Coffee Meets Bagel Shark Tank Net Worth | Coffee Meets Bagel Shark Tank Update
What is Coffee Meets Bagel?
Coffee Meets Bagel (CMB) is a private, San Francisco-based dating and social networking service. It was designed to help users find a long-term match by countering the endless swiping of other dating apps.
Coffee Meets Bagel (CMB) was established in April 2012, originally in New York City. If you’re tired of using other dating apps and want to explore other options, consider Coffee Meets Bagel.
Rather than matching you with just anyone, Coffee Meets Bagel personalizes your profile and matches you with prospects that fit your preferences and lifestyle choices.
CMB is free and available on the iPhone and Android, and over 90% of its users are looking for a serious relationship. It delivers a handful of matches – called bagels – every day at noon.
How Does Coffee Meets Bagel Work?
With Coffee Meets Bagel, you don’t match with just anyone. Instead, you can customize your profile and link it with your social mesia account to enable the algorithm to match you with potential prospects every day. You can view the matches and like the ones that interest you.
The platform also functions as a social media app where you can post status updates, and other users can comment, providing great conversation starters.
Each day at noon, men on the platform, called “coffees,” receive 21 matches. They have 24 hours to view and like the profiles or pass on them. If they like any matches, called “bagels,” and these matches have also liked them back, they can make direct contact with each other.
Interestingly, Coffee Meets Bagel gives a discount coupon to users when they mutually like each other and decide to meet in person.
Who Owns Coffee Meets Bagel?
Coffee Meets Bagel is co-founded by three sisters of Korean-American descent, Arum, Dawoon, and Soo Kang. Each of them holds a degree from prestigious institutions like Harvard, Stanford, and Parsons School of Design, respectively.
They all had successful careers in their respective fields, with Arum working at Amazon, Dawoon at JP Morgan, and Soo as a graphic designer.
During lunch one day, the sisters discussed the challenges of dating using online platforms and decided to create their own dating app that caters to their preferences.
The Coffee Meets Bagel app was launched a year later, and the sisters left their respective jobs to focus on growing the business. As with most start-ups, they needed financial support to grow their company.
Coffee Meets Bagel Shark Tank Pitch
The Kang sisters presented Coffee Meets Bagel to the investors on Shark Tank. The dating app offers its users a unique currency called “beans” that can be earned by completing certain activities, and premium users can unlock exclusive features like “open sesame,” which allows them to see mutual friends.
Despite having a large number of monthly users, the company was not profitable, prompting the sisters to seek funding on Shark Tank.
Although they declined an offer from the investors, Coffee Meets Bagel continued to experience significant growth. Within months of their appearance on the show, the platform had amassed 21 million users and expanded to new locations like San Francisco, Sydney, and Hong Kong.
To support their rapid expansion, the Kang sisters received funding from interested investors, which enabled them to achieve their vision for the dating site.
Coffee Meets Bagel’s success is not only due to luck but also to the site’s unique features that distinguish it from other dating apps. The Kang sisters’ creation offers a fresh approach to online dating that has resonated with many people looking for genuine relationships.
Coffee Meets Bagel Shark Tank Net Worth
Coffee Meets Bagel is a San Francisco-based online dating social network service founded by three sisters: Arum, Dawoon, and Soo Kang. The company was featured on Shark Tank in January 2015, where the sisters sought a $500,000 investment in exchange for 5% of the company’s equity ($10M valuation).
After their episode on Shark Tank, they raised over $23.2 million from four venture capitalists. They have also received funding from 10 investors including GingerBread Capital and Quest Venture Partners
According to a report by Forbes in 2018, the company was valued at $82 million after a recent funding round. As of 2022, the company has an estimated net worth of $150 million.
As of my knowledge cutoff in February 2023, the exact net worth of Coffee Meets Bagel is not publicly available.
Is Coffee Meets Bagel Still in Business?
Coffee Meets Bagel is very much still in business. The company is located in San Francisco with 67 full-time employees. The website and app have been updated and streamlined, making the experience smoother and better for users. The app makes most of its money through subscriptions and in-app purchases.
About 250 marriages have happened courtesy of the Coffee and Bagel app. Nothing less than 25000 partnerships have been forged through the app, so the Kang sisters can be proud of how many relationships and friendships their app has helped create.
Although the app is not doing as well as expected, they don’t make it to the best 20 online dating apps, but at least they’re making much more profit, unlike before, they’re happy, and they’re making money.
What was the Shark Tank Deal & Why Did Coffee Meets Bagel Turned down the Biggest-Ever ‘Shark Tank’ Offer?
Shark Tank helps many entrepreneurs in their early stages of business by assisting them with funds to advance their business.
Over the years, they’ve been presented with many proposals, and they accepted some requests, some were not. The highest bid in the history of the series was that of the Kang’s sisters Coffee and Bagel.
Mark Cuban was impressed by their proposal that rather than offering $500000 for 5% of their business, which they asked for, he offered them $30million for full ownership of the company. To people’s shock, they denied the offer, refusing to part with their business.
They believed the business had much potential and was worth more than Mark was willing to pay for it.
Of course, they were criticized and accused of being greedy, mainly because they paid each other $100000.
The girls tried defending themselves, and they explained that the cost of living in San Francisco which they resided at that moment, was high.
Critics weren’t having any of it and claimed that their business would not make it, but the Kang sisters defied all opinions, and their website is still very much in use now.
What is Coffee Meets Bagel worth today?
Coffee meets Bagel had made an immense amount of improvement since they were launched and later went for the show, unlike when they were making a negative profit, as at October 2021, Coffee meets Bagel has a net worth of $150 million.
Is Coffee Meets Bagel making money?
At the moment, Coffee meets Bagel has nothing less than 180000 unique website visits. They generate over $900000 through in-app purchases monthly, which means grossly over $25million annually since 2018. So yes, they’re making money
When did Coffee Meets Bagel go on Shark Tank?
Coffee meets Bagel after they were launched needed cash flow to expand their business, which is why the Kang sisters applied to appear on Shark Tank, were accepted and debuted on the show in January 2015.
Is Coffee Meets Bagel a Hookup Site?
No, Coffee meets bagel aims to forge good relationships rather than one-night hookups. This is why the app employed a proprietary machine-learning algorithm to sort matches based on user data.
They dig into their user’s personalities and encourage meaningful conversations by giving prompts that serve as conversation starters.
They use mutual friend matching, which reduces fear and uncertainty that make people run from online dating.
What is Coffee Meets Bagel Shark Tank’s net worth?
At the time the Kang sisters went on the show, they were making negative profits. As of recent, Coffee meets Bagel has a net worth of $150 million.
