Peanut, a London-based social network for women, has raised $12 million Series A led by EQT Ventures, with support from Index Ventures and Female Founders Fund. Naza Metghalchi from EQT Ventures will join Peanut’s majority-female board, alongside Hannah Seal from Index.
The social network aims to provide a community where women can seek support and advice from those in similar life stages, such as trying to conceive children (“TTC” is a tool launched late last year) or trying to parent them. In a press release, the UK startup claims its user base has grown 60 percent since December, from 1 million to 1.6 million users. “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 of EQT Ventures. Indeed, it seems the company carefully curates new features so that each member can design a safe, supportive virtual space for themselves, a social network where stress and anxiety are minimal. For example, earlier this month the startup launched ‘Mute Keywords’, which allows users to remove certain discussions from their feeds. If someone is struggling with fertility issues, they can mute conversations around pregnancy that may be emotionally triggering. Peanut’s CEO, Michelle Kennedy, has experience developing social networks that require — or create — a certain level of online intimacy, especially for women. She previously served as the deputy CEO at Badoo, a multi-billion dollar dating app, as well as an inaugural board member of female-focused dating app Bumble. In a press release, she says the network will soon move into “new communities beyond fertility and motherhood”. Those living with menopause is next on the list, a market that’s projected to grow to 1 billion people by 2025. To that end, the fresh funding will help build the product and engineering teams that can expand the platform.
Photo: Michelle Kennedy, CEO of Peanut