Bumble chief operating officer Sarah Jones Simmer will lead the investment strategy alongside Bumble senior advisor Sarah Kunst in the hopes of raising capital for their business through bolstering female entrepreneurs.
In a statement regarding the fund’s launch, Simmer noted, “Investing in and empowering women in business is something that our founder and CEO Whitney Wolfe Herd is deeply passionate about and is at the very core of what Bumble stands for.”
One of the initial commitments of Bumble Fund includes a winner of Bumble’s “Bizz Pitch,” Sofia Los Angeles, who founded a swimwear company. Other commitments include Mahmee, a healthcare platform designed for coordinating prenatal care, BeautyCon, the digital media company that holds a focus on the beauty industry, and Female Founders Fund, who lead early stage funding for backing female talent.
The fund will offer investments that range from $5,000 to $250,000 to companies headed by women. Bumble has currently committed over $1 million, as of this writing.
Bumble currently holds an 85% female workforce, and claims this fund will mend the ongoing issue regarding women being “largely ignored by the venture capital establishment.”
In a recent blog post, Bumble noted that startups headed by women received only 2% of all venture capital last year. The post went on to explain, “Black women are both the most educated and most entrepreneurial demographic in the U.S., but received only 0.2% of all venture funding for their startups last year.”
Bumbles hopes to discover new founders to back through a future Bumble Bizz pitch competitor. Moving forward, the team will work toward further developing the dating app’s business networking platform that is available within the flagship mobile app.