4 Brands Challenging the "2021 will be like last year" Narrative
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There’s no doubt 2020 was a difficult year for businesses across the board. No industry was immune and the quicker their adaption to the ‘new normal’, the better. It has and will continue to, change every aspect of how we live, work, shop, communicate, and consume.
This is a historical moment in time and an opportunity to reflect on the brands who have pivoted successfully and what’s in store for them this year.
Bumble files for IPO, as we all continue living privately
With the lockdowns, social distancing and mask-wearing that came in the battle with COVID-19, dating as we know it became a thing of the past… with digital dates fast becoming a thing.
Dating app, Bumble, that made its way to iPhone home screens thanks to its women-focused ethos (empowering ladies with the first move0), has played ‘cupid’ during the pandemic. After reporting $376.6 million in revenue between January 29 to September 30 2020, the company filed for an IPO. The online dating company is estimated to have a $6 to $8 billion valuation
Beyond romance, Bumble has branched out into friendships and professional networking – both arms of the brand will undoubtedly grow in popularity until we can congregate again.
Wolfe Herd cited: "Our long-term vision is to be the platform to meet new people, no matter what you might be looking for, whichever life stage or situation you're in.” Today, over 100 million users enjoy Bumble worldwide.
MyTheresa’s $1.6 billion IPO (and parades $16-18 shares)
MyTheresa, a conglomerate of the world’s top luxury brands, was valued at $2.2 billion. The fashion e-commerce platform aims to raise up to $282 million, with a plan to sell about 15.6 million American depositary shares (priced at between $16 and $18).
MyTheresa made a name for themselves as the premium site to peruse over 200 of the best international designers, with 600 new items each week. The luxury, hard-to-find collections ‘speak’ to busy professionals with disposable income. Positioned as boutique shopping but online, MyTheresa isn’t competing with the likes of H&M, Target or ASOS – with a two-day delivery promise, that made Amazon Prime too convenient to deny.
Muniq drinks to $8.2million in funding
Los Angeles start-up, Muniq, followed their gut and raised $8.2 million in a Series A investment round. A wellness brand focused on helping people balance their microbiome, Muniq satisfies the growing demand for gut health products.
The recent injection of funding came from Alpha Edison, Acre Venture Partners, Baron Davis, Cathy Richards, and The Production Board.
The company plans to use new funds to “expand its portfolio, advance clinical research, build the team, and strengthen brand awareness.” To empower more people with chronic health issues, with products that aren’t a chore to take. With the extra focus on health, wellness and immunity, Muniq are well-positioned for more success this year.
Marc Washington, the black founder, has also commented on helping to address the vast health disparities affecting black and brown communities – a timely theme in our culture right now.
‘Buy now, pay later’ giant, Affirm, celebrates trading debut
With cashflow a barrier for many people out of work, or tight with money due to COVID-19, Affirm is a lifesaver. Consumers enjoy flexible repayments, without interest, late fees or penalties, and transparency at the time of purchase.
Founded in 2012 and headquartered in San Francisco, Affirm employs over 1,200 people. In its debut on the Nasdaq, Affirm opened at $90.90, which was higher than its IPO pricing, $49 –reaching as high as $103 at one point.
Affirm’s CFO, Michael Linford, said the focus is now on scalability, adding merchants, and building technology products. 6.2 million consumers in the U.S. enjoy Affirm with its availability at checkout at over 6,500 merchants. Peleton, which has seen a huge spike in customers since the start of the pandemic, is an example.
From e-commerce stores to health products, flexible lending providers to apps that’ll re-envision how we meet people, the future is looking bright.
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