Coffee Meets Bagel has become one of the fastest-growing social media services in the world.
From rejecting the biggest Shark Tank Offer to becoming valued at $150 Million today: the name you know but the story you don’t.
In this article, we bring you the latest valuations and net worth of the company. See for yourself how this company just grew by size as well as by numbers.
Do read on to know more!
Coffee Meets Bagel Net Worth
Coffee Meets Bagel has a net worth of about $150 Million as of 2023. They were valued at $100 Million just in the previous year.
Their growth has been magnificent. Launched in 2013, San Francisco-based dating app Coffee Meets Bagel just reached a momentous milestone on Apple’s App Store.
According to Sensor Tower Store Intelligence estimates, the service has earned $10 million in net revenue on the platform via in-app purchases and subscriptions.
With their growing demand and fan base, they will surely grow much more in the coming future.
Who is Coffee Meets Bagel?
Coffee Meets Bagel is an online dating app that has made a fortune for its billion introductions and matches to date.
The dating app that targets the millennials claims that they are responsible for over 100,000 happy couples in the world.
The company had the most memorable moments on TV after it appeared on Shark Tank.
Coffee Meets Bagel Shark Tank
Coffee Meets Bagel was not among the rejected pitches on Shark Tank, they failed to secure a deal.
The sisters who are running the business ultimately decided to reject Mark Cuban’s $30 million offer.
Good thing that they rejected Cuban’s offer since they went on to be worth more than that after over seven years. At the moment, the company is valued at $150 million.
Kang sisters Dawoon, Arum, and Soo went to pitch their business on Shark Tank in 2015.
They were seeking a $500,000 investment in exchange for 4% equity in their business.
The sisters came on strong to the show and were very pleasant during their presentation.
They focused their pitch entirely on the benefits of the dating app, leaving no room for background exposition.
The entire pitch was used to hype their product and explain what makes them different, noting their core beliefs.
No sob story about their personal hardship whatsoever which made their appearance on the show more pleasant.
Since the sisters were firm on their mission to help others rather than profit from their business, Mark Cuban decided to challenge this and offered them $30 million in exchange for the company.
Coffee Meets Bagel received the highest offer a shark has on the show, but they turned him down.
None of the sharks ended up investing in their company and that’s okay.
Coffee Meets Bagels increased its popularity and eventually earned millions in investments.
After leaving Shark Tank with no luck, the sisters secured over $23 million in five rounds of investments.
Coffee Meets Bagel Valuation
Coffee Meets Bagel is currently evaluated at $150 Million at present. Arum Kang created the idea behind the business Coffee Meets Bagel in 2011 and the following year.
She came up with the idea after she noticed that dating and meeting people is extremely hard, especially for women.
The sisters were keen on making the app a success since they wanted to be of service to women who just wanted to date.
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Coffee Meets Bagel Founders
Coffee Meets Bagel founders are Arum and her sisters. Arum Kang was the one who came up with the idea for Coffee Meets Bagel.
She initially thought about it while she was doing her MBA at the prestigious Harvard Business School.
She was among the handful of students who got into the HBS MBA class of 2011 and went on to start their own businesses.
The idea prospered after Arum talked about it with her twin sister Dawoon and older sister Soo.
The trio was born to be entrepreneurs, after all, entrepreneurship runs in their blood since their parents started their own business in Korea.
Hailing from South Korea, the Kang sisters came from a family of entrepreneurs.
Both of their parents started their own businesses with their father running his own scrap iron business while their mother went on to manage several bars and restaurants.
The sisters emigrated to the US when they were only 12 years old with their older sister Soo.
Their parents stayed in Korea to take care of their business, so a family friend looked after them growing up.
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Conclusion
Today, the company has reported a total of 10 million users across the world.
Coffee Meets Bagel sometimes makes it to the top 10 most popular dating apps on the app stores.
They certainly had their fair share of competitors such as Tinder, Bumble, and even the celebrity dating app called Raya.
Despite the competition, there’s no doubt that the company has made it bigger than what Mark Cuban had initially offered them for their company.
Thank you for reading this article about Coffee and Bagels. Do add your thoughts and comments below.
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