Commits $100 Million for Next Generation Brand Incubations
Andrey Andreev, Founder and CEO of the group which builds, owns, and operates market-leading dating and social networking apps, Badoo, Bumble, Chappy and Lumen in partnership with their founders, announced the creation of Magic Lab to serve as a holding company for its growing number of brands.
Within the group, each of the brands will continue to benefit from a shared integrated technology platform built by a best-in-class engineering team ensuring operational efficiencies and flexibility. With this unique foundation, Magic Lab has the ability to consistently launch and quickly scale mass consumer products to drive future growth. The brands will focus on marketing to solve societal issues such as misogyny, stereotypes, self-doubt and ageism. Already, more than half a billion people around the world have been connected through the Magic Lab’s family of brands.
“Today we are making our mission known to the world – Magic Lab creates life-changing moments for millions of people by building relationships,” said Andrey Andreev, Founder and CEO, Magic Lab. “Those special moments when people meet for the first time are what makes life memorable. The formation of this group reflects our belief that the Internet can be used as a force for good and that everyone deserves a connection, no matter your social, ethnic or economic background.”
In conjunction with this announcement, Magic Lab is committing $100 million to identify, recruit and support the next generation of product visionaries and innovative founders who share a common purpose – fundamentally changing the lives of every human on the planet by bringing people together. The pledge will be used primarily for marketing and brand incubation, as the identified leaders will be able to leverage the group’s shared component-based technology infrastructure, world-class talent, and decades of experience.
Candidates may submit their innovative ideas online at www.magiclab.co which will be reviewed by Mr. Andreev directly. Selected applicants will have the opportunity to meet Mr. Andreev in person, discuss potential partnerships and observe the full capabilities of the broader group.
Andreev continued, “Our differentiated technology platform, talent, and experience enables us to bring new consumer products, brands and features to the market faster and more efficiently than our competitors. After our success with Badoo, Bumble, Chappy and Lumen, we are continuing to search for innovative leaders who have new ideas on how to connect people together. Our dream is to create the future of relationships by building chemistry all over the world.”
Magic Lab builds, owns, and operates a portfolio of mission driven brands:
- Badoo – Founded in 2006, Badoo was a pioneer in mobile-focused dating. With over 425 million users worldwide, Badoo is ending self-doubt by helping people date honestly.
- Bumble – Founded in 2014, Bumble combats misogyny by empowering women to make the first move. With over 55 million users, Bumble connects people across dating, friendship and professional networking.
- Chappy – Founded in 2017, Chappy aims to be the safe space for gay dating, thriving in acceptance and ending stereotypes.
- Lumen – Founded in 2018, Lumen is ending loneliness and ageism by connecting over 50s, capitalizing on an underserved market.
Read More: The Artificial Intelligence Week