Plenty of shark tank pitches were proven to progress with leaps and bounds, acquiring the international platform to showcase their valuation and usage in the real world. If we seek what makes a start-up successful, one knows that ‘how much a common man needs it’ defines the success of a start-up. One such pitch was presented on the shark tank’s table popularly known as “Coffee meets bagel” as a dating site curated by ‘Dawoon’ soo kang’ and Arun.
The start-up CMB (coffee meets bagel) was offered about 30 million dollars through a multi-billionaire ‘Mark Cuba’ since he truly adored the idea. Since then, as of 2022 if we look at Coffee meets bagel’s net worth, it is been estimated to be 150 million dollars, which made it a great deal of success.
Coffee Meets Bagel : Who founded the most popular dating site ?
3 Korean low-key individuals, sisters “Dawoon, Aurm, and Soo kang flew all the way from Korea to bring up their start-up idea of a dating site to the shark tank. To see more about their educational background, all three of them have earned their degrees from USA’s popular universities such as Harvard and Stanford.
After candidly realizing the hardships teenagers or people of mostly their age group face in dating the men/women of their “like” and finding them in the world, is one serious question on “how” they came up with the amazing idea of figuring out innovative ways a dating app can stretch its arms for its users to help them meet people of their “type” around the globe.
The interesting fact about all three sisters is that all of them had high-paying jobs yet they decided to come up with an idea such as coffee meets bagel, and put it forward quitting their secure white-collar jobs for a start-up to help teenagers find better matches for dating.
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Coffee Meets Bagel : Pitch raised on shark tank
Dawoon, Arum, and Soo Kang applied for their top-notch pitch in Shark tank and raised their hands to the funders in 2015. Initially, they staked 5% of the equity shares of their business to five hundred thousand dollars only which further evaluated the website coffee meets bagel to be estimated at 10 million dollars at that time.
The pitch raised by those three sisters is considered to be one of the most iconic pitches raised on the Shark Tank show, which further raised a sense of tension between the funders as they found the such investment to involve a great deal of risk. But, mark Cuban was one of the investors who was highly fond of the idea.
And even more astonishingly, Mark Cuban proposed 30 million dollar worth of investment for coffee meets bagels on the sets of Shark Tank, which to date is considered to be the most cash one has provided for investing in a start-up on Shark Tank. yet, the Korean sisters considered the offer to be lower than their expectations of how far can the start-up probably reach in coming years considering how much coffee meets bagel’s competitors were making in the current year.
What happened to it after Shark Tank ?
Korean sisters received the trust and investment rounding it off through 5 investors and that made it to about 23 million worth of funding.
Sadly, after 4 years in 2019 some of the reports suggested that the site of maliciously attacked and over 6 million users’ data was leaked which created a huge blunder. But, gradually without giving up they tried to cover up the losses by adding new features to it and trying to raise the popularity of coffee meets bagel. One can conclude that coffee meets bagel did struggle with attracting users and gaining wide audiences. It has ranked between 15 to 20 when it comes to popular dating sites. Currently, it has users of about 10 million worldwide and the availability is on both android and ios devices.
Has the coffee meets bagel been a success after shark tank ?
In terms of their profits and results they have made a few, since the revenue projections haven’t reached the levels they anticipated, the company’s $150 million valuation is still predicted to decline in the future. High competitors and poor executions on attracting new users have created chaos.
Is coffee meets bagel-making losses in 2022 ?
After 2015, the data was seen to be leaked in 2019. Their user base and income expanded quickly in the initial stage, they did experience roaring success. However, the business suffered from cash flow issues and was losing a million dollars annually, much like your normal early-stage startup.
What is the net worth of coffee meets bagel in 2022 ?
Coffee meets bagel, a popular dating site founded by three Korean sisters raised funds on the sets of shark tank is estimated to be worth 150 million dollars ad per 2022, but the progress has not been rapid and is expected to drop further in the future.