Imagine yourself standing in front of a group of investors, feeling the pressure of your biggest dreams depending on every word you say. That’s what it’s like for people who go on Shark Tank, a TV show where getting a deal can change your life. In 2015, the Kang sisters, who made the dating app Coffee Meets Bagel, got their chance on the show. Everyone was surprised when they said no to a huge $30 million offer from Mark Cuban, the biggest offer ever on the show. Instead, they chose to keep running their business by themselves.
This decision surprised a lot of people. Some thought it might have been a mistake to turn down so much money. However, others admired the sisters for sticking to their vision and being so sure of themselves and their app.
Now, you might be wondering what happened next. Are you curious about what happened to the Coffee Meets Bagel Kang Sisters after they said no to the biggest Shark Tank deal ever? Let’s find out together as we explore the story behind this important decision.
Going on ‘Shark Tank’: What the Sisters Wanted
The sisters had a clear vision when they went on “Shark Tank.” They were not just after the money; they knew being on such a well-known show would also get them a lot of attention. In a 2019 interview, Dawoon Kang explained that they were aiming for both investment and exposure. Even though they didn’t strike a deal, their app got a significant visibility boost from their appearance.
Growing After ‘Shark Tank’: Partnering with Braavo
After their big decision on “Shark Tank,” the Kang sisters kept going strong. They teamed up with Braavo, a venture debt partner, to boost their marketing and grow their business even more. This partnership helped Coffee Meets Bagel keep growing and eventually start making money, showing that their careful planning was paying off.
Why They Said No: Believing in Their App
Despite saying no to the deal, their app stayed popular. It’s like being in a race where everyone is running fast, but you keep your own pace and still do well. This decision to stick to their original plan showed how much they believed in their app. They wanted to keep improving it in their unique way, not just follow what someone else thought was best.
Turning Down the Big Offer: Why $30 Million Wasn’t Enough
They turned down a $30 million offer from Mark Cuban because they believed their app could become as big as Match.com, which makes $800 million a year. They thought giving up 5% of their company for $30 million was not a good deal, as they saw a much bigger future for Coffee Meets Bagel. Although Mark Cuban had concerns about the high costs of acquiring customers and the company’s profitability, the founders were optimistic about overcoming these challenges.
Looking Back: Would They Say No Again?
Years later, Dawoon confirmed she would still decline the $30 million if offered again. The dating industry had evolved, making the timing for Coffee Meets Bagel’s services even better. Despite rejecting such a large offer, the app continued to grow, doubling its users and securing more funding after its appearance on “Shark Tank.”
Not as Big as Match.com, But Still Successful
Coffee Meets Bagel has done a great job of making itself known and liked, but it hasn’t grown as big as Match.com. We don’t have a lot of details on how much money Coffee Meets Bagel makes or exactly how many people use it. However, as of 2024, the app is worth about $150 million. Even though it’s not the biggest, it still has many users who like it and keep coming back.
Sticking to Their Beliefs
Their experience on “Shark Tank” taught the sisters a valuable lesson about sticking to their convictions even when faced with tough choices. Their journey is truly inspirational for anyone wanting to start their own business. It shows that the best decisions aren’t always the obvious ones, like taking a large sum of money. Instead, it’s about remaining true to what you believe is best for your business.
Coffee Meets Bagel’s Worth in 2024
As of January 2024, despite some skepticism from “Shark Tank” judges, Coffee Meets Bagel’s net worth reached an impressive $150 million. This valuation highlights the app’s steady growth over the years, with users appreciating the quality and curated matches that lead to more real-life dates compared to other dating apps.
What’s Next: Keeping the App Great
Looking ahead, Coffee Meets Bagel remains active and is doing well. The Kang sisters keep innovating and improving the app to ensure a top-notch user experience. With a strong presence especially in the United States, Thailand, and Taiwan, Coffee Meets Bagel is poised for ongoing success. The sisters’ journey from “Shark Tank” rejection to achieving significant valuation proves that sometimes the best path is the one you forge yourself, driven by a firm commitment to your values and vision.
Conclusion
So, the journey of the Kang sisters with Coffee Meets Bagel teaches us that being strategic and resilient, and following your path, can lead to success. Their story encourages us to be brave in making decisions that feel right to us, even if they seem scary at first. They continue to innovate, focusing on quality over quantity in matches and maintaining a strong community presence, which further solidifies their brand in the competitive dating app market.
