Coffee Meets Bagel Worth: What Happened After Shark Tank?
San Francisco-based Coffee Meets Bagel is a social networking and dating service. Three sisters, Soo Kang, Arum Kang, and Dawoon Kang, founded Coffee Meets Bagel. The sisters released the app in New York City on April 17, 2012. Through a mutual Facebook friend, the app seeks to pair up users with possible partners. Discover and Suggested are the two primary areas of the app where users can browse profiles.
We will examine the company, its business strategy, and the reasons behind its remarkable success in the cutthroat world of online dating in this article.
Details of Coffee Meets Bagel
Coffee Meets Bagel is an online dating service that aims to facilitate intelligent connections between singles. Launched in 2012, it boasted over 8 million users as of 2024. This illustrates the extent of the company’s growth quite well. Arum, Dawoon, and Soo Kang, three sisters, founded Coffee Meets Bagel. The app’s daily curated selection of possible matches was designed to make it easier for busy singles to find meaningful relationships. The app’s proprietary algorithm matches users based on their preferences and activity to suggest matches that are more likely to result in a connection.
The Kang sisters have put in a great deal of effort to realize their vision. They have plans to launch in Seattle and other cities, and their site is currently ranked among the best dating sites. They are not slowing down.
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Coffee Meets Bagel Shark Tank
The Kang sisters raised $23.2 million in five investment rounds after exiting “Shark Tank” in 2015 without receiving an offer. Coffee Meets Bagel is still accessible for Android and Apple users. According to SEOAves, with 10 million users, it hardly stands a chance against other dating apps like Tinder, Bumble, and Zoosk. Coffee Meets Bagel is actually limited to the top 20 dating apps found in app stores.
The sisters discussed their future plans for business growth in an interview with Forbes back in 2017. According to Dawoon, “We are still a US-based business,” Forbes reported. “To date, Coffee Meets Bagel has facilitated over 2.5 billion introductions, leading to the union of over 70,000 couples.
Is This App Right for You?
Coffee Meets Bagel offers a welcome respite from the superficial swipe life for daters who are sick of giving it all and only receiving rejection in return. The app seeks to assist singles in forming deeper, more purposeful connections.
With so many profiles floating around on other apps, the app has quickly developed a devoted following among 30-to 49-year-olds who are looking for a real relationship rather than just another hookup.
Coffee Meets Bagel Worth
Coffee Meets Bagel’s estimated net worth as of April 2024 is $150 million. Since its 2010 launch, the app has experienced tremendous growth and has managed to thrive in the face of fierce competition. The company’s success rate is demonstrated by the fact that they were once able to raise over $7.8 million in outside funding. In 2015, the co-founders turned down a $30 million buyout, and they can now be happy with their choice.
Achievement
The website has made over 50 million matches since its launch, which is one of its greatest accomplishments. Considering that the platform has only been in operation for roughly seven years. It has more than seven million users as of 2019 is an incredible accomplishment. Coffee Meet Bagel took home the 2019 Shorty Award. This was done in support of a commercial they did featuring rapper Ice-T enjoying his first bagel and coffee.
Conclusion
The dating app Coffee Meets Bagel has become more and more well-known in recent years. The success of the company can be attributed to its distinctive approach to online dating, prioritization of quality over quantity, and freemium business model.
