FINANCIAL TIMES - Jan 31 - Blackstone's all-cash acquisition of Mr Andreev's stake in MagicLab (Badoo, Bumble) closed this week, valuing the group at around $3bn. Mr Andreev (45) said. "It's given me ability, time and money . . . I don't want to retire." He said that one idea is focused on charity and donations - something he wants to make "more accessible . . . the same as what I did with dating". MagicLab is now led by Whitney Wolfe Herd. Andreev founded Badoo (now 425m+ users) in 2006 as a hybrid of social networking and dating and pioneered the "freemium" business model. A non-compete agreement with Magic Lab means that Mr Andreev will no longer be in the dating business. Twenty former Magic Lab staff have joined him in a new venture, based in Mayfair, that will retain Mr Andreev's longstanding focus on mobile apps and social networking. He plans to hire more soon.
by Tim Bradshaw
See full article at Financial Times
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