Coffee Meets Bagel is an online social networking dating service based in San Francisco. The online dating platform was launched by three enterprising sisters: Arum, Dawun, and Su Kang. As of 2021, Coffee Meets Bagel has an estimated net worth of around $150 million.
| 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 did it all begin?
Three sisters, Arum, Dawoon, and Su Kang, are behind the idea of creating a successful social media dating app, Coffee Meets Bagel. The enterprising sisters initially thought of creating a website that would inspire people to love them and hang out with them. In fact, they had planned to create a dating site that could motivate people who had given up hope of a relationship.
Finally, on April 17, 2012, they launched their online dating app in New York City. The dating app finds potential candidates and matches users’ characteristics based on their Facebook profile. In September 2012, the company managed to raise around $600,000 in seed funding led by Lightbank. The Match.com co-founder also invested some of his fortune in the platform.
Coffee meets bagel luck and the rise of apps
The three sisters unveiled their dating app on the corporate reality show Shark Tank in January 2015. On the show, their idea impressed billionaire businessman Mark Cuban, who gave the three beautiful sisters a whopping $30 million. . However, they rejected the Cuban’s proposal on the grounds that the value he put in his way was too little for his innovative idea.
They also released an app on the Google Play Store. The procedures for using the application are very simple. Interested users simply log into the app through their Facebook profile. After some time, the Coffee Meets Bag team provides them with their potential matches. Users can only contact their potential matches if they accept their request in return. However, the app limits the number of profiles users can interact with on a daily basis. During the COVID19 pandemic in 2020, the company added a virtual speed dating service.
The three sisters’ decision to reject Cuba’s offer proved fruitful for them. The company raised $7.8 million in Series A funding led by existing investor DCM Ventures. In three years, in May 2018, the company increased its value by $12 million with Series B financing led by Atami Capital.
In February 2019, the company reported that an attacker had stolen a partial list of user data, such as names and email addresses. Data was reportedly breached between late 2017 and mid-2018. An estimated 6,174,513 user accounts were affected by the data breach.
Coffee meets bagel equity
Coffee Meets Bagel definitely competes with other dating apps like Tinder. Since the three sisters started it, the business has grown exponentially. In 2021, the Coffee Meets Bagel social media dating app managed to earn $150 million.