Bumble, the dating app maker that has expanded into other areas of social networking, has launched an investment fund focused on startups founded by women.
The Bumble Fund plans to make early stage investments that focus on diverse female founders “who have been largely ignored by the established venture capital world,” according to news release from Austin-based company. Bumble told Forbes it committed more than $1 million to invest in those businesses, and that the fund plans to invest between $5,000 to $250,000 in each deal. (The company hasn’t responded to a request to confirm the amounts.)
Bumble’s chief operating officer, Sarah Jones Simmer, is leading the fund’s investments. Meanwhile, Sarah Kunst, the managing director of one of Bumble Fund’s first investments, Cleo Capital, is going to work as an advisor to Bumble Fund, according to the news release. Read the full story here.