Social network app Peanut is announcing today it has raised £9.6 million ($12 million) in Series A funding to propel its mission to become the go-to social app for women.
The app was launched in 2017 by co-founder and CEO Michelle Kennedy, who previously served as the deputy CEO at the dating app Badoo. The aim of Peanut was to end the problem of motherhood loneliness by bringing like-minded mums together on the app, just as dating apps had done that for single people across the globe.
Since then, Peanut has grown, the app now counts 1.6 million users, and the mission for the company has shifted slightly. In the same way that Bumble is no longer just about dating, Peanut is no longer just about mums. Last year, the company launched a new space in the app named TTC or Trying to Conceive where women can discuss fertility and seek advice from those who have gone through it. Kennedy’s next plan is to take on menopause, and this new fundraising will do just that.
EQT Ventures led the new round for Peanut. The European VC also backs Natural Cycles, and the investment will see its venture lead and investment advisor Naza Metghalchi join the start-up’s board.
“We’re thrilled to welcome EQT Ventures, Naza Metghalchi and Lyle Fong to our existing roster of backers,” said Kennedy. “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.”
The past few months have seen a surge in social networks as people seek to find ways to interact digitally when they can’t in real life, from the rise of Zoom to Untangle, a new social network for people who are grieving. Peanut says engagement is up 30 per cent since March, and there has been a 40 per cent increase in content consumption.
As a result, it has been rolling out new features such as a ‘Mute Keywords’ function which allows users to remove certain discussions from their feeds and notifications. For instance, if someone is going through fertility challenges, they can mute conversations around pregnancy that they may find triggering.
“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.
