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Why a local company's IPO means Austin will go to sleep tonight a billion dollars richer than when it woke up
(Shutterstock)

Bumble Inc. found love—and money—in a big way Wednesday afternoon as Wall Street "swiped right" on the Austin company.


Bumble, now known to the markets as BMBL, raised more money than expected from investors, who in its Initial Public Offering will start actively trading on the NASDAQ tomorrow at $43 a share.

Austin CEO Whitney Wolf Herd's 11% stake in the company is estimated at around $1 billion in value. Herd founded the company in 2014 after previously co-founding and leaving the hookup app Tinder, which is now Bumble's main competitor.

Bumble focuses on giving women more power in dating by requiring them to make the first move when talking with potential suitors.

"By empowering women across all of their relationships, we believe that we have the potential to become a pre-eminent global women's brand," Herd said on the company's virtual investor IPO roadshow.

Bumble has over 42 million monthly active users in over 150 countries as of the end of September 2020. Although the app is free to use, the company generates most of its revenue with paid subscriptions which is roughly about 2.4 million paying users. Up from last year's $362.6 million, Bumble generated revenue of $416.6 million for the first nine months of 2020.

With corporate headquarters and much of its workforce located in Austin, Bumble's IPO will add to the flood of money into the city. Wolfe will become a billionaire, or close, and many employees who hold stock options will become instantly wealthy.

Popular

Tito's releases (not so?) ugly sweater line for the holidays, profits to charity

Tito's Handmade Vodka

Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.

There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.

All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.

Click here to see the entire collection in the Tito's store.

Mac and Cheese Fest and Free Art Exhibit
Waterloo Greenway, Good Vibrations Installation


🗓 All weekend

🎨 Creek Show Art Exhibit

Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities

All weekend 6 p.m - 10 p.m | 📍Waterloo Park

✨ Mozart's Light Show

This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.

6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703

🗓 Saturday

🥊 Kickboxing in the Park

This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.

10 a.m - 11 a.m | 📍 Metz Park

🛍 The Front Market

Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.

11 a.m - 5 p.m | 📍Ani's Day and Night - 7107 E Riverside Drive, Austin, TX 78741

🗓 Sunday

🧀 Mac and Cheese Fest

Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.

11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway