Coffee Meets Bagel is a dating app that was created in October 2012, by three sisters: Aram, Dawoon, and Soo Kang. The app quickly gained popularity and became well-known in the United States. In 2015, the app was introduced to the Shark Tank panel where the sisters asked for a $ 500,000 investment. Unfortunately, they did not receive an offer from the Sharks. However, what happened to Coffee Meets Bagel after Shark Tank? We’ll explore that in this informative post.
History of the Founders
When it comes to the dating scene, finding a date among the sea of choices can be tough- especially for women. And some people find bonding with total strangers over coffee to be even tougher. To find someone you actually click on Tinder, you may need to go through dozens of profiles, and most seem to use Tinder as a way to find a one-time hookup. So if you seriously want to find a relationship, how do you wade through all the noise?
Well, the three sisters behind Coffee Meets Bagel felt the same way and they decided to do something about it. Their solution was a dating app that would take the user’s Facebook friends and connect with friends of friends of friends, you get the picture. The app would then give the user a curated list of matches every day at noon.
Arum, Dawoon, and Soo Kang grew up in South Korea in their teens and were raised by a dad who worked as hard as he could to support the family. The Kang sisters all got a good education and managed to get themselves good jobs. They had successful careers and even started their own business and that’s when they came up with the idea of Coffee Meets Bagel.
How the app works are quite simple. After signing in with Facebook, the app presents you with one match (or “bagel”) every day at noon. You can either like or pass on this person, and if you both like each other you’ll be connected through a private chat where you can get to know each other better and maybe even set up a date. The match is picked from a group of friends, so the chances that you know each other (or at least have a mutual friend) are pretty high.
You have 24 hours to decide whether you want to “like” or “pass” on your bagel, and if you both like each other you’ll be connected through a private SMS chat via a temporary phone number. As you can see the app values privacy and tries to keep things as safe as possible. Once you connect and chat for a while you can consider whether you want to give out your real phone number and take things offline.
The Kang sisters started working on the app in 2011, and it was launched in San Francisco in October 2012. The app quickly gained popularity and by their appearance, at Shark Tank, they had 100,000+ monthly users. But the sisters wanted to achieve bigger things and that’s why they went to Shark Tank. [1] [2] [3] [4] [5]
Did They Get a Deal?
Arum, Dawoon, and Soo Kang appeared on Shark Tank in January 2015. They asked for a $ 500,000 investment in return for a 5% equity stake in their company. Their main purpose behind making an appearance on the show was to gain more exposure, help with monetization and create awareness about their product.
They began their pitch by explaining how difficult it is to meet new people, especially for busy urbanites. They came up with the concept for Coffee Meets Bagel while they were all working at various startups in San Francisco. The app was designed to make online dating easier and more efficient by giving users a daily curated list of potential matches (or “bagels”) and allowing them to connect with each other if they’re both interested.
Once they explained the concept, the sharks were quick to jump in with questions. Mark Cuban was the first to ask about their revenue, and when the sisters revealed they made $ 1 million in sales but also lost $ 1 million, then things changed for the worse.
Sharks started backing out, one by one. Lori was under the impression sisters are stealing the concepts from other dating websites. Kevin believed that the percentage was way too low for what they were offering and he wasn’t ready to make such an investment. Barbara loved the idea of an app that’d help women feel safer when online dating, but she didn’t think it was the right time to invest. Mark asked the sisters if they were willing to sell the company for $ 30 million (at that time that was the biggest deal offered at Shark Tank!), to which they replied no. This makes Mark Cuban the last shark to back out. He said that he respects the idea and effort, but he isn’t going to invest.
So the Shark Tank story of the Kang sisters ended abruptly and their company Coffee Meets Bagel ended without a deal. Unfortunately, this wasn’t really surprising as a shark has never invested in a dating app prior to this. And uncertainty about the business stability and future growth potential of online dating companies, in general, might have played a role in the sharks’ decision as well. [1] [2] [3] [4] [5]
How are They Doing Now
So, what happened to Coffee Meets Bagel after Shark Tank? The sisters walk out of the tank without a deal, but that doesn’t mean they didn’t gain anything from the experience. In fact, they say that just being on the show was worth it, even though they didn’t get an investment.
They still gained the much-needed exposure that can help any business. And, they did get advice from the sharks. While it may not have been what they wanted to hear, it was honest and could help them in the long run.
And it seems like sharks made a bad call because Coffee Meets Bagel is doing very well now. They’ve continued to grow and expand their business. In 2015, they raised $ 7.8 million in Series A funding led by DCM Ventures. And even more, in 2018, this was followed by a $ 12 million Series B round, bringing their total funding even higher.
They have also implemented a monetization system as intended. While not mandatory, users can now buy “coffee beans” to unlock extra features on the app, such as more matches per day and the ability to see who has already liked you.
Not everything was smooth for the company, though. In 2019 they suffered a massive data breach, with hackers stealing personal information from over 6 million users. The company was quick to act, though, informing users and taking steps to secure their data.
During the COVID-19 pandemic, they saw a surge in usage and informed users about the ways they can date at such a time.
They also keep their Instagram page up to date, with posts about their company as well as fun, relatable content. 313K followers can see not only updates on the app, but also dating tips, interesting articles, and more.
You can also access a blog on the official Coffee Meets Bagel website. Here, you can find more dating tips, read success stories, travel ideas, and get general information about the company.
Coffee Meets Bagel has generally positive reviews, with users praising its simplicity and ease of use. Many also appreciate the quality of matches they get, saying that they’re better than what they’ve found on other dating apps.
There are some complaints, though, with some users finding the app to be buggy or slow. Others say that the selection of matches is limited in certain areas. Overall, though, Coffee Meets Bagel seems to be a hit with users.
All in all, it seems like the sharks made a bad call by not investing in Coffee Meets Bagel. The company is doing very well and shows no signs of slowing down.
Coffee Meets Bagel is now one of the most successful dating apps out there in the US. They boast a high success rate with many couples finding long-term relationships through the app.
We’ve seen plenty of businesses that have gone on Shark Tank and failed. So, the fact that Coffee Meets Bagel is still around is a good sign. They’ve managed to stay afloat and continue to grow, which is more than we can say for some of the other businesses that have appeared on the show. So if you’re looking for a dating app that’s worth your time, then Coffee Meets Bagel is definitely one to consider. [1] [3] [4] [5] [6] [7]
FAQ
What is about Coffee and Bagel after Shark Tank?
Coffee Meets Bagel is a San Francisco-based dating and social networking app. The company was founded in 2012 by sisters Arum, Dawoon, and Soo Kang.
The app was featured on the television show Shark Tank in January 2015. Even though they left the tank without a deal, the exposure generated by being on the show helped them to secure $ 12 million in earnings.
While they had own challenges, including a data breach in 2019, the company has continued to grow and is still in business as of 2022!
What is Coffee Meets Bagel Worth today?
After their appearance on Shark Tank, even though the sisters failed to gain investment from the sharks, they were able to secure $ 16 million in annual earnings. As for the net worth of the company, it is difficult to estimate because it is a private company and its financials are not public. However, it is estimated to be around $ 150 million.
What happened to Coffee Meets Bagel after Shark Tank?
The short answer is that the company continued to grow and today it is a successful business worth an estimated $ 150 million.
Is Coffee Meets Bagel making money?
Coffee Meets Bagel is a free dating app, and like most free apps, it makes its money from ads and in-app purchases. And as of January 2022, the sisters are gaining $ 16 million in sales.
The app displays ads as users scroll through their potential matches, and they also offer the option to pay for “coffee beans,” which are the in-app currency that can be used to unlock special features. These features include things like choosing who can message you and seeing who has already liked your profile.
Who Owns Coffee Meets Bagel?
Coffee Meets Bagel is currently owned by a group of private investors. The company was founded in 2012 by sisters Arum, Dawoon, and Soo Kang. They had their own businesses prior to Shark Tank, so they had the funding and knowledge to create this company without any additional help. But they still wanted to receive a helping hand in monetization.
Useful Video: Mark Cuban Makes The Largest Offer In Shark Tank HISTORY To Coffee Meets Bagel
Conclusion
Coffee Meets Bagel is a dating app that provides a more personalized experience for online daters. It was founded in 2012 by sisters Dawoon, Arum, and Soo Kang. The app gained popularity after appearing on Shark Tank in 2015.
Even though they failed to secure a deal with the Sharks, Coffee Meets Bagel went on to be a success. The app is now available for download all over the world both on Apple and Android devices.
The company has also reached a stable $ 16 million of annual revenue, which is a great achievement for any startup. They also keep in touch with their client base via social media platforms such as Instagram.
So far everything looks promising for Coffee Meets Bagel. Despite the fears of them not staying afloat in such a competitive industry, it seems like they are managing to keep their head above water. So failing a deal on Shark Tank might not have been such a bad thing after all!
Coffee Meets Bagel is a dating app that provides a more personalized experience for online daters. It was founded in 2012 by sisters Dawoon, Arum, and Soo Kang. The app gained popularity after appearing on Shark Tank in 2015.
Coffee Meets Bagel is a great example that you don’t always need the Sharks to succeed. All in all, this made for an inspiring story and we hope it has given you some insight into what can happen after Shark Tank.
References:
- https://www.sharktankblog.com/business/coffee-meets-bagel/
- https://www.sharktankblog.com/new-dating-app-coffee-meets-bagel/
- https://seoaves.com/what-happened-to-coffee-meets-bagel-after-shark-tank/
- https://insigniaseo.com/blog/coffee-meets-bagel-shark-tank-updates-in-2020/
- https://bizzbucket.co/coffee-meets-begal-shark-tank-update/
- https://coffeemeetsbagel.com/
- https://www.instagram.com/coffeemeetsbagel/