Coffee Meets Bagel Net Worth

Coffee Meets Bagel, an online dating app that specifically caters to millennials, has achieved tremendous success with over a billion introductions and matches to date. The app proudly claims to have facilitated the formation of over 100,000 happy couples worldwide. Coffee Meets Bagel Net Worth. One of the most memorable moments for the company was their appearance on the popular TV show Shark Tank.

Although Coffee Meets Bagel did not end up being among the rejected pitches on Shark Tank, they were unable to secure a deal. However, the sisters who run the business made the strategic decision to decline Mark Cuban’s $30 million offer. Coffee Meets Bagel Net Worth. This turned out to be a wise choice, as their company’s value has now surpassed that figure after more than seven years. Currently, Coffee Meets Bagel is valued at an impressive $150 million.

About the Founders

Arum Kang, the visionary behind Coffee Meets Bagel, conceived the idea while pursuing her MBA at the esteemed Harvard Business School. As a member of the HBS MBA class of 2011, she was among the select few students who ventured into entrepreneurship by launching their own businesses. Coffee Meets Bagel Net Worth.

Arum & Dawoon Kang sister founders of Coffee Meets Bagel at @lightbank #InnovationDay w/ inspiration from @Gilt #yam pic.twitter.com/u0DTd8kg4K
— Calvin Cheng (@CalvinCheng3) May 9, 2014

Coffee Meets Bagel Net Worth. The concept began to flourish when Arum shared it with her twin sister Dawoon and older sister Soo. Entrepreneurship seemed to be ingrained in their DNA, as their parents had already paved the way by establishing their own businesses in Korea.

Originating from South Korea, the Kang sisters hailed from a family with a strong entrepreneurial spirit. Their father built his own successful scrap iron business, while their mother managed multiple bars and restaurants. Coffee Meets Bagel Net Worth. The Kang sisters inherited this drive and embarked on their own entrepreneurial journey with the creation of Coffee Meets Bagel.

The sisters, along with their older sister Soo, immigrated to the United States at the tender age of 12. As their parents needed to stay in Korea to manage their business, a family friend took on the responsibility of caring for the sisters as they grew up.

Dawoon, harboring a strong desire to venture into entrepreneurship, aspired to establish her own business. Coffee Meets Bagel Net Worth. With the intention of gaining comprehensive knowledge about the intricacies of business and entrepreneurship, she pursued her MBA at Stanford, while her twin sister pursued her studies at Harvard.

Establishing the Company

To access the necessary technical resources for their online platform, the ambitious entrepreneurs ventured to San Francisco, California. Within a remarkably short span of time, Coffee Meets Bagel (CMB) was fully developed and ready to launch. Coffee Meets Bagel Net Worth.

Securing a significant investment of $600,000 from Lightbank and a co-founder of Match.com, the app officially debuted in 2012. Setting itself apart from the competition, CMB employed a machine learning algorithm to curate users based on their Facebook data. Each day at noon, users would receive a selection of potential matches.

The company experienced remarkable success as its user base and revenue grew rapidly. However, like many early-stage startups, Coffee Meets Bagel faced cash flow challenges, resulting in an annual loss of one million dollars. Consequently, the founders devised a plan to seek assistance from angel investors.

Pitch on Shark Tank

In 2015, Dawoon, Arum, and Soo took the opportunity to pitch their business on the renowned TV show Shark Tank. Their objective was to raise $500,000 in exchange for a 5% equity stake in their company, which valued the dating site at $10 million during that period.

The pitch sparked a tense discussion between the Kang sisters and the cast of Shark Tank, resulting in one of the series’ most iconic moments. While many of the Sharks perceived the investment as too risky, billionaire Mark Cuban expressed a keen interest.

Eventually, Mark Cuban made a remarkable offer to purchase the entire Coffee Meets Bagel (CMB) brand for $30 million, which stands as the largest cash offer ever made on Shark Tank. However, the sisters firmly believed that the offer undervalued CMB’s potential, especially considering the competition it posed to Match.com, a company generating $800 million in annual revenue at the time.

Net Worth 2023

The sisters who run the business ultimately made the decision to turn down Mark Cuban’s $30 million offer. It turned out to be a fortunate move, as their company’s value has now exceeded that amount after over seven years. Presently, the company is valued at $150 million.

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