Unveiling the Intriguing Coffee Meets Bagel App: A Matchmaking Platform Once Pitched for Acquisition of $30 Million on Shark Tank.

In 2015, on the Shark Tank show – a TV program where business entrepreneurs present their plans to investors in exchange for funding – the Kang siblings, Arum, Dawoon, and Soo, pitched their business plan for an app called Coffee Meets Bagel. They sought a $500,000 investment in exchange for 5% equity, valuing their business at $10 million.

Coffee Meets Bagel distinguishes itself by focusing on individuals seeking serious relationships, unlike other dating apps. The trio noted that most dating apps have more male users, so their app targets female users. While the app is free to use, it generates revenue through premium subscriptions for access to more data. The app quickly became profitable and is projected to reach $10 million within 1-2 years.

Investors on Shark Tank expressed interest in Coffee Meets Bagel but raised concerns about expenses and the company’s equity structure being imbalanced. Despite the loss-making aspects, the intriguing business model led renowned investor Mark Cuban to make an unprecedented offer off the show – to acquire the entire business for $30 million, recognizing the app’s potential to compete in the market.

However, the Kang siblings declined Cuban’s offer and exited the show without securing funding, leaving fans puzzled by their decision. Dawoon Kang later revealed in interviews that accepting the offer would have been a short-term cash grab, but they believed in the app’s significant growth potential and chose to reject it. Their appearance on Shark Tank increased interest in the app, and shortly after, Coffee Meets Bagel secured $7.8 million in Series A funding and another $12 million in Series B funding in 2018.

Currently, Coffee Meets Bagel boasts over 150 million successful user matches, with revenue of $36 million in the past year and a current valuation of $150 million.

TLDR: The Kang siblings pitched their app Coffee Meets Bagel on Shark Tank, declined a $30 million offer from Mark Cuban, and went on to secure significant funding and success in the dating app market.