Coffee Meet Bagel is a dating website with a net worth of $150 million based in San Francisco founded by three sisters Dawoon, Arum, and Soo Kang in 2012.
Achieving this milestone was not easy for them, Let’s read the post to learn about Coffee Meets Bagel’s net worth and their journey.
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What is Coffee Meet Bagel?
Coffee Meet Bagel is a dating website based in San Francisco founded by three sisters Dawoon, Arum, and Soo Kang in 2012.
The sisters are infamous for rejecting a shark offer of $30 million for the whole company. Dawoon, Arum, and Soo Kang immigrated from Korea as teenagers to the USA.
They studied in the United States, Soo graduated from Harvard University, Dawoon went to the Parson School of Design, and Arum attended Stanford University. They study for top colleges to get the best education.
One day, they discussed the problem of meeting people through online dating.
Finally, they came up with more innovative ideas for dating apps and this is how they started their company which has now a net worth of $150 million.
The sisters moved to San Franciso to get all the technological resources needed to build the company.
The company raised funds from $600,000 from Lightbank and the co-founder of Match.com they finally launched their website in 2012.
Coffee Meet Bagel Net Worth
Coffee Meet Bagel has an estimated net worth of $150 million as of 2023. They have $16 million in annual revenue.
With their innovative technique, they manage to compete with many big dating platforms.
| Net Worth Timeline | |
|---|---|
| Coffee Meets Bagel Net Worth 2023 | $150 Million |
| Coffee Meets Bagel Net Worth 2022 | $70 Million |
| Coffee Meets Bagel Net Worth 2021 | $10 Million |
| Coffee Meets Bagel Net Worth 2020 | $4 Million |
| Coffee Meets Bagel Net Worth 2019 | $1 Million |
About Coffee Meet Bagel
Every day at noon, men receive 21 bagels potential matches that they can choose to like or ignore.
At the same time, women are shown the men who are interested in them and can decide if they want to connect with them or not.
The app encourages women to make the first move by not allowing messaging until they decide it’s a good match.
Coffee Meets Bagel is mostly used by people between the ages of 30 to 49, with only 36% of its users being 29 or younger. Interestingly, it has slightly more users over the age of 50 compared to Hinge.
According to its website, Coffee Meets Bagel is a free dating app that provides one potential match “Bagel” to its users every day by noon.
Coffee Meet Bagel Shark tank
The sisters appeared in Shark Tank season 6 in 2015. On the shark tank, they look for $500,000 for %5 equity of their company.
This offers led to a tense discussion between shark but one shark was definitely interested in their business.
An offer of $30 million was made by billionaire Mark Cuban to buy the company, which is the largest ever cash offer on Shark Tank.
However, the sisters rejected that offer because they thought the money he offered was very low. The company had the potential to compete with Match.com.
After Shark Tank, they got offers from various investors. With five investments they have raised over $23.2 million in funding.
In the same year, they recovered gradually now their company’s net worth is $150 million and it is one of the top 15-20 dating apps in the USA.
The app is available on both Android and iOS.
Facts
- Coffee Meets Bagel is a dating website founded by three sisters, Dawoon, Arum, and Soo Kang, in San Francisco in 2012.
- The sisters, originally from Korea, moved to the USA as teenagers and pursued their education at prestigious universities, including Harvard, Parson School of Design, and Stanford.
- They rejected a $30 million offer for their company on the TV show Shark Tank, choosing to build their business independently.
- Coffee Meets Bagel has a net worth of $150 million and generates an annual revenue of $16 million.
- The dating platform is known for its innovative approach, offering 21 potential matches to men daily and encouraging women to make the first move.
- The app is most popular among users aged 30 to 49, with a slightly higher number of users over 50 compared to Hinge.
- Coffee Meets Bagel provides one daily potential match, referred to as a “Bagel,” to its users for free.
- The sisters appeared on Shark Tank seeking $500,000 for 5% equity in their company and received a $30 million offer from Mark Cuban, which they turned down.
- They raised over $23.2 million in funding from various investors after their appearance on Shark Tank.
- Coffee Meets Bagel is now one of the top 15-20 dating apps in the USA and is available on both Android and iOS platforms.
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