Peanut raises $12 million

Peanut, “the leading social network for women,” has closed a $12 million Series A round led by the EQT Ventures fund, with participation from Index Ventures and Female Founders Fund, bringing the company’s total funding to $21.8 million.

Launched in 2017 by Michelle Kennedy, who previously served as the Deputy CEO at popular dating app Badoo, Peanut began as an app for finding new mom friends, but has since evolved into a social network now used by 1.6 million women to discuss a range of topics, from pregnancy and parenthood to marriage and menopause.

This month, Peanut launched ‘Mute Keywords’, a feature allowing users to remove certain discussions from their feeds and notifications. For example, if a user wants to see less content around a topic, they can mute certain keywords, ensuring that each woman has a personalized experience, including safeguards for those dealing with stress, anxiety and other mental health issues.

Since the outbreak of COVID-19, engagement across Peanut is up 30% and there has been a 40% increase in content consumption.

“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.” – Naza Metghalchi, venture lead and investment advisor at EQT Ventures.

Bottom Line: brings back memories.