Peanut, a London, UK-based provider of a social network for women, closed a $12M Series A funding.
The round, which brought total funding to $21.8M, was led by the EQT Ventures fund, with participation from Index Ventures and Female Founders Fund. In conjunction with the funding, Naza Metghalchi from EQT Ventures joined Peanut’s board, alongside Hannah Seal from existing investor Index Ventures.
The company intends to use the funds to expand its product offering to women at different life stages and accelerate building the product and engineering teams globally.
Launched in 2017 by Michelle Kennedy, Peanut is a social network to connect women to build friendships, find support and learn from one another based on commonalities – stage in life, interests, mutual friends, and more. Once connected, women can chat and create group conversations. Peanut’s Community is a place to ask questions, create polls and share advice across meaningful topics such as ‘Motherhood’, ‘Pregnancy’, ‘Trying to Conceive’, ‘Love & Sex’ etc. Women can also create and join Groups relating to specific interests or neighbourhoods.
The community has grown from 1M users in December 2019 to 1.6M in April 2020.