Cupbop Shark Tank Update | Cupbob Net Worth

Cupbop, which made a remarkable appearance on Season 13 of Shark Tank, is an innovative food company that specializes in serving Korean BBQ in a quick-serve format. 

Founded by Dok Kwon and Jung Song, Cupbop began its journey as a food truck in Utah in 2013 to bring Korean food to a global audience. Its original menu consisted of four Korean barbecue dishes served in a cup, a novel concept that appealed to customers who sought tasty food on the go.

With a successful start, the company expanded to a brick-and-mortar format, boasting 36 stores in six states, including Utah, Idaho, Colorado, Arizona, Nevada, and Oklahoma, by 2023.

Cupbop is known for its healthy and convenient menu, distinguishing it from other food chains. The food company serves a range of delicious Korean BBQ meals at an affordable price of $8-10 per cup.

The Cupbop menu is vast, offering nine bowl options with choices of vegetarian, beef, pork, and chicken and a selection of side dishes. The highlight of their dishes, such as the Korean-style tangy fried chicken or BBQ beef, is the customizability with ten levels of spiciness, catering to a wide spectrum of taste preferences. 

Cupbop stands out as a good choice for several reasons. For food enthusiasts, it provides authentic Korean BBQ flavors with the convenience of quick service and take-out, a unique offering that appears to be unmatched in the market currently.

Moreover, it caters to diverse dietary preferences with options for vegetarian dishes and a gluten-free noodle substitution. Cupbop’s emphasis on quality ingredients and balanced nutrition is a distinct advantage for those looking for health-conscious meals. 

Financially, Cupbop has shown significant growth and profitability, boasting a gross profit margin of 75% and revenues of $18.7 million in the trailing 12 months before their Shark Tank appearance.

This positive financial performance, along with the enthusiastic reception by the Shark Tank judges, including a winning investment offer from Mark Cuban, underscores Cupbop’s strong business model and potential for further expansion.

Cupbop has successfully carved out a niche in the quick-serve restaurant market with its unique concept of Korean BBQ in a cup.

Company NameCupBop Inc.
EntrepreneurJunghun Song and Dok Kwon
ProductA chain of American fast casual restaurants called Cupbop
Investment Asking For$1 Million for a 3% Stake in Cupbob
Final Deal$1 Million for a 5% Stake in Cupbob
SharkMark Cuban
Cupbop Episode Season 13, Episode 21
Cupbop Business StatusIn Business
Cupbop WebsiteVisit Website
Cupbob Net Worth$67 Million (As of 2023)

What Is Cupbop?

Cupbop is a delectable fusion of Korean cuisine and American fast food, creating a unique gastronomic experience. Originating in Utah, USA, the concept was born out of the desire to merge the rich culinary traditions of Korea with the convenience and speed of modern-day American eating habits.

The term “Cupbop” essentially refers to Korean-style barbecue served in a cup, typically composed of layers of rice, vegetables, and various protein options, all topped with a savory-sweet Korean sauce.

Cupbop offers dishes that appeal to various palates, including tasty beef, pork, and chicken strips, alongside tofu for vegetarians. The portable, recyclable containers are perfect for people on the go or looking for a quick, satisfying meal.

Cupbop Net Worth | Cupbob Before & After Shark Tank

Cupbop has quickly gained prominence in the casual dining industry thanks to its vibrant fusion flavors, with food trucks and branches around Utah and other areas extending its appeal.

Additionally, Cupbop’s enticing flavors are an informal introduction to Korean cuisine, making it an intriguing culinary exploration.

Who Is The Founder Of Cupbop?

Junghun Song and Dok Kwon are the founders of Cupbop, an American fast-casual restaurant chain offering Korean barbecue-style street food. Based in the U.S. Mountain States, Cupbop was conceptualized to bring authentic Korean flavors to the American palate quickly and conveniently.

Before Cupbop, Junghun Song had an extensive background in the food industry and a deep appreciation for Korean cuisine. However, he realized Korean food, although rich in flavors and variety, was not easily accessible to the American population, especially in fast-casual dining.

He recognized a gap in the market for accessible and high-quality Korean food, which sparked the idea of Cupbop.

On the other hand, Dok Kwon, who serves as the Chief Operating Officer of Cupbop, has an operational and managerial background. His skills in operations management have proven to be instrumental in streamlining the restaurant chain’s processes and expanding the brand’s reach.

In 2013, Cupbop officially launched its first food truck in Salt Lake County, Utah. Song and Kwon started by selling their Korean barbecue dishes from the food truck, emphasizing their offerings’ freshness and unique flavors. The response was positive, and Cupbop started gaining a steady customer base.

As the business began to flourish, the duo decided to expand, and by 2015, they opened Food Trucks and a brick-and-mortar restaurant near Brigham Young University. In addition, they leveraged social media’s power to increase brand awareness.

They consistently posted about their food, updates, and events, which helped them amass over 24.3k followers on Instagram.

Before appearing on Shark Tank, Cupbop had already significantly impacted the fast-casual restaurant industry. By February 2022, they had 35 store locations and six food trucks spread across the U.S.

They also reached an impressive annual revenue milestone of up to $10 million in 2020. Cupbop gained additional investment through Shark Tank, and they showcased their product and business model on an even broader platform.

Despite the challenges and competition in the restaurant franchise industry, Cupbop continues to thrive, thanks to the dedication and marketing prowess of its founders, Junghun Song, and Dok Kwon.

How Was The Shark Tank Pitch Of Cupbop?

Cupbop, a fast-casual Korean barbecue chain founded by Jung Song and Dok Kwon, was pitched in the 13th season of the Shark Tank television series. During their pitch, the entrepreneurs were seeking an investment of $1 million in exchange for a 3% equity stake in their company, valuing Cupbob at $33 million. 

The presentation highlighted the novelty of the Cupbop concept, a void in the quick-service market for Asian food options, and their unique business model that includes physical stores and food trucks as marketing tools.

They boasted of having over 27 stores at the time and notable system-wide sales of $18.7 million in the previous year. The Sharks were impressed by the food quality and business concept.

Kevin O’Leary complimented it as the best food product he’d ever had on the show and made the first offer of $1 million as a loan with a 10% interest rate, requiring 3% equity as collateral.

Other Sharks followed with offers, including Barbara Corcoran’s proposition of $1 million for 30% equity, Robert Herjavec’s ambitious bid of $5 million for 28%, and Lori Greiner’s loan offer of $1 million with an 8% interest rate and 5% equity. 

Mark Cuban, showing his affinity towards the product and business, proposed an investment of $1 million in exchange for a 7% equity stake, emphasizing his expertise in scaling businesses.

After a counter-offer from the founders and some negotiation, a deal was eventually struck with Mark Cuban for $1 million in exchange for a 5% stake in the company.

Following its successful Shark Tank presentation, Cupbop has expanded, adding nine more brick-and-mortar locations since the show was filmed and extending its reach to over 100 locations in Indonesia.

With the backing and guidance of Mark Cuban, the future of Cupbop seems promising as it continues to fill the void in the quick-service market for Korean barbecue.

Junghun Song and Dok Kwon left the Shark Tank stage with an investment from Mark Cuban.

Final Deal: Cupbob secured an investment of $1 million for 5% equity in the company from Mark Cuban on Shark Tank.

What Happened To Cupbop After Shark Tank?

Following their successful pitch on Shark Tank, Cupbop, the Korean BBQ-in-a-cup enterprise, has seen continued growth and development. The founders, Dok Kwon, a former investment banker, and Jung Song, a former break dancer, joined forces to expand the fast-food concept that began as a food truck business in New York.

After their Shark Tank appearance, Cupbop was reported to have opened nine brick-and-mortar stores, adding to their previous count of 27 locations. This expansion indicates that the business has maintained a positive trajectory since the show.

Additionally, their presence has increased internationally, with numerous stores in six U.S. states – Utah, Idaho, Arizona, Colorado, Nevada, and Oklahoma, and over 100 locations in Indonesia.

Despite the ambitious goal of overtaking Panda Express, a significant player with more than 2,300 locations, Cupbop has kept expanding and attracting new customers. The concept of Korean BBQ served in a cup, with options for customization of protein and spice levels, has attracted a loyal customer base.

Interestingly, the company’s marketing strategy has involved dance, carrying forward co-founder Jung Song’s background as a break dancer. This unique approach, coupled with their authentic Korean BBQ, has created an appealing brand identity.

As for the Shark Tank deal with Mark Cuban, it’s reported that there might not be substantial evidence of it being officially closed. Yet, the potential collaboration, coupled with Cuban’s expertise, could help elevate Cupbop to a national platform, thereby increasing the company’s visibility.

According to Cupbop’s Facebook page, new locations open every few months. For instance, their newest location was opened in Lehi, Utah, offering exciting incentives such as a chance to win “free Cupbop for a year,” Cupbop swag, and Korean corn dogs. 

Since its appearance on Shark Tank, Cupbop has continued to thrive and expand, working towards becoming a leading player in the quick-service restaurant market.

Cupbop Shark Tank Update

After appearing on “Shark Tank,” Cupbop, a Korean barbecue company, experienced significant growth and success. Here’s what happened to Cupbop after their appearance on the show:

Cupbop, founded by Jung Song and Dok Kwon, started as a food truck in 2013. Since then, it has expanded its operations and operates 36 locations across six U.S. states and over 100 locations in Indonesia. The company’s business model focuses on selling $8 to $10 bowls of Korean barbecue.

On the episode of “Shark Tank,” Cupbop secured a $1 million investment deal with Mark Cuban. The Sharks on the show were eager to invest, with several offers made by Kevin O’Leary, Barbara Corcoran, Robert Herjavec, Lori Greiner, and Mark Cuban. Ultimately, Mark Cuban offered $1 million for 5% equity, citing his ability to provide marketing and national presence for the brand.

Following the “Shark Tank” appearance, Cupbop continued its expansion plans. The company opened new locations, including one in Lehi, Utah, which held a grand opening event with special promotions.

Cupbop Net Worth | Cupbob Before & After Shark Tank

Cupbop remains dedicated to becoming a prominent Asian quick-service restaurant and expanding its presence in the United States and internationally. Cupbop’s revenue has been impressive, with reports of generating $18.7 million in 12 months and $25 million in sales overall.

Cupbop has seen a boost in sales during the pandemic, and its focus on takeout and delivery has contributed to a 9% increase in same-store sales. With a valuation of approximately $10 million, Cupbop remains in business and continues to experience rapid expansion.

Cupbop has a strong presence on social media and local events, attracting domestic and international interest. Customers can order online or visit their food trucks.

Cupbop has achieved significant growth and success since its appearance on “Shark Tank.” The company has expanded its number of locations, increased its revenue, and remains focused on its domestic and international expansion plans.

Is Cupbop Still In Business?

According to our research, Cupbop is still in business as of 2023. Cupbop, a Korean barbecue concept, has experienced significant growth and continues to expand its operations.

They currently have multiple locations in the United States and international franchisees in Indonesia. Cupbop offers delicious Korean barbecue-style street food in bowls with various protein and vegetable options.

Since appearing on “Shark Tank,” Cupbop has opened new stores and increased its store count. They currently have 36 permanent stores across multiple U.S. states. The company has expanded its presence in the U.S. and internationally, with over 100 locations in Indonesia.

Cupbop’s growth and success are evident in its revenue and valuation. They have generated significant sales, with reports of $18.7 million in 12 months and a net worth of approximately $10 million.

Cupbop’s energetic marketing approach and focus on high-quality products have contributed to its continued growth and success in the fast-casual restaurant industry.

Customers can enjoy Cupbop’s offerings through various services, including delivery, pickup, and catering. The company also offers a gift card feature and continues to open new stores domestically and internationally, aiming for further expansion.

Cupbop is still in business and has achieved significant growth and success since its appearance on “Shark Tank.” They continue to operate multiple locations in the United States and international franchisees in Indonesia, offering delicious Korean barbecue-style street food.

Cupbop’s expansion plans remain on track, and the company’s revenue and valuation reflect its continued growth and success in the fast-casual restaurant industry.

What Is the Net Worth Of Cupbop?

According to our research, the net worth of Cupbob is estimated to be $67 million. The valuation of Cupbob was $33 million when it appeared on Shark Tank.

Also, read other notable businesses from Season 12 of Shark Tank: