US-based dating platform Bumble has launched a corporate venturing fund that will concentrate on female-founded and female-led businesses, Forbes has reported.
Bumble Fund has so far received $1m in capital from Bumble and will invest between $5,000 and $250,000 in each portfolio company. It is particularly targeting startups with founders from diverse backgrounds.
Sarah Jones Simmer, Bumble’s chief operating officer, will head Bumble Fund, taking advice from Sarah Kunst, managing director at venture capital firm Cleo Capital, one of Bumble’s existing commitments. Bumble has also backed another fund, Female Founders Fund.
Bumble Fund’s direct investments include prenatal and postpartum support platform Mahmee, beauty event promoter BeautyCon and Sofia Los Angeles, a swimwear producer that was among the winners in a pitch competition Bumble held earlier this year.