Coffee Meets Bagel (CMB), the online dating service owned by siblings Dawoon, Arum, and Soo Kang, has become well-known for declining a $30 million offer from billionaire Mark Cuban. It has since been seen as the right move, with CMB’s value estimated to have increased to $150 million by 2023, a remarkable accomplishment considering the industry’s fierce competition. Coffee Meets Bagel Net Worth
| Name | Coffee Meets Bagel |
| Founders | Arum, Dawoon, Soo Kang |
| Founded | April 17, 2012 |
| Headquarter | San Francisco, California, U. S. |
| Industry | Type Online Dating |
| Net Worth | $150 million |
Founders’ bios
The Kang siblings – Dawoon, Arum, and Soo – had all arrived from Korea in their teens and received high-caliber educations; Soo went to Harvard University, Arum went to Stanford University, and Dawoon graduated from the Parsons School of Design.
One day, the trio were discussing the trouble with existing online dating options, and decided that there must be a better way. With that thought in mind, Coffee Meets Bagel was born. All three of them had stable jobs but decided to leave them behind in order to give their invention the best opportunity to thrive.
Establishing the Company
Aspiring entrepreneurs traveled to San Francisco, California to secure the technical expertise required to launch their online venture. In less than twelve months, they successfully developed the platform they named CMB.
The app was released in 2012, having raised $600,000 from Lightbank and a co-founder of Match.com. The key point that made it stand out from the competition was its machine learning algorithm for curating users using Facebook data, providing potential matches every day at noon.
This proved to be a winning approach as the user base and revenue skyrocketed. Unfortunately, the startup was experiencing cash flow issues, and consequently was losing one million dollars each year. In order to combat this, the founders decided to seek out assistance from angel investors.
An appearance on Shark Tank
In 2015, Dawoon, Arum, and Soo made an appearance on Shark Tank with a bid to raise $500,000 in exchange for 5% of their company, valuing it at a whopping $10 million.
The trio faced a heated conversation with the cast of the show, and their appearance became a memorable moment in Shark Tank history. Although most of the Sharks saw the offer as too much of a risk, billionaire Mark Cuban was curious.
In the end, he proposed purchasing the whole CMB organization for $30 million, the most remarkable money bid in Shark Tank ever. Nevertheless, the sisters felt the offer was too small for a brand that had the ability to take on Match.com, which earned around $800 million annually at the time.
After Shark Tank
After the Coffee Meets Bagel founders had appeared on Shark Tank, they sought additional investors to secure more funds. They have successfully achieved five rounds of investments and gathered a total of $23.2 million in funding. Atami Capital and DCM Ventures are their principal investors.
Regrettably, their site was breached in February 2019, causing 6.1 million users to have their data compromised. Nevertheless, the following year, they worked towards their recovery by adding a video virtual speed dating feature.
CMB is attempting to gain more attention, but finds it difficult to contend with the larger and more prominent sites, such as Hinge, Tinder, and Bumble. At the present time, CMB is among the 15-20 most-used dating apps. It is still accessible on Android and iOS and is believed to have an estimated 10 million users.
The two sisters’ projected revenues have not yet reached their desired level; however, the organization is valued at $150 million, with the expectation that it will decline in the near future.