|SEASON 6 EPISODE 13|
|Pitch||online dating service|
|Entrepreneur||Arum Kang, Dawoon Kang, Soo Kang|
|Asked For||$500,000 for 4%|
What is Coffee Meets Bagel?
If you’re tired of swiping left on other online dating platforms, you might want to give Coffee Meets Bagel a try. Unlike other platforms, it provides its users more opportunities to fill in their profiles with personalized, curated information. The algorithm then uses this information, coupled with your social media data, to send you potential matches every day, which you can heart. Users can also post status updates, such as, “Just returned from a holiday in South Africa.” This personal approach prompts more meaningful conversations, allowing interested persons to comment, etc. In addition, if users connect through mutual likes, the app connects them and rewards them with a discount coupon on dates.
Who Owns Coffee Meets Bagel?
Arum is a Harvard Business School graduate that previously worked at Amazon. She is still with the company and shares the CEO responsibilities with her twin sister Dawoon.
As for Dawoon, she can list three universities on two continents from which she’s attained qualifications. In addition, her prior work experience entails banking giant JP Morgan.
Finally, older sister Soo is the creative, right-brained one. She was pursuing her studies at the Parson’s School of Design before working as a graphic designer. She, too, is still with the company.
When Dawoon was working for JP Morgan, Arum was finishing up her studies at Harvard. The sisters had always talked about starting a business together; similarly, often mentioning the idea for a dating app.
After listening to an inspirational talk by Jeff Bezos on his personal life choices, Arum decided to quit her high-paying job and pursue what made her happy rather. Likewise, Soo did the same and joined them.
With a concept in mind, they soon began approaching many VCs to raise funding for their idea. After many meetings, they succeeded with seed funding to the tune of $600,000 secured; some of it came from the Match.com co-founder.
Initially, they had to spend a lot of money on web and app developers, salaries, and marketing. However, the interest was there, backed up by user numbers across both platforms, increasing monthly subscriptions. They were still pre-revenue, so getting an investor on board to help scale the business was the next step.
What Happened After Shark Tank Update
Is Coffee Meets Bagel Still in Business?
The company is alive and well, based in San Francisco. It employs around 67 full-time employees and has an newly refreshed and more streamlined app and website, which attracts over 180 000 hits per month. It makes its money primarily through subscriptions and in-app purchases.