Coffee Meets Bagel is a mobile application created for online dating. And the company is estimated to be worth around $150 million in 2023. It appeared in Shark Tank Season 6 episode 13. The founder Arum Kang, Dawoon Kang, and Soo Kang pitched the shark Tank hoping for $ 500,000 for 5% of equity.
However, in the end, they decided to reject Mark Cuban’s $30 million offer to buy the company. But currently, Coffee Meets Bagel is one of the most successful companies without a deal on the Shark Tank.
But how does the company reach $150 million this year? Let’s Find out more
- 1. Coffee Meets Bagels Net Worth in 2023
- 2. How is Coffee Meets Bagel doing now? [Latest Update]
- 3. What is Coffee Meets Bagel?
- 4. Who owns Coffee Meets Bagel?
- 5. What happened at the Shark Tank?
- 6. Why did the founders of Coffee Meets Bagel turned down $30M from Mark Cuban?
- 7. Coffee Meets Bagel Shark Tank Update- What happened to Coffee Meets Bagel After Shark Tank?
- 8. Coffee Meets Bagel review
- 9. Competitors of the company
- 10. FAQ
Coffee Meets Bagels Net Worth in 2023
According to our research online, the company is valued at around $150 million in 2023. But the company has a post-money valuation estimated at around $50-$100 million.
But the company earned around $1 million at the time show forecasted. Also, they expected to earn $800 million and thought the shark tank offer wasn’t enough.
Also, it is expected to have $10 million in the upcoming year. Even though the company reached $150 million in 2021 and managed to stabilize it.
Read Coffee Meets Bagels’ worth and networth update in brief here.
How is Coffee Meets Bagel doing now? [Latest Update]
The Coffee Meets Bagel is still active in 2023.
In an interview with Forbes in 2017, the sisters discussed their plans for expanding their business in the future. Dawwon mentioned to Forbes that, at the time, they were mainly operating in the US and their next goal was to expand into international markets.
According to their plans, the app now expanding towards users in Singapore and Hong Kong since 2022.
Also, they didn’t forget to introduce video virtual dating features to the app following the Covid 19 pandemic. They added a speed dating feature that utilizes video to adapt to the new social climate during a pandemic.
Throughout the years, Coffee Meets Bagel has accumulated a substantial number of premium features, including profile enhancements, additional likes and comments, and exclusive access to premium member feeds.
Following the attention, they gained from Shark tank it has around 10 million users around it. Also, it ranked on the top list of best dating apps last year.
What is Coffee Meets Bagel?
Coffee Meets Bagel is an online social networking and dating application. The company is based in San Francisco and business since 2012. It’s different from other dating apps because it always tries to secure long-term relationships.
Also, the app is available for both Android and iPhone users. Following that they have the option to select from paid and free versions. Because of the updated matching algorithms users receive a selected number of matches called Bagel daily.
Not only that it gives users to boost their profile five times However women have access to only matches like them. Also, there is a payment system using the currency of the application called beans. The premium subscription cost $35 and users can get a discount by subscribing for 3 to 6 months.
So, It’s Your First Day on CMB? Here’s What You Need to Know.
Who owns Coffee Meets Bagel?
Arum Kang, Dawoon Kang, and Soo Kang are the founders and owners of Coffee Meets Bagel. They were born and raised in South Korea. And later they migrate to the USA for higher education. Arum was a Harvard Business School MBA graduate and Dawoon is a Stanford MBA graduate.
They started creating the company in 2011 And they launched the App in 2012.
The San Francisco-based dating app has achieved a significant achievement on the Apple App Store. Estimates from Sensor Tower Store Intelligence show that the app has generated $10 million in net revenue through in-app purchases and subscriptions.
Before appearing on Shark Tank, Coffee Meets Bagel had already received an investment from Lightbank totaling over $600,000. This funding, combined with an investment from Match.com co-founder Peng T. Ong.
Arum & Dawoon Kang sister founders of Coffee Meets Bagel at @lightbank #InnovationDay w/ inspiration from @Gilt #yam pic.twitter.com/u0DTd8kg4K— Calvin Cheng (@CalvinCheng3) May 9, 2014
What happened at the Shark Tank?
Kang Sisters appeared on Shark tank hoping for $500 000 for 5% equity of their company. Firstly, they introduced their app and explained to sharks how it works. Sharks were impressed with the idea and their revenue. But they were not happy after hearing the company is still negative in profit.
Also, they were concerned the company only focused on attracting subscriptions. So, Robert Herjavec said, “You know you’re an all-or-nothing play”. And he drops the deal. Kevin O’Leary followed him.
Lori Greiner Said “Somebody else could do this” and she decided to drop the deal. Barbara liked the idea of women’s getting more control but she thought it was risky to invest for 5% and she is out.
Following this Mark Cuban make a historical deal of $30 million for the whole company. But Kang’s sisters decided not to accept the deal. So, Kang Sisters left the Shark Tank Without a deal.
Why did the founders of Coffee Meets Bagel turned down $30M from Mark Cuban?
The Kang sisters, who run the Coffee Meets Bagel business, ultimately declined Mark Cuban’s $30 million offer.
On Shark Tank, Mark Cuban made a substantial offer to the Kang sisters to buy the entire Coffee Meets Bagel brand for $30 million, which was the largest cash offer in the show’s history. Mark Cuban tested the Kang sisters’ motives by making a false $30 million offer, questioning if they were motivated by money or truly committed to building a legitimate business.
However, the Kang sisters were not satisfied with the proposal, as they believed it was too low. They saw the potential for high profits in their business, considering that Match.com was earning $800 million annually.
It turned out to be a wise decision as the company is now valued at $150 million. Despite the competition, it’s clear that the company has achieved greater success than Mark Cuban’s initial offer for the business.
Many netizens say Cuban tested whether they wanted to create a legit business. So, they are happy about turning down the offer.
Coffee Meets Bagel Shark Tank Update- What happened to Coffee Meets Bagel After Shark Tank?
The dating app received more customer attention after the show aired.
After appearing on Shark Tank, Coffee Meets Bagel reached out to additional investors and raised over $23.2 million through five rounds of funding. The DCM ventures and Atami capital are the main funding partners. In February 2015, Coffee Meets Bagel announced a $7.8 million Series A financing and in May 2018, the company raised $12 million in a Series B funding round.
Because of investors like match and other potential partners, it gained more customers gradually.
Also, the company generates around 500 couples per week. Following this, it created 200 marriages and 20 000 relationships. The company had over 2.5 billion people introductions. This resulted in 100 000 plus happy couples by 2018.
In their New York City headquarters, Coffee Meets Bagel has a wall of fame honoring some of their early users who found their matches and got married.
Since its launch, the website has generated over 50 million matches.
In February 2019, a security breach at Coffee Meets Bagel resulted in the leak of over 6.1 million users’ data. The company confirmed that the hackers stole users’ email addresses, passwords, and other personal information between late 2017 and mid-2018. The company gradually recovered from the damage.
However, later many users were concerned about data security. So, the company has around 1.5 out of 5-star ratings on Trustpilot. However, despite some negative reviews’ companies are still on the top 25 lists of dating apps.
Coffee Meets Bagel has a strong presence on social media with active accounts on Instagram and Twitter. Their official Facebook page has garnered over 46,000 likes since its launch.
The app remains a popular choice among millennials as a top dating platform.
Coffee Meets Bagel review
The Coffee Meet Bagel app is more popular among women than men. It’s because the founder embraces the idea “men love selection women are selective”. Also, the information area is more detailed than other companies. Not only that it’s more effective because users only receive a few matches daily. Men’s are called bagels and women’s profiles are slightly different from men’s.
The app has around 3.07 consumer ratings with positive feedback. Also, women only meet men only like them. So, they have the option to pass or like within 24 hours.
Following that users can buy app currency beans in the bulk of 100,2000, and 3000. Users can use them to boost and unlock profiles. Also, use to open expired conversations.
Premium features allow users to access your feed. Also, it gives 8 bagels without spending Also premium subscriptions give more opportunities like Message read receipts.
However, some have found success through video chats with other people in real time, and others have expressed frustration with having to pay for features like viewing others’ photos and the ability to search for a date.
Competitors of the company
According to our research online there are few companies on the competitive list. Some of them include Tinder, Smitten, Paired, So synced, and Bumble. Also, Match, OkCupid, hi5, Hinge, and The League are on the list.
Here is a comparison of Tinder vs Coffee Meets Bagel, Which one is more worth it?
Coffee Meets Bagel left Shark tank refusing a historical deal from Mark Cuban. However now the company stabilized among the top dating app lists. Following that the company was valued at around $150 million and active in 2023.
The kang sister Arum Kang, Dawoon Kang, and Soo Kang own the company.
The smart algorithms present in the app curates matches according to user preferences.
After looking through the profile user can like or pass the person. Also, they have 24 hour time to reply.
There are over 10 million who use the app according to online data.
The App has a paid subscription service.
No, the owners rejected Mark Cuban’s historical $30 million offer. And left the Shark Tank without a deal.
Coffee Meets Bagel is one of the fastest-growing successful businesses in the field.
The company earned around $10 million per year.
According to the sensor tower, it reached $ 1000000 at the end of 2022.