The founders of the dating app Bumble have launched the Bumble Fund, a venture capital establishment designed to help female founders launch businesses of their own. The fund will focus on early-stage investments with an emphasis on businesses founded by women of color and other underrepresented groups.
In an announcement released on its media site, Bumble founders detailed their motivations for creating the fund. As of 2017, women were awarded only 2% of all venture capital funding in the US, with women of color doing even worse. This is despite factors such as black women being both "the most educated and most entrepreneurial demographic in the US but receiving only 0.2% of all venture funding for their startups last year."
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Bumble itself has a history of being big proponents of gender equality, 85% of its Austin headquarters staff are women and the Bumble app itself was launched by women specifically to provide women with a better dating experience. And so, with this fund they also want to be "part of the solution".
Bumble's chief operating officer Sarah Jones Simmer and senior adviser Sarah Kunst will head up the Bumble Fund investment strategy. Some of its early commitments include BeautyCon, Cleo Capital, Female Founders Fund, Mahmee and Sofia Los Angeles.