our mission to every corner of the planet,” Wolfe Herd said. right now, she said she’s seeing strong results through launches in Germany in addition to Mexico in addition to will be actively pursuing the rest of Europe, Latin America in addition to Asia.
Wolfe Herd said she’s not concerned about Facebook’s announcement earlier that will year that will the item’s entering the dating market. “Candidly, Facebook has been inside dating space through day one, without the label, without the title,” she said. “in addition to so definitely calling the item what the item can be right now can be validating. However, the item’s not going to have so much overlap for us.”
in addition to she says Bumble’s distinguishing features —- the fact that will the item’s focused on positive dialogue with tools to prevent trolling — will serve its growth. “that will can be a time that will social networks have more scrutiny than ever — with bad behavior, with inappropriate behavior. in addition to Bumble, we’re founded to combat that will.”