Blackstone acquires a majority stake in MagicLab at a £2.3bn valuation.
Blackstone takes a majority position in the dating app owner as founder Andrey Andreev steps down.
MagicLab builds and operates dating and social networking applications including Bumble and Badoo. The firm connects hundreds of millions of users globally through shared technology and digital platforms.
Blackstone has acquired a majority stake in MagicLab at a valuation of £2.3bn. The transaction leads to the departure of founder Andrey Andreev, with Bumble founder and chief executive Whitney Wolfe Herd stepping up to helm the wider group alongside the new majority owner. The capital deployment aims to accelerate international growth and expand the company footprint across digital networking sectors.
The business oversees a suite of relationship platforms that includes Bumble, Badoo, Chappy, and Lumen, serving a user base exceeding 500 million people worldwide. The incoming majority shareholder intends to leverage its operational expertise and scale to support the next phase of expansion.
From the founder
"Blackstone presented MagicLab with a great opportunity to further develop the brands and platform, and I am confident Blackstone will take MagicLab to the next level in terms of growth and expansion. I am incredibly proud of the company, and of how we have connected millions of people around the world. At MagicLab, I have had the pleasure of working with some of the best and most talented entrepreneurs. My aim now is to ensure a smooth and successful transition before I embark on a new business venture in search of innovative leaders with new and exciting ideas. I am grateful for all the support of my partners and employees over the years as we couldn’t have gotten to this point without them. I wish MagicLab and Blackstone every success."
Andrey Andreev
Founder at MagicLab
Investor perspective
"We’re excited to invest in MagicLab, which is a pioneer in the fast-growing online dating industry. They have a highly talented team and strong set of platforms, including Bumble, which was built on a commitment to inclusion and female empowerment. This partnership is a perfect example of Blackstone’s ability to use its scale, long-term investment horizon, and deep bench of operational resources to help entrepreneurs take advantage of transformational growth opportunities in order to create global industry leaders over time."
Jon Korngold
Head of Blackstone Growth, Blackstone
Use of funds
- 01Expand into international markets