Coffee Meets Bagel Worth: Arum, Dawoon, and Soo Kang, who are all sisters, are the entrepreneurs behind Coffee Meets Bagel. Arum initially came up with the concept for the app in 2011, and on April 17, 2012, the sisters introduced the app to the public in New York City. Then, on May 10, 2012, Coffee Meets Bagel opened its doors in Boston, and on October 24, 2012, it did the same in San Francisco.
The company made the announcement in September 2012 that it had successfully raised seed finance in the amount of $600,000, headed by Lightbank, with Match.com co-founder Peng T. Ong also investing in the business. The two sisters behind Coffee Meets Bagel appeared on an episode of “Shark Tank” in January 2015, during which they pitched the idea of receiving a $500,000 investment in exchange for a 5% stake in the company.
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They responded negatively to Mark Cuban’s question regarding whether or not they would agree to a buy-out offer of $30 million, and they were unable to come to terms with anybody else. In February 2015, the firm made the announcement that it had secured $7.8 million in Series A financing, with current investor DCM Ventures serving as the round’s lead investor. In May 2018, the company successfully completed a Series B investment round, raising a total of $12 million.
— Dawoon Kang (@dawoonkang) October 5, 2018
Coffee Meets Bagel Worth
Coffee Meets Bagel Worth: Coffee Meets Bagel is unquestionably giving other dating services like Tinder a run for their money in terms of competition. Since the three sisters first established the business, it has experienced rapid and unprecedented expansion. Coffee Meets Bagel, a social media dating app, has effectively amassed a total net worth of $150 million as of the year 2022.
Coffee Meets Bagel Achievements
Since it first opened its virtual doors, the website has successfully matched more than 50 million users. One source claims that this app has more than 7 million users, which is a clear indication of its success. They submitted a marketing video for the first time in 2019, and it won a shorty award for best in the category.
Coffee Meets Bagel Worth & Rise of the App
In January 2015, the three sisters participated in the reality show Shark Tank, which has a business focus. There, they presented their dating application. In the show, their plan was successful enough to amaze the multibillionaire entrepreneur Mark Cuban, who then presented the three brilliant sisters with an offer of a staggering thirty million dollars. However, they were not interested in the offer that the Cuban presented to them, stating that the value that he put in front of them was insufficient for their creative concept.
They have also made the application available on the Google Play Store. The instructions for using the program are really straightforward. All that is required of individuals interested in the app is that they register for it online using their Facebook profiles. After a predetermined amount of time has passed, the staff of Coffee Meets Bag will present them with potential dates for themselves.
If the possible matches approve the users’ request again, the users will be allowed to communicate with the potential matches. On the other hand, the app restricts the number of different accounts that users can communicate with on a daily basis. In the year 2020, in the midst of the COVID-19 Pandemic, the business introduced a video virtual speed dating service.
The decision that the three sisters made to turn down Cuban’s offer ended up working out well for them. Through the firm’s Series A fundraising, which was led by the investor who was already involved, DCM Ventures, the company was able to bring in a total of $7.8 million. Within the span of three years, in May 2018, the company increased its worth by the sum of $12 million through Series B fundraising, which was spearheaded by Atami Capital.
In February 2019, the corporation revealed that an attacker had obtained a portion of a list containing user details, such as the names of users and their email addresses. It was reported that the data was hacked sometime between the latter half of 2017 and the middle of 2018. As a result of the data breach, it was estimated that around 6,174,513 user accounts were compromised.