Women’s social network secures $12m Series A funding to expand operations

A social network designed to support women through significant life events has secured $12m to roll out new products and expand its team.

Peanut has closed the multi-million dollar Series A funding round, led by EQT Ventures with participation from existing investors Index Ventures and Founders Fund.

Launched in 2017 by Michelle Kennedy, former deputy CEO at dating app Badoo and inaugural board member of Bumble, Peanut has already raised $21.8m.

In 2019 the firm launched Peanut TTC (Trying to Conceive), aimed at supporting women facing fertility challenges.

With the new funding, Peanut plans to launch new communities beyond fertility and motherhood, including a space for women living with menopause.

In addition, Peanut will accelerate development of its existing products and grow its engineering teams globally.

Naza Metghalchi from EQT Ventures will join Peanut’s majority-female board alongside Hannah Seal from existing investor Index Ventures, and EQT Ventures partner Lyle Fong will work closely with the firm to expand its offering.

Peanut CEO, Michelle Kennedy, commented: “We’re thrilled to welcome EQT Ventures, Naza Metghalchi and Lyle Fong to our existing roster of backers.

“Lyle’s unprecedented experience of building and scaling community-focused products will be vital as we undertake our next stage of growth in raising the bar in terms of product excellence as we enter new communities beyond fertility and motherhood.”

Naza Metghalchi added: “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.”