Here we are talking about Cupbop Net Worth. In Salt Lake County, Utah, Cupbop began as a food truck in 2013 and has since expanded significantly. The establishment is recognized for introducing Korean BBQ to Utah.
There are 36 total shop locations, six food trucks, and numerous concessions spots in the United States as of May 2022, including the Utah Jazz NBA Arena. In addition, the business has over 100 sites in Indonesia. The chain generated $10 million in revenue in 2020.
Cupbop Net Worth 2023
The Cupbop restaurant group is credited with bringing Korean barbeque to Utah in the US. Initially just a straightforward food truck, the business now has over a hundred sites around the nation.
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Entrepreneur Mark Cuban struck a contract with the company’s founders Jung Song and Dok Kwon after they appeared on Shark Tank. The expected net worth of Cupbop in 2023 is $15 million.
Regarding the Founders of Cupbop
Korean natives Junghun Song and Dok Kwon moved to the US. In Utah’s Salt Lake City, they made their home. Although the two of them are the company’s public faces, Song was the one who first thought of Cupbop.
On the other hand, little is known about the initial originator. On the other side, Dok Kwon has disclosed that he has lived in America since he was 11 years old. He previously spent seven years managing hedge funds in New York City.
He grew to love Jung Song’s startup since he was a genuine admirer of his culture. Kwon met Song since he used to frequently patronize his food truck in the beginning.
Setting Up the Company
After discovering that Korean cuisine was excluded from a Utah food festival in 2013, Jung Song established Cupbop, a restaurant that serves Korean BBQ in the form of street food. His first food truck was purchased with the aid of two of his buddies.
Two years later, the company widened its reach by acquiring more trucks and launching a restaurant in Provo, Utah, not far from Brigham Young University. Jung’s team planned community events and funded marketing campaigns to expand the business.
Dok Kwon officially joined Jung Song and assumed the role of CEO of Cupbop in 2019. The company made roughly $10 million a year in 2020 and has about 30 shop locations in the US.
Appearance on Shark Tank
Cupbop was praised as Utah’s top food truck business. However, Jung Song and Dok Kwon required assistance from knowledgeable investors in order to grow into a national brand. They thus made an appearance on Shark Tank during season 13 in 2022, giving $1 million in exchange for 3% equity.
The product and how far the business had come since its inception were both praised by the Sharks. Because of this, every Shark was ready to make an investment, which quickly led to a bidding war.
Mark Cuban acted quickly when Lori Greiner and Barbara Corcoran made the decision to collaborate and requested 5% for $1 million and 8% interest. In the end, the business owners accepted Cuban’s offer of $1 million for 5% equity. They only distributed 2% more than they had anticipated.
Following Shark Tank
When Cupbop made its Shark Tank debut, it had 36 US locations, six food trucks, and a number of stands, one of which was located in the Utah Jazz NBA Arena. Numerous emails were made to the Korean barbecue company after the episode aired.
Presently, Cupbop is preparing to expand its business internationally through strategic marketing and strategy. They have roughly 100 locations in Indonesia and six states in the US as of this writing.
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This was a significant contributing factor in 2021 when sales at the restaurant chain topped $25 million. Future growth of that amount will be reflected in the $15 million firm value. At the moment, Cupbop generates over $18 million in yearly income.
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