Women-Aimed Social Networking Platform Peanut Gets $12 Million Fresh Injection

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Peanut

UK-based Peanut, the social networking platform aimed for the women has announced picking $12 million in Series A financing. EQT Ventures led the latest financing with participation from Index Ventures and Female Founders.

Prior to this round, the company had raised $5 million as part of the same round. The current round takes the total amount raised by the firm to $17 million. The other backers of the firm include names like Felix Capital, Greycroft, Partech, Sound Ventures, and others.

The company was founded in 2016 by Michelle Kennedy as a platform that offers a safe and secure space for the ladies to connect across fertility and motherhood. It helps them make bonds, friendships, and find support and learn from one another. With COVID-19 making things difficult for people all over the world, women are using the platform to get support from others on how the pandemic is making things difficult and how others are managing to keep things under control.

The firm has grown rapidly in the last 4 months. In December last year, the firm had 1 million users which is now at 1.6 million. The firm will use the freshly raised money the expand the product offerings along with hiring for their product and engineering teams.

EQT Ventures' Naza Metghalchi, the venture lead and investment advisor at the firm said that “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.”

 

Image courtesy: CityAM

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