Coffee Meets Bagel Shark Tank Net Worth

Coffee Meets Bagel is a dating application that appeared in Episode 13 of Season 6 of Shark Tank, offering an alternative to the common swiping-based platforms. 

Founded by sisters Arum, Dawoon, and Soo Kang in 2012, this app aims to deliver a more curated and meaningful online dating experience.

Coffee Meets Bagel is distinguished by its daily matching system. Every day at noon, men are given 21 potential matches, referred to as ‘bagels.’ They are then asked to indicate their interest in these bagels. 

Women are presented with the men who have expressed interest in them. They can then choose to like or pass on these selections. This selective model promotes thoughtful matching, reducing the often-overwhelming choice in typical dating applications.

Coffee Meets Bagel also promotes user engagement with the ‘beans’ system, the in-app currency. Users earn beans by using the app consistently, inviting friends, or sharing information. 

Beans can be spent to unlock more matches or gain insights into user activity. This introduces an element of gamification, making the dating process more entertaining and engaging.

The platform prioritizes user safety and privacy. It assures profile verification and enforces strict rules to maintain a respectful environment. It also allows users to disclose their activity status, promoting the dating process’s transparency.

Coffee Meets Bagel is a great choice for individuals seeking a more serious and meaningful connection than casual dating. It allows users to connect with more personalized matches based on their preferences and behavior by focusing on quality rather than quantity.

Furthermore, it reduces the paradox of choice often faced in traditional dating applications, making the process more manageable and less time-consuming. Its emphasis on user safety and engagement makes it a dependable and fun platform for modern online dating.

Company NameCoffee Meets Bagel
EntrepreneurArum Kang, Dawoon Kang, and Soo Kang
ProductDating platform for singles
Investment Asking For$500,000 for 4% equity in Coffee Meets Bagel
Final DealNo Deal
SharkNo Shark
Episode Season 6, Episode 13
Business StatusIn Business
WebsiteCoffee Meets Bagel Website
Net Worth$150 Million

What is Coffee Meets Bagel?

Coffee Meets Bagel is a dating app that aims to provide quality matches for its users. It was founded in 2012 and has gained popularity for its unique approach to online dating. The app sends users a curated selection of potential matches, or “bagels,” every day at noon. 

Users can then choose to like or pass on these bagels. If both parties express interest, they are connected in a private chat where they can get to know each other better.

Coffee Meets Bagel Shark Tank Net Worth

Coffee Meets Bagel emphasizes quality over quantity and aims to create meaningful user connections.

Coffee Meets Bagel was created to provide a more curated and personalized dating experience. 

Coffee Meets Bagel aims to provide a more curated and focused dating experience by delivering personalized matches and encouraging meaningful user connections.

Who Is the Founder of Coffee Meets Bagel?

Coffee Meets Bagel was founded by three sisters: Arum, Dawoon, and Soo Kang. The sisters were all born in Seoul, South Korea, before they immigrated to the United States to pursue higher education. 

All three of them attended top schools: Arum attended Harvard Business School, Dawoon went to Stanford for an MBA, and Soo studied at Parsons School of Design.

Before Coffee Meets Bagel, they all had successful careers. Arum worked in different roles at Avon for over five years before moving on to Amazon, Dawoon worked at JP Morgan and Avon, and Soo worked at Samsung, BCG, and Avon.

The idea for Coffee Meets Bagel arose because the sisters were dissatisfied with the existing online dating platforms. They felt that the options were too overwhelming, the focus was too much on casual relationships, and there was a lack of safety features. 

Moreover, they observed that many dating apps were primarily designed with men in mind, which left women feeling less empowered and more commoditized. They decided to create a dating app to make women feel more comfortable and put them in control.

Coffee Meets Bagel was launched in April 2012 in New York City. Before their appearance on Shark Tank, the app had already made a name for itself due to its innovative approach to online dating. It had an estimated 21 million users worldwide by 2015, demonstrating its success.

Despite their success, the founders decided to go on Shark Tank in January 2015 to seek additional funding and publicity. They sought $500,000 in exchange for 5% equity in the business. 

Although they received a record-breaking offer from Mark Cuban of $30 million to buy the company outright, they declined, believing in the long-term value of their company.

Coffee Meets Bagel has continued to be a popular and influential player in the online dating industry, known for its user-friendly platform and commitment to creating a safe and empowering space for its users.

How Was The Shark Tank Pitch Of Coffee Meets Bagel?

The Coffee Meets Bagel pitch on Shark Tank was delivered by Arum Kang in January 2015 during Season 6. The founders sought an investment of $500,000 in exchange for a 5% stake in their company, valuing the business at $10 million.

Arum started her pitch by explaining the online dating landscape’s flaws, particularly how it often left women feeling overwhelmed and objectified. 

She then introduced Coffee Meets Bagel, explaining its unique approach and how it empowered women by putting them in control of the dating process.

She went on to discuss the company’s growth and impressive user metrics. At the time of the pitch, Coffee Meets Bagel had facilitated 2.4 million introductions and 22,000 successful matches resulting in relationships. 

Arum mentioned that the company had also raised $2.8 million from investors, which included co-founder Peng Ong.

The Sharks were impressed by the company’s growth and unique market positioning. Mark Cuban, in particular, was excited by the venture and saw significant potential in the online dating industry. 

However, some Sharks were skeptical about the company’s $10 million valuation because it was not yet profitable.

Mark Cuban then surprised everyone by offering to buy the entire company for $30 million, the biggest offer in Shark Tank’s history. However, the sisters declined the offer, stating they saw their company worth much more in the long run.

In the end, despite the extraordinary offer, the founders of Coffee Meets Bagel walked away from the Shark Tank without a deal. 

They decided to stick to their vision and continue to grow the company on their terms, believing in the long-term value of their innovative dating platform.

Did Coffee Meets Bagel Get a Deal on Shark Tank?

Coffee Meets Bagel did not secure a deal on Shark Tank. The three sisters behind the dating platform, Soo Kang, Arum Kang, and Dawoon Kang, asked for $500,000 for 5% equity in their business. 

Despite the sharks’ interest, they could not reach an agreement. Mark Cuban dropped out early due to the sisters’ refusal to disclose their platform’s active number of users. 

Robert Herjavec, Kevin O’Leary, and Lori Greiner dropped out because of the high valuation, and the sisters drew out $100,000 each as a salary while the company grew. 

Barbara Corcoran liked the concept but not the numbers and was the last shark to go out.

Coffee Meets Bagel continued operating despite not securing a deal and introducing new virtual dating features. However, the company seems not as profitable as the sisters had hoped.

What Happened To Coffee Meets Bagel After Shark Tank?

Coffee Meets Bagel didn’t accept any offers on Shark Tank, but the appearance gave the company a significant boost in visibility, leading to a surge in sign-ups and user engagement.

Despite turning down Mark Cuban’s offer, the founders continued to grow the business successfully post-Shark Tank. They raised additional funding from external investors to help scale the business.

By 2018, Coffee Meets Bagel had raised $31 million in funding over several rounds. The company introduced several new features and expanded its reach globally. It introduced a premium subscription, providing added benefits for users willing to pay for the service. 

In addition, it increased the degree of personalization and control over the user experience by allowing users to browse and select potential matches rather than just receiving daily recommendations.

Coffee Meets Bagel has continued to focus on providing a differentiated and quality online dating experience. It has maintained its unique proposition of offering fewer but more meaningful matches, which resonated with a significant user base.

The app has consistently been one of the top dating apps in the App Store and Google Play store, with millions of downloads worldwide, and it continues to make a name for itself in the online dating space. Coffee Meets Bagel remains a strong player in the online dating market.

The company is also very active on social media; they have accounts on Instagram (@coffeemeetsbagel) and Twitter (@coffeembagel). Coffee Meets Bagel’s official Facebook page has received more than 46,000 likes since its launch.

Coffee Meets Bagel Shark Tank Update

After appearing on Shark Tank in 2015, Coffee Meets Bagel experienced mixed results regarding its business growth. Despite not receiving an investment offer from the Sharks, the Kang sisters, who founded Coffee Meets Bagel, remained determined to succeed.

Following their appearance on the show, the Kang sisters secured $23.2 million in funding through five investment rounds. This financial boost allowed them to continue developing and expanding their dating app. 

Coffee Meets Bagel is still available for both Android and Apple users. However, despite its initial promise, Coffee Meets Bagel’s popularity has waned since its appearance on Shark Tank. 

With a user base of 10 million, it struggles to compete with other well-established dating apps like Tinder, Bumble, and Zoosk. Coffee Meets Bagel is only ranked among the top 20 dating apps available in app stores.

Coffee Meets Bagel Shark Tank Net Worth

Coffee Meets Bagel’s founders acknowledged their challenges but remained optimistic about their plans. In a 2017 interview with Forbes, Dawoon Kang mentioned their intention to expand into international markets. 

The founders of Coffee Meets Bagel aimed to leverage their experience and innovate further to provide a better matchmaking service for singles. Despite rejecting Mark Cuban’s $30 million offer on Shark Tank, the Kang sisters believed they made the right decision. 

They emphasized that if they were men, their decisions might have been seen as bold and visionary. Nevertheless, they remained steadfast in their commitment to growing Coffee Meets Bagel.

While Coffee Meets Bagel faced challenges in expanding its user base and competing with larger dating apps, the Kang sisters continue to work towards improving and evolving their business.

Is Coffee Meets Bagel Still In Business?

Yes, Coffee Meets Bagel is still in business. Despite not receiving an investment on the “Shark Tank” episode, the dating app has continued to thrive and grow. Since its appearance on the show in 2015, Coffee Meets Bagel has received an estimated $19.8 million in funding. 

Coffee Meets Bagel received the largest investment in 2018 when the app received $12 million during its Series B financing round. 

The app has expanded internationally and has hosted live events for its users. It has also seen a significant increase in its user base, with over 10 million users as of 2019. 

While Coffee Meets Bagel may not have reached the same level of popularity as some of its competitors, it continues to be recommended by dating experts and included on “best dating apps” lists.

The founders of Coffee Meets Bagel remain confident in their decision to turn down Mark Cuban’s record-breaking offer. 

Since its launch, the app has been responsible for billions of introductions, indicating its effectiveness in connecting users. Overall, Coffee Meets Bagel remains a successful and active dating app.

What Is the Net Worth Of Coffee Meets Bagel?

According to our research, the net worth of Coffee Meets Bagel is estimated to be $150 million. The valuation of Coffee Meets Bagel was $10 million when it appeared on Shark Tank.