HER has successfully raised $2.4 million over two funding rounds, with backing from top investors including Y Combinator. The platform is a dating and community app designed for queer women, non-binary, trans, and gender non-conforming individuals.
Keep reading to explore the intricacies of HER's fundraising journey and the investors backing this inclusive platform.
What Is HER?
HER, founded by Robyn Exton, is a dating and community app designed for queer women, non-binary, trans, and gender non-conforming individuals. The company was established around 2015 and has grown to become a significant platform in the LGBTQIA+ community.
Based in multiple locations including Argentina, Austin, and Miami, HER provides a safe space for its users to meet, chat, and form meaningful connections. The app is known for its unique features that cater specifically to the needs of its diverse user base.
With a team of 11-50 employees, HER continues to expand its reach and impact, fostering a supportive and inclusive environment for over 15 million users worldwide.
How Much Funding Has HER Raised?
- Amount Raised: $160,000 Date: September 2013 Lead Investors: Yannick Pons, Andy Phillips Motivation Behind the Round: To fuel the UK beta of the app and support its growth and development, including user acquisition efforts and expanding to other cities and countries.
- Amount Raised: $1 million Date: March 2015 Lead Investors: Alexis Ohanian, Garry Tan, Michael Birch Motivation Behind the Round: To support the rebranding of the app from Dattch to Her and to implement changes in the app's functionality, creating a more inclusive and representative name for the user base.
HER has raised a total of $1.16 million in funding. The current valuation is estimated at $10 million (~estimated).
Key Investors
- Y Combinator
- Details: Y Combinator is a renowned startup accelerator that provides seed funding, advice, and connections to early-stage startups. It has been instrumental in the growth of numerous successful companies.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Airbnb, Dropbox, Stripe
- Alexis Ohanian
- Details: Alexis Ohanian is the co-founder of Reddit and a prominent investor in the tech industry. He is known for his advocacy for internet freedom and entrepreneurship.
- Investment Focus Areas: Early-stage tech startups, social media, community-driven platforms
- Notable Investments: Reddit, Initialized Capital portfolio companies
- Garry Tan
- Details: Garry Tan is a partner at Y Combinator and co-founder of Initialized Capital. He has a background in software engineering and entrepreneurship.
- Investment Focus Areas: Early-stage startups, technology, software
- Notable Investments: Initialized Capital portfolio companies, various YC-backed startups
- Michael Birch
- Details: Michael Birch is the co-founder of Bebo, a social networking site. He is an active angel investor with a focus on innovative tech startups.
- Investment Focus Areas: Social networking, community-driven platforms, tech startups
- Notable Investments: Bebo, various angel investments in tech startups
- Wayra London Incubator
- Details: Wayra London Incubator is part of Telefónica and provides support and investment to innovative startups. It offers resources and mentorship to help startups grow.
- Investment Focus Areas: Technology, innovation, early-stage startups
- Notable Investments: Invested €40,000 in Dattch (now HER) as part of its incubator program
What's Next for HER?
HER stands poised to capitalize on the growing demand for niche dating apps, with plans to expand into new markets and enhance its editorial content. The app's unique focus on queer women, non-binary, trans, and gender non-conforming individuals offers a significant opportunity to serve an underserved community, potentially attracting tens of thousands of new users.
Future fundraising rounds are likely as HER continues to demonstrate growth and user engagement. However, the company may face challenges such as competition from other dating apps and maintaining user satisfaction with its match-based model. Ensuring the quality and relevance of its content across diverse markets will also be crucial for sustained success.
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