The dating website Coffee Meets Bagel started by three sisters, Arum, Dawoon, and Soo Kang in April 2011. As of August 2023, Coffee Meets Bagel net worth is $150 Million. In 2015 they appeared on Season 6th of Shark Tank USA, seeking $500,000 for 5% of equity. Mark Cuban offered $30 Million for the 100% of the company and The Kang sisters rejected Mark’s offer. But currently, Coffee Meets Bagel is one of the most successful companies without a deal on the Shark Tank.
| Coffee Meets Bagel’s Net worth before appearing on Shark Tank | 12.5 Million USD (business valuation) |
| Coffee Meets Bagel’s Current Net worth (2023) | 150 Million USD |
| Episode | Season 06 Episode 13 |
| Company name | Coffee Meets Bagel |
| Product | Quality dating service for singles |
| Founder | Arum Kang, Dawoon Kang, Soo Kang |
| Asked for | $500,000 for 4%Equity |
| Final deal | Offer Declined ( Mark Cuban was offered 30 Million USD for 100% Equity and Kang Sisters rejected the offer. It was the biggest cash offer in shark tank history) |
| Shark | No shark |
| Business status | In Business |
| Location | San Francisco, California, United States |
Coffee Meets Bagels Net Worth in 2023
According to our research online, the company is valued at $150 million as of 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.? Only Fans Owner Net Worth
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.
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.
How is Coffee Meets Bagel doing now?
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 Kang 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 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.
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.
Key accomplishments
| Year | Accomplishment |
| 2012 | Launched the Cofee Meets Bagel app with a very special algorithm (Facebook data using a machine learning algorithm) |
| 2015 | In January, featured on Shark Tank USA and rejected Mark Cuban’s offer, shark tank’s Biggest cash offer ever. |
| 2015 | End of the year raised funds for the app and with a few rounds, Kang’s sisters were able to make 23.2 Million USD including Atami Capital and DCM Ventures. |
| 2019 | CMB reported that their app was attacked and it caused a 6 Million users’ data leaking. But soon they recovered from their loss. |
| 2023 | As of 2023, they have over 5 million downloads from the google play store and 137,194 ratings from Apple AppStore. And also they reported they have over 10 Million users for the app. |
FAQ
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 $16 million per year.
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