In the journey of life, you are always looking for someone special, and once you get that person you ask him/her out for a coffee, but what if you ask them to come on Coffee meets Begal- The first dating app with a feminine touch. It helps you to understand the status and personality of your next potential life partner with the help of keywords.
The idea came up to the Kang sisters who fell in love through the app and decided to live a life with the partner they found on the app. They use social media to find out about their friends, personality, likes, and dislikes, etc. This way they have created a high-quality app.
Coffee meets Bagel at a glance:
| Business idea | Dating app that allows you to understand the qualities of your special life partner |
| Founder | Arum Kang, Soo Kang, Dawoon Kang |
| Asked for | $500,000 for 4% |
| Accepted deal | Offer declined |
| Sharks | No shark |
| Business status | In business |
| Episode | Season 6 Episode 13 |
Index:
Founder Story:
The dream of the three sisters’(Arum Kang, Soo Kang, Dawoon Kang) father was to give them the best education has to offer. They achieved their degrees from Harvard, Stanford, and Pearson’s school of design. They started their careers and then soon started discussing dating and the fact that they could not find what they were looking for that is when they decided to start Coffee meets Bagel.
Did Coffee meets Bagel get a deal on SharkTank?
The trio entered SharkTank and was seeking an investment of $500,000 for 4%. The concept was believable and a true and tried concept. The app works in a proper and straightforward way. You have 24 hours to make the decision of whether to accept or reject the person displayed by reading and understanding the person’s personality.
Women do not join other dating apps as they know that there are filthy messages that they will be bombarded with. In the case of Coffee meets Bagel eliminates this problem, therefore becoming a favorite among women today. They have 100,000 to 500,000 monthly users. Annual revenue was $87,000 for the last year and $270,000 for the five months. They project $1 million this year, and $10 million the next year. The cost of customer acquisition is 0.30.
Mark becomes out as he thinks the sisters should disclose the no. of monthly users. They pay themselves $100,000 out of the annual revenue, therefore for the three of them, they were paying $300,000. Kevin says that I don’t do 5% deals because they do not value my skill, therefore he was out. Lori is next, she thinks that the sisters are earning high from the enterprise and that they are stealing ideas and business models therefore she is out.
Barbara is interested in the concept and believes that the sisters should have a place in the market because it makes sense for women to be more than just a piece of meat. She sees the business will give her less reward for her investment, she’s out. Mark is left and asks the sisters whether they would take $30 million for their company if he offered them so. They reply with an empathetic no. The sisters boldly leave the stage.
Deal- The sisters reject the biggest deal on SharkTank.
What happened to Coffee Meets Bagel after SharkTank?
The Kang sisters raised $23.3 million successfully in five rounds of funding till today from shark tank. Today their customer base has increased to 10 million. Coffee meets bagel has not met the standards to be part of the top 20 dating apps out there but is surely a hit among its users.
They have shifted their focus to working professionals from women. They have made the app so popular that have successfully arranged 250 marriages and 25000 matches from their app alone. Their app has truly made Happiness and money come together like peanut butter and jelly.
Product details:
- The Facebook account is used to log in. After going through your feed, they find out about your friends and likes and dislikes. They even decipher your personality with the clues you leave in the posts you share.
- They were going to come as the top 20 dating apps in the world but could not make it.
- The app uses keywords so that other people cannot understand the topic you are talking about.
- The app has a high-quality system to process information.
- The website has minimal information.
- The app has virtual currency in the form of coffee beans which helps to unlock premium services provided by the app.
- Bumble and Zoosk are the apps that target only women, while Coffee meets bagel aims at working professionals.
What is the net worth of Coffee meets Bagel?
Coffee meets Bagel was valued at around $12.5 million at the time of the show. As of 2022, they were estimated to be valued at $125 million.
Is Coffee meets Bagel still in business?
The business is still on and going on the journey of matchmaking. Over 10 million people have joined them currently and the number just keeps growing. The app has made 25,000 successful matches and arranged 250 marriages to date.
The company hopes to aim at a new part of the public and help you get them to make life more meaningful. Let’s see how far their success route in this journey of life.
Coffee meets Bagel Social Links:
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FAQs:
What is Coffee Meets Begal?
Coffee Meets Begal is a dating app that allows you to understand the qualities of your special life partner.
Who founded Coffee Meets Begal?
The dream of the three sisters’(Arum Kang, Soo Kang, Dawoon Kang) father was to give them the best education has to offer. They achieved their degrees from Harvard, Stanford, and Pearson’s school of design. They started their careers and then soon started discussing dating and the fact that they could not find what they were looking for that is when they decided to start Coffee meets Bagel.