Peanut app funding news comes at a times when everything is going south in the funding circles. U.K. based Peanut, clocking about 1.6 million global users, announced that it has succeeded in securing a $12 million dollar Series A funding to take another step forward in becoming the leading social networking app for women.
Launched for the first time in 2017 by CEO and co-founder, Michelle Kennedy, Peanut app aims to solve the issue of loneliness in women during the time of motherhood, by bridging the gap between like-minded mothers on the platform.
Peanut operates on the same lines as those dating apps, which can be credited to the fact that Michelle was once the deputy CEO of the dating app, Badoo. She also was present as an inaugural board member of Bumble, another dating app major.
The new funding round was led by EQT Ventures, the multi-stage venture fund in the U.S. and Europe. EQT also backs the Natural Cycles (Period & fertility Tracker App). Along with the investment, the company will also see venture lead Naza Metghalchi hop on board for Peanut.
Other than EQT, the other notable participants in the funding round were Female Founders Fund and Index Ventures, taking the company’s gross funding to $21.8 million.
Peanut understood a long time ago that expansion was the name of the game if they were to stay relevant in the mobile application industry, and this is why the company had also launched a new dedicated space by the name of TTC, or Trying to Conceive, where women could come over to talk about fertility from women who have had past associated experiences. Peanut App Funding will strengthen this space which needs some very clear players.
CEO Kennedy has plans to tackle the issues of menopause next, and she firmly believes that this funding will prove to be the stepping stone in that very direction.
To Peanut’s credit, the app has seen a considerably huge spike in engagement levels, which are up by 30 percent as compared to March, and a 40 percent increase in the overall content absorption by the users.
It is such favorable statistics that have kept Peanut on its toes, in rolling out new features. Take the new ‘Mute Keywords’ function for example, which permits users to remove all discussions which they think are not relevant to their line of interest, but keep flashing on the notifications panel and feeds.
Peanut’s newest board member, Naza Metghalchi, said,
“Peanut’s user engagement metrics are a testament to the app’s ability to act as a true emotional companion throughout women’s journeys. The EQT Ventures team is excited to partner with Michelle and continue to grow Peanut into a platform that services all women at different life milestones,” added Metghalchi.
Not yet on Peanut? This Peanut Mobile App Review might help.
