MagicLab Billionaire Andreev to Launch New Mobile App Business
Posted on February 1, 2020
FINANCIAL TIMES – Jan 31 – Blackstone's all-cash acquisition of Mr Andreev's stake in MagicLab (Badoo, Bumble) closed this week, valuing the group at around $3bn. Mr Andreev (45) said. "It's given me ability, time and money . . . I don't want to retire." He said that one idea is focused on charity and donations – something he wants to make "more accessible . . . the same as what I did with dating". MagicLab is now led by Whitney Wolfe Herd. Andreev founded Badoo (now 425m+ users) in 2006 as a hybrid of social networking and dating and pioneered the "freemium" business model. A non-compete agreement with Magic Lab means that Mr Andreev will no longer be in the dating business. Twenty former Magic Lab staff have joined him in a new venture, based in Mayfair, that will retain Mr Andreev's longstanding focus on mobile apps and social networking. He plans to hire more soon.
