Peanut- Social Network For Women, Has Closed $12 Million Series A Funding!

Technology has brought a female-friendly version with women-oriented mobile app solutions. Today, women are independent and they have made their presence felt everywhere. However, while juggling between their daily schedule and personal lifestyle, there are multiple places where women need suggestions, guidance, support of other women. Considering this demand there are some most popular app solutions in the market, that are easing down the woes faced by women.

One such app solution is Peanut, which is a popular social network for women and has carved a niche for itself in the market. Let’s find out how Peanut has closed $12 million Series A funding and has brought a revolutionary change.

Peanut- a leading social network for women

You must have found the name extremely engaging, but this is not just what makes their portal interesting. There are many other factors as well, and one of the most prominent ones is; Peanut has closed a $12 million Series A funding led by the EQT Ventures fund, the multi-stage Venture Capital fund in Europe and the US.

What more you should know about this funding round?

In this funding, the Index Ventures and Female Founders Fund have also participated, and this has brought the company’s total funding to USD$21.8 million. Further, Peanut will have Naza Metghalchi from EQT Ventures as a majority-female board, along with Hannah Seal from existing investor Index Ventures.

Peanut CEO, Michelle Kennedy mentioned that “We’re thrilled to welcome EQT Ventures, Naza Metghalchi and Lyle Fong to our existing roster of backers. Lyle’s unprecedented experience of building and scaling community-focused products will be vital as we undertake our next stage of growth in raising the bar in terms of product excellence as we enter new communities beyond fertility and motherhood.”

How this funding will help?

This funding will be used to expand Peanut’s offerings to women at different life stages and will trigger the popularity level of the app on the global forefront. Also, Lyle Fong, Partner at EQT Ventures, will utilize his expertise to assist Peanut to grow out of bounds and establish its footfall as a leading social network for women on the global platform.

How far Peanut is popular among users?

The COVID-19 has brought a significant change in the Peanut’s engagement rate, there has been a rise of 30% in the usage and a 40% increase in content consumption. Also, the Peanut community has grown from 1 million users in December 2019 to 1.6M in April 2020. This further explains how beautifully women are consuming this platform to share and find support, build friendships, and learn from each other.

On the other hand, Naza Metghalchi, venture lead and investment advisor at EQT Ventures, stated, “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 serves all women at different life milestones, exploring topics beyond fertility and motherhood which have already seen such huge traction.”

What more you should know about Peanut?

Peanut initiated its journey in 2017 by Michelle Kennedy, who worked as the Deputy CEO at a multi-billion-dollar dating app, Badoo. And surprisingly, Kennedy was also an inaugural board member of the dating app Bumble. This app aims to provide a platform for the women, where they can build friendships, and share and get the support they are looking for.

To make the user-experience top rate, Peanut has also launched the ‘Mute Keywords’ feature. With this very feature, it becomes easier for users to remove specific discussions from their feeds and notifications.

This ensures to respect users’ privacy and any specific expectations and give them enough space to get a personalized experience, especially for women dealing with stress, anxiety.

Food for thought

Peanut is another successful example of app solutions that address the issues faced by women today. And indeed resolving those issues with the app technology is actually the best way to reach out to a larger audience base. If you too are willing to get a community-based app, then you must not fall behind from reaching Techugo- a leading app development company in Germany.

We are ready to turn your business into a sizzling success with an app platform.