Coffee Meets Bagel Net Worth: Coffee Meets Bagel is a social network service that specializes in online dating and has its headquarters in San Francisco. The three business-minded sisters Arum, Dawoon, and Soo Kang are the ones who came up with the idea for the online dating platform.
It is anticipated that Coffee Meets Bagel will have a net worth of approximately $150 million by the year 2022.
|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|
How It All Started?
Coffee Meets Bagel is a popular social media dating app, and its conception can be credited to Arum, Dawoon, and Soo Kang, three sisters who live in the same family. The business-minded sisters’ first idea was to create a website that would encourage individuals to fall in love and start relationships with one another.
In all seriousness, they intended to create a dating website that would be able to inspire individuals who had given up hope of finding a partner.
In the end, they debuted their application for online dating on April 17, 2012, in the city of New York. On the basis of each user’s Facebook profile, the dating app identifies possible candidates and makes compatibility recommendations between the users.
In September of 2012, the organization was able to achieve its goal of securing seed finance of approximately $600 thousand, which was headed by Lightbank. The co-founder of Match.com had also put some of his own money into the business when it was first launched.
Coffee Meets Bagel Net Worth & Rise of the App
In January 2015, the three sisters participated in the reality show Shark Tank, which has a business focus. There, they presented their dating application. In the show, their plan was successful enough to amaze the multibillionaire entrepreneur Mark Cuban, who then presented the three brilliant sisters with an offer of a staggering thirty million dollars.
However, they were not interested in the offer that the Cuban presented to them, stating that the value that he put in front of them was insufficient for their creative concept.
They have also made the application available on the Google Play Store. The instructions for using the program are really straightforward. All that is required of individuals interested in the app is that they register for it online using their Facebook profiles. After a predetermined amount of time has passed, the staff of Coffee Meets Bag will present them with potential dates for themselves.
If the possible matches approve the users’ request again, the users will be allowed to communicate with the potential matches. On the other hand, the app restricts the number of different accounts that users can communicate with on a daily basis. In the year 2020, in the midst of the COVID-19 Pandemic, the business introduced a video virtual speed dating service.
The decision that the three sisters made to turn down Cuban’s offer ended up working out well for them. Through the firm’s Series A fundraising, which was led by the investor who was already involved, DCM Ventures, the company was able to bring in a total of $7.8 million. Within the span of three years, in May 2018, the company increased its worth by the sum of $12 million through Series B fundraising, which was spearheaded by Atami Capital.
The organization disclosed in February 2019 that an attacker had obtained a portion of a list of user details, including the users’ names and email addresses, which the attacker had taken. It was reported that the data was hacked sometime between the latter half of 2017 and the middle of 2018. As a result of the data breach, it was estimated that around 6,174,513 user accounts were compromised.
Coffee Meets Bagel Net Worth
Coffee Meets Bagel is unquestionably giving other dating services like Tinder a run for their money in terms of competition. Since the three sisters first established the business, it has experienced rapid and unprecedented expansion. Coffee Meets Bagel, a social media dating app, has effectively amassed a total net worth of $150 million as of the year 2022.
What’s the current value of a coffee and bagel meet?
Coffee Meets Bagel is expected to be worth around $150 million by 2022. Amazingly high for such a cutthroat business sector. Sisters Dawoon, Arum, and Soo Kang left Korea when they were young women and settled in the United States. They had an excellent education in the United States.
How much money does Coffee Meets Bagel make?
Approximately 180,00 persons per month visit CoffeeMeetsBagel.com, and the site now employs 67 people. As of late 2018, the company earns about $25 million annually and over $900,000 monthly via in-app purchases.
How well received was Coffee Meets Bagel?
Rather than accept the TV deal, Coffee Meets Bagel turned to financiers and venture capitalists and was able to raise about $23.2 million. As of the year 2022, Coffee Meets Bagel can still be accessed online in the United States. Users are able to arrange a speed date through the app. It may still be downloaded for nothing on iOS and Android gadgets.