Bumble acquires Geneva to strengthen focus on friendships

In a strategic move to broaden its horizons beyond dating, Bumble has announced the acquisition of Geneva, a platform designed for forming real-world groups and clubs. The acquisition marks a significant step in Bumble’s evolution from facilitating one-on-one connections to fostering broader community engagement and friendships.

While the financial terms of the deal remain undisclosed, the acquisition underscores Bumble’s recent commitment to pursuing strategic growth through mergers and acquisitions. CEO Lidiane Jones, who joined Bumble from Slack last year, highlighted in a recent earnings call the importance of aligning acquisitions with Bumble’s long-term mission and adding value to its core business objectives. “We constantly evaluate interesting technology companies across the industry, ensuring they align with and accelerate our mission,” Jones remarked during the Q1 earnings call.

Historically, Bumble has approached mergers and acquisitions cautiously. The company acquired the French dating app Fruitz two years ago and, more recently, the couples-focused app Official for $10 million. However, the acquisition of Geneva represents a more significant shift towards enhancing social connections beyond romantic relationships.

Founded in New York in 2019, Geneva has carved out a niche by enabling users to connect with like-minded individuals in their local areas, whether through running clubs, book discussions, or other shared interests. Backed by notable investors such as Coatue, Instagram founders Mike Krieger and Kevin Systrom, Sequoia’s Michael Moritz, and Patreon co-founder Jack Conte, Geneva has raised approximately $36 million to date. This strong financial backing and innovative platform make Geneva a valuable addition to Bumble’s expanding portfolio.

Bumble’s focus on friendships is partly driven by a broader industry trend and the company’s internal challenges. The dating app market has seen a decline, contributing to Bumble’s decision to lay off 30% of its workforce earlier this year following weak earnings. By integrating Geneva’s community-building capabilities, Bumble aims to diversify its offerings and tap into the growing demand for social connections that go beyond dating.

Geneva indicated in a separate announcement that it would continue to support existing groups and temporarily shift to an invite-only model during the transition, with the acquisition expected to finalize in Q3 2024.

The acquisition of Geneva signifies a pivotal moment for Bumble as it seeks to redefine its role in the social networking space. By expanding into community-building and friendships, Bumble is not only diversifying its product offerings but also reinforcing its commitment to creating meaningful connections in various facets of users’ lives. As the integration progresses, it will be interesting to observe how Bumble leverages Geneva’s technology to enhance its platform and provide users with richer, more diverse social experiences.