One Of The Biggest Missed Opportunities On Shark Tank Is Now A Popular Dating App
We all seek companionship, but sometimes the right person isn't just around the corner — they might be across the country. Dating apps have helped solve this by letting you meet people without traveling far, transforming a world of limited choices into one with too many options, reflecting in form of countless dating apps. In 2024, more than 300 million individuals use dating apps, and approximately 20 million users are on a subscription via data collected by Business of Apps. Here is the alarming reason people are paying for dating apps today.
While many of these apps are seeing their heyday come and go, most singles still find themselves hopping from one short-lived connection to another. Still, only a handful of platforms might appeal to you with their unique setup like Coffee Meets Bagel (CMB), dreamed up in 2012 by the trio of Kang sisters Arum, Dawoon, and Soo. These women stepped into the U.S. as teens, all set to chase their big career dreams.
Dawoon described CMB as a more friendly and less toxic dating experience compared to other dating apps. Motivated by a desire to cultivate a more meaningful and personal way to find love, the Kang sisters made it their mission to focus on quality over quantity. They tapped into Facebook's mutual friend feature to help forge genuine connections based on shared interests and mutual friends.
Coffee Meets Bagel meets Shark Tank
In Season 6, Episode 13 of "Shark Tank," the Kang sisters stepped into the tank with their pitch for Coffee Meets Bagel, asking for $500,000 in exchange for a 5% stake, effectively valuing their company at $10 million. Barbara Corcoran commended them for creating a dating app that centered around women but ultimately passed on their offer, citing concerns over the small equity stake. The real jaw-dropper came when Mark Cuban threw out a massive $30 million offer to buy the company outright. However, the sisters declined his proposal, holding firm to their vision of long-term growth and believing in the broader impact their app could achieve.
The Kang sisters walked away without a deal. Their bold decision to decline Mark Cuban's $30 million offer didn't just raise a few eyebrows — it practically caused a storm. The sisters were inundated with emails calling them everything from crazy to greedy to gold diggers. However, every cloud has a silver lining. All that buzz created a media frenzy that catapulted Coffee Meets Bagel into the spotlight way more than if they'd just taken the money and ran. This surge in attention helped put the Kang sisters on the map in a big way. The brand has seen remarkable growth and their users have expanded with over 10 million downloads globally.
Growth and impact post-Shark Tank
Since their Shark Tank appearance, Coffee Meets Bagel continues to thrive and has successfully secured over $23 Million in funding across five rounds, which shows how much investors have confidence in the app's potential. Although the details about CMB's overall revenue aren't public, its success can be measured in both its downloads and its focus on building meaningful connections. Coffee Meets Bagel is recognized as one of the top dating apps, and even listed among the best dating apps of 2024 by CNET. Per review, CMB is the "best dating app for serious relationships" — ironically for those who like a more curated dating experience and want to spend less time on dating apps.
Several benefits make it appealing to online dating enthusiasts. One is the Bagel feature that gives its users a personalized selection of matches every day. This approach can reduce the overwhelming amount of choices and focus on quality by presenting men with potential partners and showing women a list of admirers. To encourage meaningful conversations, the app provides a 7-day chat window and icebreakers. The app is mostly used by women and is designed to let women make the first move. Overall, it's aimed at people looking for serious long-term relationships. Check out other stories of super-successful businesses that rejected their Shark Tank offers.