Coffee Meets Bagel (CMB), a dating website established by brothers Dawoon, Arum, and Soo Kang, became renowned for turning down a $30 million offer from billionaire Mark Cuban. Fortunately for the women, they were correct in rejecting the agreement. Coffee meets bagel net worth is estimated to be worth $150 million in 2023. An amazing value backed up by yearly sales of $16 million!
Who are the Founders? coffee meets bagel net worth
Dawoon, Arum, and Soo Kang are three sisters who fled Korea as teens. They had an excellent education in the United States. Soo attended Harvard University, Arum Stanford University, and Dawoon the Parsons School of Design.
One day, the three of them discussed the challenges of meeting people via online dating. They came to the conclusion that there were more creative methods to manage a dating app that might produce better matches.
This is how Coffee Meets Bagel came to be. The Kang siblings all held well-paying careers before deciding to leave to offer their concept a greater chance of success.
Discovered coffee meets bagel net worth
The prospective businesswomen relocated to San Francisco, California, in order to get all of the technological tools required to create an internet platform. CMB was entirely developed in less than a year coffee meets bagel worth.
The app was formally released in 2012 after receiving $600,000 from Lightbank and a co-founder of Match.com. It distinguished itself from the competition by curating users using a machine learning algorithm based on their Facebook data. Users get prospective matches every day at lunchtime.
They saw tremendous success as their user base and income expanded dramatically. However, the company, like any other early-stage startup, battled with cash flow and was losing a million dollars every year. As a result, its creators intended to seek assistance from angel investors.
After Shark Tank,
The Coffee Meets Bagel founders sought fresh investors after their episode of Shark Tank aired. They have raised about $23.2 million in fundraising across five investment rounds. Atami Capital and DCM Ventures are their primary investors.
Unfortunately, they stated in February 2019 that their site had been hacked and that over 6.1 million users’ data had been exposed. They gradually recovered the following year by introducing a video virtual speed dating component.
CMB, in general, is struggling to recruit new users and compete with platforms such as Hinge, Tinder, and Bumble. CMB is now ranked in the top 15-20 most popular dating sites in the United States. The software is accessible on Android and iOS and has an estimated user base of 10 million users coffee meets bagel worth.
Coffee Meets Bagel currently boasts 80 full-time workers who all work remotely, according to Linkedin. Although the sisters’ aggressive sales objectives were not met, CMB currently generates roughly $16 million in yearly revenue. The company is presently valued at $150 million, but this figure is projected to fall in the future.
Shark Tank pitch
Dawoon, Arum, and Soo featured on Shark Tank Season 6 in 2015. On the programe, they were looking to fund $500,000 in exchange for a 5% interest in their company. At the time, the dating service was valued at $10 million.
This sparked a heated debate between them and the Shark Tank cast, and it became one of the show’s most memorable pitches. Despite the fact that several of the Sharks thought the venture was too risky, millionaire Mark Cuban was interested.
Eventually, he offered purchasing the whole CMB brand for $30 million, which is thought to be the highest cash offer ever made on Shark Tank. The sisters, however, thought the offer was too low since CMB had the ability to compete with Match.com, which was producing $800 million per year at the time.