As declines in users and shifting Gen Z dating habits batter the online dating industry, Bumble is set to go private in a $1.3 billion deal with Ithaca Holdings after struggling for years to revive growth. Bumble said Ithaca co-founders Ravi Gupta and John Hegeman will become Bumble's co-CEOs after the takeover.
They will partner closely with the dating app’s founder, Wolfe Herd, to extend Bumble’s original vision—helping people find connections in life and love—into the next era.
Bumble and its rival Match, which owns Tinder and Hinge, have been battling declining user engagement, as younger users increasingly grow tired of swiping endlessly on apps and seek more organic ways to build connections.
An independent Special Committee of Bumble’s Board of Directors (Special Committee), advised by independent legal and financial advisors, conducted a rigorous process to evaluate a range of strategic alternatives.
After careful consideration, the Special Committee determined that Ithaca's proposed transaction was in the best interest of Bumble’s common shareholders and recommended approval of the transaction to the full Board of Directors. Acting upon the Special Committee’s recommendation, the Board unanimously approved the transaction, excluding Whitney Wolfe Herd who recused herself from the Board’s deliberations and voting on the matter.
Bumble’s Founder and CEO, Whitney Wolfe Herd, shared, “I am incredibly grateful to the entire Bumble team, whose dedication and belief in our mission have made this company what it is today. In Ithaca, we have found a partner who shares our vision, believes in our women-first mission, and is committed to investing in Bumble’s future. I am grateful to the Special Committee for their thoughtful work and am pleased to support this transaction based on the Board’s recommendation.”
