Coffee Meets Bagel Net Worth : The dating website called Coffee Meets Bagel (CMB), which is run by Dawoon, Arum, and Soo Kang, became really famous for saying no to an offer of $30 million from billionaire Mark Cuban.
Fortunately, they made the right choice because, as of 2023, Coffee Meets Bagel Net Worth is believed to be $150 million. That’s really impressive, and they also make $16 million in money every year. Let’s learn more information about Coffee Meets Bagel Net Worth and more
About the Founders
The founders of Coffee Meets Bagel are three sisters from Korea who moved to the United States as teenagers. In the U.S., they went to really good schools: Soo went to Harvard, Arum to Stanford, and Dawoon to Parsons School of Design.
One day, the three sisters talked about how hard it is to meet people on dating apps. They thought there could be better ways to make a dating app that matches people up really well. They made the right choice because as of 2023, Coffee Meets Bagel Net Worth is believed to be $150 million.
That’s when they thought of Coffee Meets Bagel. Even though they had good jobs, all three of them decided to quit to focus on improving their idea.
Coffee Meets Bagel Found
The three women who wanted to start Coffee Meets Bagel transferred to San Francisco, California, so they could have all the computer stuff they needed to make their online platform. They worked really hard, and in less than a year, CMB was ready.
They got $600,000 from Lightbank and one of the people who started Match.com, which helped them start the app officially in 2012. What made their app special was that it used Facebook info and a smart computer program to find good matches for users. Every day at noon, people would see their potential matches.
People really liked their app, and many started using it, making them lots of money. But like many new companies, they had money problems and lost a million dollars each year. So, they decided to ask angel investors for help.
Shark Tank Pitch
Dawoon, Arum, and Soo went on the TV show Shark Tank in 2015. They wanted to get $500,000 for 5% of their company, which meant their dating site was worth $10 million back then.
When they talked to the people on the show, it became a really intense conversation and is now one of the most famous moments on the show. Most of the people on the show thought it was too risky to invest in their company, but billionaire Mark Cuban thought it was interesting.
He offered to buy the whole Coffee Meets Bagel company for $30 million, the biggest amount of money ever offered on Shark Tank.
After their appearance on Shark Tank
Coffee Meets Bagel’s founders sought new people to invest money in their company. They did this five times and got more than $23.2 million in funding.
Sadly, in February 2019, their website got attacked, and the data of more than 6.1 million users got leaked. But the next year, they got better by adding a feature where you can have virtual speed dates on video.
In general, Coffee Meets Bagel is having a hard time getting new users and competing with other dating apps like Hinge, Tinder, and Bumble. It’s one of the top 15-20 dating sites in the US. You can use it on Android and iPhone; about 10 million people use it.
What is Coffee Meets Bagel?
Coffee Meets Bagel is a dating app that uses a curated matching algorithm to send users a limited number of matches each day, called “Bagels.” Users can then “Like” or “Pass” on their Bagels, and if two users Like each other, they can start a conversation.
Is Coffee Meets Bagel free?
Coffee Meets Bagel is free to use, but there are also premium features that users can purchase with Beans, the app’s in-app currency. Premium features include seeing who Liked you, sending unlimited Bagel Likes, and extending expiring conversations.
How do I delete my Coffee Meets Bagel account?
To delete your Coffee Meets Bagel account, go to your profile settings and tap on “Delete Account.” You will be asked to confirm your decision, and once you do, your account will be permanently deleted.