Mr Andreev sold Badoo, his online dating company that included the popular female-focused dating service Bumble, for $3bn to Blackstone late last year.
A source said Mr Andreev was the main backer of Stereo. The app was founded by Arthur Nugumanov, who worked at Mr Andreev’s previous company. Long-time Badoo consultant Vladimir Kornilovski, who runs a holding company controlled by Mr Andreev, is one of Stereo’s two directors.
A Stereo spokesperson said: “We will be formally launching the app in the next few weeks, and unfortunately, until then, I cannot disclose any further information.”
In the current test version of the app, Stereo is offering users the chance to win up to $25,000 for hosting the “best talks” and attracting the most listeners.
Born in Russia, Mr Andreev has lived in London for many years and is known for his passion for cooking, frequenting many of the City’s most exclusive restaurants, even occasionally cooking his own lunch in their kitchens.
Stereo’s audio only features will be a throwback for Mr Andreev, who has cited his first experience of technology as building a ham radio out of spare parts at the age of 10.
He founded Badoo in 2006, a dating app which grew in popularity in Europe and South America. It later acquired a majority stake in Bumble, a rival to Tinder. Bumble proved a huge success and has grown to more than 100 million users.The companies were reorganised into a dating empire, Magic Lab, which was sold to Blackstone in 2019.
Badoo was at one stage infamous for its lavish parties for London’s tech crowd.
Mr Andreev previously said he would not launch a new dating app due to a non-compete clause with Blackstone.