Andrey Andreev

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Andrey Andreev
Born (1974-02-03) 3 February 1974 (age 47)
NationalityRussian
CitizenshipBritish
OccupationEntrepreneur
Known forBadoo, Bumble
Net worthIncreaseUS$1.5 billion[1]

Andrey Andreev (Russian: Андрей Андреев)[2] (born on 3 February 1974[3]) is a Russian-British billionaire technology entrepreneur, founder of MagicLab, the parent company of dating and social networking apps Badoo, Bumble, Lumen and Chappy.[4][5] Andreev's previous ventures include SpyLog, Begun and Mamba.

Early life[edit]

In interviews, he has discussed an early interest in communication technology: according to Andreev, at ten years old he built a radio out of electronic hardware he found around his family home, which he successfully used to chat to a friend a block away.[6]

He studied management at the local university, while working as a partner in an advertising and public relations company.[7]

In the mid-90s, his family moved to Spain; Andreev himself relocated in 1995, but went back and forth between Spain and Russia.

Career[edit]

Early entrepreneurship[edit]

In 1995, Andreev started his first business in Russia – an online store that sold computers and computer accessories via Internet. He sold Virus in 1997 for an undisclosed amount.[8]

In 1999, Andreev founded SpyLog, a web-tracking business which helped webmasters track visits to their sites, as well as track users' habits on the web. Although there were already existing services from Rambler and Mail.ru, SpyLog grew quickly.

In 2002, Andreev started contextual advertising firm Begun, often described as an earlier version of Google AdWords. A majority share of the company was purchased by Russian investment firm FINAM in 2004. Google tried to purchase Begun for $140 million in 2008.

Mamba was founded in 2004. Today it is the most popular dating site in Russia, with roughly 8 million users (or 13% of Russia's Internet population) using its service.[9] A majority share was sold in 2006 to FINAM and Mail.ru.[citation needed]

Badoo[edit]

Andreev launched Badoo in 2006, with the product quickly spreading in popularity throughout Europe and into Latin America. Today it is the largest social network in the world for meeting new people, with over 360 million registered users,[10] generating over $150 million per year and operating in 190 countries.[11] In an article in 2011, Wired described Badoo as a 'mass phenomenon' in Brazil, Mexico, France, Spain and Italy.[12]

Andreev has spoken of his unique management style and the company culture at Badoo. In an interview in October 2017, he told Shortlist magazine that his philosophy in work is 'to make people happy', before discussing the food, perks and parties that are provided for Badoo's staff. The company has since been named one of the Top 20 UK companies to work in, by Glassdoor.[13]

Badoo has main offices in Central London and Moscow and employs a staff of around 500.[14]

Bumble[edit]

In 2014, Andreev connected with previous Tinder co-founder Whitney Wolfe. After he persuaded her to move back into the dating space, together they built Bumble, the women-focused dating app. Speaking to The Guardian, Wolfe named Andreev as her biggest mentor in business.[15] she also admits that Andreev "took the chance on her when no one else would", and that "without him, the bumble journey wouldn’t have been possible".[16]

MagicLab[edit]

In 2019, Andreev launched MagicLab, a holding company that builds and owns dating and social networking apps Badoo, Bumble, Lumen, and Chappy in partnership with their founders.[4] In November he sold his shares to Blackstone Group, the largest alternative investment firm in the world, which became a majority owner of MagicLab.[17]

Personal life[edit]

Andreev has lived in central London since 2005.[1] He lists cooking as one of his greatest passions. The sweet onion soup 'Andreï Style' at two-Michelin-starred L'Atelier de Joël Robuchon in Covent Garden, London is named after him.[7]

In 2018, Andreev was named on Forbes' global list of billionaires for the first time. As of September 2019, his net worth is estimated at $1.5 billion.[1]

References[edit]

  1. ^ a b c "Forbes profile: Andrey Andreev". Retrieved 17 September 2019.
  2. ^ Levinsky, Alexander (12 November 2010). "Billion for the introduction As one of the most mysterious businessmen in the West, Russia has created a mega-project Badoo". Forbes (Russia) (in Russian). Retrieved 6 January 2011.
  3. ^ Андреев Андрей (Оганджанянц Андрей Вагнерович). Биографическая справка Archived 3 February 2012 at the Wayback Machine(in Russian)
  4. ^ a b Lucas Matney. "Bumble now lets you call your matches without exchanging numbers". TechCrunch. Retrieved 24 July 2019.
  5. ^ Sophie Alexander; Benjamin Stupples. "Bumble Owner Targets Nasdaq IPO to Become World's Top Matchmaker". Retrieved 24 July 2019.
  6. ^ Machell, Ben (21 October 2017). "Meet Andrey Andreev, the man behind Badoo, the world's biggest dating app". ISSN 0140-0460. Retrieved 23 October 2017.
  7. ^ a b How Badoo built a billion-pound social network... on sex by David Rowan, Wired Magazine, 6 April 11. Accessed April 2011
  8. ^ Au-Yeung, Angel. "The Russian Billionaire Cupid Behind The Biggest Dating App in the World". Forbes. Retrieved 27 May 2018.
  9. ^ "Andrey Andreev". Forbes. Retrieved 22 March 2020.
  10. ^ "Discover Badoo". team.badoo.com. Retrieved 23 October 2017.
  11. ^ "The Dating Game". BBC News. Retrieved 23 October 2017.
  12. ^ Rowan, David. "How Badoo built a billion-pound social network... on sex". Retrieved 23 October 2017.
  13. ^ "These are the best companies to work for in the UK". The Independent. 18 October 2017. Retrieved 23 October 2017.
  14. ^ Cooke, Barry. 13 June 2012. "Start Me Up – Andrey Andreev, The Man Behind Badoo."
  15. ^ Featherstone, Emma (7 July 2017). "Whitney Wolfe: 'I'm worried we're alienating the good guys'". The Guardian. ISSN 0261-3077. Retrieved 23 October 2017.
  16. ^ "The Russian Billionaire Cupid Behind The Biggest Dating App in the World". forbes.com. Retrieved 13 March 2018.
  17. ^ Cook, James (8 November 2019). "Blackstone buys British dating app business Badoo, valuing it at $3bn". The Telegraph. Retrieved 12 November 2019.