Cupbop is a Korean BBQ in a cup that became popular on Shark Tank Season 13 and secured a $1 million investment from Mark Cuban for a 5% stake in the company. Since its appearance on the show, Cupbop has achieved tremendous success, currently Cupbop net worth is $200 million and annual sales earnings of $34 million, according to the latest Shark Tank update. In this article, we’ll uncover Cupbop’s success story and current state.
In writing this article, we have used the resources like Forbes, Lyrics Story, Mashed, CAKnowledge, and more.
Cupbop’s net worth in 2023
Cupbop has an impressive net worth of $200 million and has achieved lifetime sales of $150 million. They have 49 stores in the USA and over 200 international franchisees. Additionally, they operate 20 food trucks. The company employs more than 65 persons and has secured investment from entrepreneur Mark Cuban.
After appearing on Shark Tank, Cupbop saw a significant boost in their success. In 2022, Cupbop net worth exceeded $100 million and reached $140 million. In 2023, Cupbop has continued to thrive and has an impressive net worth of $200 million. Their opportunity on Shark Tank played a significant role in their financial growth.
What is Cupbop?
Cupbop is a famous Korean barbecue-style street-food brand that appeared on Season 13 Episode 21 of Shark Tank. Their food is known for its vibrant and delicious flavors, making it a hit among customers.
Cupbop offers various bowls with ingredients like chicken, beef, pork, vegetables, and tofu, with a primary focus on rice bowls. They also serve other delectable Korean foods, such as dumplings and a unique spicy vegetable called kimchi.
Who owns Cupbop?
Junghun Song, the Founder and Chief Executive Officer, and Dok Kwon, the Chief Operating Officer, drive Cupbop’s success.
However, Song was the one who first thought of Cupbop. Their leadership and expertise have transformed this brand into a thriving million-dollar business. Cupbop’s reach and popularity have expanded to every primary state in the United States, thanks to the founder’s exceptional networking and marketing abilities and the team’s outstanding dedication and determination.
What happened to Cupbop in Shark Tank?
Cupbop is a Korean barbecue business started by Jung Song and Dok Kwon, Korean immigrants living in Utah. They began with a food truck and now have many restaurants in the US and Indonesia. On Shark Tank, they asked for $1 million in exchange for a portion of 3% their company.
All five Sharks were interested in partnering with Cupbop. Kevin O’Leary offered 3% equity and gave Cupbop a $1 million loan with 10% interest over three years, Barbara Corcoran proposed $1 million for 30% ownership, and Robert Herjavec offered $5 million for 28% ownership. Lori Greiner joined Corcoran with a $1 million loan with 8% interest in exchange for 5% of Cupbop.
However, In the end, all five Sharks expressed interest in partnering with Cupbop, but Mark Cuban made the best offer of $1 million for 5% of the company. Song and Kwon were happy with the deal and saw it as a significant achievement for their company.
Cupbop Net Worth
| Net worth | $200 Million |
| Annual Sales Revenue | $34 Million |
| Profit | $19 Million |
| Lifetime sales | $150 Million |
| Investor | Mark Cuban |
| Asked for | $1 million for 3% equity |
| Final deal | $1 Million in exchange for a 5 % stake |
| Founder | Ung Song and Dok Kwon |
| Employees | Over 70 employees |
More Shark Tank pitches
Cupbop Shark Tank Update: What Happened After the Shark Tank?
Cupbop experienced significant growth and development following its participation in Shark Tank. They had 36 stores around the United States at the time of the episode and six food trucks and different stands, including one in the Utah Jazz NBA Arena. The show’s exposure resulted in numerous emails and searches for the brand.
Cupbop took advantage of the opportunity to develop its business globally through effective marketing and planning. The company operates about 100 stores in Indonesia and six outlets in the United States. This foreign presence contributed to the restaurant chain’s exceptional sales of more than $25 million in 2021, boosting the company’s $15 million value.
Cupbop Net Worth Timeline
| Net Worth 2023 | $200 Million |
| Net worth valuation 2022 after appearing on Shark Tank | $20 Million |
| Net worth valuation 2022 before appearing on Shark Tank | $33 Million |
Cupbop Product review
Cupbop is well known for using good ingredients and ensuring every cup is flavorful. If you love Korean BBQ, you should try Cupbop. It’s a tasty treat that will make your taste buds very happy. So, Cupbop has received an overall rating of 4.6 out of 5 based on customer reviews on Facebook.
Who are the competitors of Cupbop?
While Cupbop has established itself as a distinct brand in the market, it faces competition from other restaurants that provide similar Korean-inspired cuisine. Cupbop’s top competitors include Barbecue, KFC Korea, and Noodleist. Despite the competition, Cupbop’s unusual flavors and easy packaging have enabled the company to thrive. So, the continuity of the brand will always remain stable.
FAQ
Cupbop is now serving in around 50 stores across the USA.
Yes. Mark Cuban owns 5% equity in Cupbop.
Cupbop’s official website is www.cupbop.com
Cupbop’s net worth is 200 Million as of 2023.
