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CupBop Shark Tank Update

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CupBop is a Korean restaurant chain that specializes in barbecue and related items. CupBop restaurants offer delicious Korean delicacies in barbecue- style, such as pork, chicken, veggies, and beef, all served in a large cup. Korean sides are offered as well, including Kim Chi, noodles, and dumplings.

In the USA, CupBop has around 36 brick-and-mortar stores in Idaho, Arizona, Utah, Colorado, Nevada, and Oklahoma. There are more than 100 CupBop restaurants in Indonesia as well. Each of the cups by CupBop costs around $8 and $10. What started as a food truck business now has various outlets and is planning on growing more.

Cupbop at a Glance:-

IdeaCupbop:- Korean Food Court truck
FoundersDok Kwon and Jung Song
Asked For$1,000,000 for 3% equity
Accepted Deal$1,000,000 for 5% equity
SharksMark Cuban
Business statusIn Business
Episode No.Season 13, Episode 21
WebsiteCupBop

Index:

Who are the founders of Cupbop?

Jung Song and Don Kwon are the founders of CupBop. Jung Song had a food truck business in New York where he served Korean-based dishes in a cup and Kwon was a weekly customer who had been working in the financial sector for a long time. Kwon saw business potential in Song’s food truck business and was mainly influenced by Song’s way of attracting customers.

Song used to sing, clap and dance so that customers would visit his food truck more. Kwon approached Song to turn the food truck into a restaurant chain and they began expanding the outlets more and more. They just needed a shark’s help to grow their business all over the US.

Did Cupbop get a deal on the Shark Tank Show?

Dok Kwon and Jung Song came to the shark tank show seeking an investment of $1,000,000 for an exchange of 3% equity in the business. Dok and Jung entered the show doing an animated dance. They demonstrated their business in front of sharks. Dok shared that they are going to be the next Asian food concept brand.

Jung handed the food samples to the sharks and seemed dazzled when they took a bite of it. Mark Cuban said it’s quite hot. Kevin O’Leary said this is one of the best foods he tasted on the show. Dok shared that they had had sales of $18.7 million to date. They shared the chart of their sales over the last five years from $7 million to $20 million by the end of the year.

Jung expressed the need for investment to become the first Korean national brand by expanding its market by over 2000 stores. Robert Herjavec didn’t like the valuation and still offered $5 million for 28% equity in the business. Kevin O’Leary placed his shark bite of $1 million as a loan at a 10% interest rate along with 3% equity in the business. Barbara Corcoran gave an offer of $1 million forf30% equity in the business.

After a while, Lori Greiner and Barbara Corcoran teamed up and gave an offer of $ 1 million as a loan at a 5% interest rate. Mark Cuban also loved the taste and gave an offer of $ 1 million for a 7.5 % equity in the business. Duo gave a counteroffer of $1  million for 4.5% equity in exchange. Mark Cuban finally settled the deal at $1 million for 5% equity.

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What happened to Cupbop after the Shark Tank Show?

After the Shark Tank Show, no evidence is identified whether the deal made on the show was closed or not. Mark Cuban hasn’t listed Cupbop on his business list officially. Once the show aired, Cupbop gained huge popularity and sales were also going high. After the show, Cupbop expanded its stores to 10 more locations, which signifies the demand for Cupbop in the market. Cupbop has its stores available on its website along with various offline and online platforms.

During the pitch, they came up with a valuation of $33,333,333.3, which was updated to $20,000,000 by Mark’s offer. Mark Cuban saw the potential in the Cupbop and accepted his deal. 

On the show, Cupbop is forecast to reach sales of $20 million and as of 2022, they have total sales of $25 million. The period of 2019- 2020 wasn’t a very successful period for my business, but luckily, during the period of the pandemic, there was also an increase in sales of Cupbop by 9%. After the show, many big investors reached the door of Cupbop and saw it on various popular platforms. 

Cupbop generally costs $1.80 to $2.50 per unit. Cupbop is usually sold on the market for $8 – $10 per unit. The founders of Cupbop are gradually meeting the vision they have of going nationwide. 

After the show, they opened nine brick and motor stores throughout the area. Cupbop has Rock bop (Korean-style tangy fried chicken), Combo Pop, B Bop ( Korean style Beef ), Piggy Bop, KKO KKO Bop, Doochi Bop, Veggie Bop, Noodle Bop, Ugly Pop Bop, Mandoo Bop, Kimchi and Gluten Free noodles. Cupbop is available in UTAH, Idaho, Arizona, Colorado, Nevada, and Oklahoma. Cupbop offers various gift cards which depend on the purchase amount.

Competitors of Cupbop are:-

  • Veggie Venture
  • Waltons
  • Green Elephant
  • Chow Divine
  • Starport Gourmet

What is the net worth of Cupbop?

The valuation on the show was $33,333,333.3, which was updated to $20,000,000 when Cupbop accepted the deal with Mark Cuban. The estimated net worth of Cupbop as of 2022 is $25 million.

Is Cupbop still in business?

Cupbop is still in business and is doing very well. After the show, they opened up 10 more locations. Cupbop has a vision of going worldwide shortly.

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FAQs:

What is CupBop?

CupBop is a Korean restaurant chain that specializes in barbecue and related items. CupBop restaurants offer delicious Korean delicacies in barbecue- style, such as pork, chicken, veggies, and beef, all served in a large cup. Korean sides are offered as well, including Kim Chi, noodles, and dumplings.

What's the net worth of CupBop?

The valuation at the time of the show was $33.3 million, which was updated to $20,000,000 when Cupbop accepted the deal with Mark Cuban. The estimated net worth of Cupbop as of 2022 is $25 million.

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