The social network app for women, Peanut raises series A funding amid the Covid-19 pandemic situation. The app initially started its services as finding new mom friends so that more and more people connect. The app concept gained huge recognition in the market and is used by about 1.6 million women. The women use this platform to share their stories with others and discuss a range of topics, from pregnancy and motherhood to wedding and menopause, and all the things that lie in between.
Even the whole world is facing a tough situation amid Covid-19 this app is doing great business and is on the stage of continuous growth in online networking. According to the latest reports, the company is today announcing that a $12 million Series A round of funding amid Covid-19, led by EQT Ventures, a multi-stage VC firm that mainly invests in companies crossways Europe and the U.S. With this funding the company will add many changes in its services and features to boost the user experience.
In this funding the Female Founders Fund and Index Ventures also participated, thus bringing Peanut’s total find raising the amount to date to $21.8 million. Since the Coronavirus outbreak, Peanut social network app has seen a 30 percent boost in its engagement crossways its app boosts by about 30 and 40 percent boost in its content consumption. Thus the app is experiencing huge growth. The Peanut app community also grew from 1 million users in December 2019 to at the present 1.6 million, as of April. This shows that more and more people are downloading this app.
Peanut founder and CEO Michelle Kennedy said that “We’re really lucky in that we’re growing and that we are, for the most part, untouched by what’s happening” and “And actually, if anyone needed community more, it’s now,” she added.
The round of funding raised by the company has closed just a few weeks above, and today the company has made the announcement. This social network company is gaining a huge growth at a time when the coronavirus pandemic is impacting most of the start-ups in the world.
While all other businesses and start-ups are facing a tough time Peanut, on the other hand, has seen fast growth for its app. The platform is used by women as it offers them a supportive online environment to discuss their worries impacting their lives.
Before this app, there has not yet been a social network app that was mainly focusing the women’s concerns. This app is a platform for women and thinking about women’s needs.
“Peanut’s user engagement metrics are a testament to the app’s ability to act as a true emotional companion throughout women’s journeys,” said Naza Metghalchi, venture lead and investment advisor at EQT Ventures, in a statement. “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.” Naza Metghalchi added further.
For now, the social networking app Peanut has huge plans for the new capital that include the development of a website for the company, changes to the discovery feature of the app, and the formation of more groups ahead of those focused on fertility and motherhood to boost the experience of the Peanut users. The company is also planning to launch a new community section related to menopause which the company sees as a new market.