Coffee Meets Bagel now has a net worth of $150 million after seven years of its Shark Tank appearance.
Coffee Meets Bagel is a typical dating app created by three sisters. It uses a unique algorithm to make meaningful connections between individuals with their in-depth profiles and provides a platform for real conversations.
They also suggest personalized icebreakers to avoid small talk and quickly get to know the real stuff.
Such a discrete and personalized way to find romantic partners for themselves attracted the audience of shark tank and other people.
Out of the founders, Arum, Dawoon, and Soo Kang, the main idea for the social media app was originally by Arum.
They appeared on Shark Tank in 2015, but the app is quite popular even after seven years of airing that episode on the show. Here’s what happened to Coffee Meets Bagel now in 2022 and what is their net worth today.
|Name||Coffee Meets Bagel|
|Founders||Arum, Dawoon And Soo Kang|
|Net Worth||$150 Million|
|Shark Tank Appearance||2015|
Coffee Meets Bagel’s Net Worth in 2022
Coffee Meets Bagel (CMB) has an estimated net worth of over $150 Million, according to exactnetworth.com.
They have over 10 investors now, including GingerBread Capital and Quest Venture. It is impressive for CMB to have such a huge turnover even though the market has quite a big competition. Their major dating app competitor giant includes Tinder and OkCupid which is owned by the Match Group. Tinder has a net worth of $42 billion as per the Morgan Stanley company’s valuation.
While Tinder is also in this business since 2012, they have a massive investment team and the company is run worldwide and has more users. When CMB gained popularity in 2015, Tinder was already used by millions of people.
The major difference between Tinder and Coffee Meets Bagel is that CMB provides only one match for an individual per day based on their detailed profiling. In contrast, Tinder provides an unlimited number of matches to choose from with just a quick glance at photos. So, Tinder has more users, regardless of their app’s usefulness in providing a perfect match for the users or not.
Here’s a look at the different competitors in the dating app business and their popularity by market shares.
CMB was first launched in 2012 in New York City. It was founded later in the same year in Boston and currently operates in San Francisco. However, it was only in 2015 that the company gained worldwide public attention after its founders appeared on Shark Tank.
In the show, the three sisters demanded an investment of $500,000 for 5% of the company. But the CMB founders couldn’t reach an agreement with the shark tank investors. They even turned down the buyout offer by Mark Cuban with a valuation of 30 Million dollars.
Coffee Meets Bagel’s Yearly Revenue And Valuation
The founders of Coffee Meets Bagel rejected the offer of $30 Million by Mark Cuban in 2012 as they didn’t think the offered valuation was worth their innovative idea then.
But after three years of the show, they announced a $7.8 million Series A financing by DCM ventures’ existing investors. This proved that their rejection of Mark’s offer at the show was an excellent decision.
After three more years, in 2018, they raised the funding of $12 million in Series B, led by Atami Capital. In that year, they had accumulated a net worth of $10 Million, as reported by sensortower.com.
Out of $10 Million, $1.5 Million was earned in the first quarter of the year. So, their year-over-year growth is estimated at 154%. The company has around 67 employees. They garner over 180,000 unique visitors on their site every month.
According to Gaps, they generated in-app revenue of over $900,000 monthly as of 2019 and had a gross income of more than $25 Million that year. Similarly, Growjo reports its current revenue to be over 19.3 Million per year, and its estimated revenue per employee is around $251,000.
Dating apps are rising in demand and not just Coffee Meets Bagel all the other global apps have increased revenue over the years. Here is a table showing the yearly revenue of global dating apps according to the data by Mydatingadviser.com.
Users and Downloads
CMB has a user base of over 10 million. It barely competes with other alternatives like Tinder (75 million), OKCupid (50 Million), etc.
According to crunchbase.com, it has 167,324 monthly app downloads.
Monthly Visits and Rank
CoffeeMeetsBagel has a worldwide rank of 238,465 and 91,161 in the USA, as per Similarweb.com.
The website has monthly visits by over 249,200 users. The majority of its users are from USA and Canada. But the users are also from other countries like India, Singapore, Taiwan, Cambodia, and more. Its major competitor OkCupid has over 18 Million visits every month. Bumble.com also has 17.8 Million users.
31.5% of the users using this app are between 25-34 years old. Out of the total users, 59.17% are male, and 40.83% are females.
How Coffee Meets Bagel Works?
The app is very user-friendly, and the procedures are straightforward. People can even register to create an account using their Facebook profile.
Unlike its competitor Tinder, they do not just provide photos of a potential match but give more details and selective and personalized matches. This makes their app more productive for users who actually want a perfect match.
CMB is useful for finding more lasting connections and relationships rather than casual hookups. The company also added a video virtual speed dating service during the COVID-19 Pandemic. This also helped significantly increase revenue as the lockdown made their app more in demand.
There are three written answers you can provide in your profile bio. For that, you can choose what type of information you give. (eg; education: undergrad, masters, doctors).
How To Download Coffee Meets Bagel?
CMB is really easy and absolutely free to download by any user. They have the app available in the google play store and apple store.
For iOS users, you can go to the Apple store, search for Coffee Meets Bagel, and download the app. Similarly, for Android users, you can do the same on Google Play Store.
Alternatively, you can also download it using your phone number by going to the official website of Coffeemeetsbagel and click on Join The App.
Coffee Meets Bagel Review
Talking about the review and product satisfaction, there are many positive as well as negative feedbacks from the users.
Many say that it gives you a shot at true love because of its easygoing atmosphere and pioneers the idea of slow dating. It mainly attracts sophisticated and busy women. It gives more detailed profile information about the possible partners aka “bagels.” The algorithm of CMB takes into consideration of your location, type, and preferences.
The app is more of a female-friendly nature, but both men and women can benefit from its highly selective matching criteria. There is a limit of users you can like per day in CMB, which contradicts the swipe now and look later spirit of most of the other apps.
On the other hand, some bad reviews about the apps can also be seen. People complain that the profiles of the users here are fake and unrealistically “Perfect.” Especially men complain that women in this app make their profile look near to perfect, but in reality, they are quite different.
However, this type of risk is in any other online dating platform because one can never describe themselves as imperfect in those profiles. They will always try to make them look “Perfect”.
With many tremendously popular competitors of dating apps like Tinder, Hinge, Bumble, OKCupids, CMB has a different and fresh approach to online dating.
How Is Coffee Meets Bagel Different From Other Dating Apps?
As already mentioned, CMB does not provide a swipe for the yes and no feature just by looking at pictures. It uses an algorithm to study each user’s profiles and interests, and you can have only a few matches every evening.
So how are the profiles made here? Well, the difference is how you can search for a profile. In CMB, if you go to the discover page, you can alter filters like Age range, address location, distance from you, education level, ethnicity, and last seen active status. So, if you are looking for someone, in particular, you can find the profile easily.
The last seen status allows you to know whether he/she has been online on the app within the past 72 hours. This feature on the profile can be negative too, as it will allow you to discover that after you match with them and met them in person, you can find out whether they are still online dating and searching for options.
Coffee Meets Bagel Founders
Arum, Dawoon, and Soo Kang are the sisters who founded the dating app Coffee Meets Bagel.
The Korean-American Kang sisters immigrated to the USA when they were teens. After completing school, they were in search of their career. They were single and hopeless in a big city and wanted to do something to make dating simpler.
Both their mother and father were entrepreneurs, and the apples didn’t fall far from the tree. When they researched why it is so difficult for women to find suitable partners, they found out that there are a lot more men using dating apps compared to women.
A study showed that 64% of men and only 36% of women use dating apps. “That is a lot of thirsty dudes.” So, they wanted to invent an app aimed at women to help even that ratio.
They enabled this by focusing on quality rather than quantity to find a less creepy partner by choosing the one who is seriously looking for a relationship and ready to take the next step. It took time for them to actually do what they wanted, but they did it with the help of many smart engineers and investors. They now have a net worth of around $50 Million already, and their company is still thriving.
Out of the three sisters, Dawoon and Arum are twins, and currently, only two of them are running the company. While on the other hand, Soo Kang is no longer working for the company because there were personal reasons and ups and downs among the sisters.
Arum Kang is the Chief Executive Officer of Coffee Meets Bagel. She is an MBA graduate of Harvard Business School. She has also worked at Avon Products and Amazon and loves being in the consumer space. She has experience in leading efforts to understand consumer needs and behavior to provide great product experiences.
After her graduation in 2011, she was in search of building a career by starting a business that leverages technology to create a product valuable to consumers.
Arum is reportedly married, but she kept her husband’s name and details private. She posts many images on her Instagram and Facebook with a man named Marc Piette. However, it is not confirmed whether he is her husband.
Arum Kang on Instagram and Facebook
Being the founder of a social media app, it is no surprise that Arum is active on Instagram, Facebook, and Twitter.
She is active under the username @arumkang on Instagram and Twitter. She is also active on Facebook as her full name and shares a lot of images of her company and childhood.
Dawoon Kang is the Chief Dating Officer and Co-founder of CMB. She is the twin sister of Arum Kang and the younger sister of Soo Kang.
She previously used to work at Avon products as U.S. Strategy & Business Development analyst. While Arum Kang studied at Harvard, Dawoon did her MBA at the Stanford University of Business. After graduating in 2009, she went on to Hongkong. The company’s name is J. P. Morgan’s Global Special Opportunities Group. There she was the Vice president of the North Asia Investment Team.
But after a few years, she returned to the USA and started CMB with her sisters in 2012. Dawoon has given many speeches about Tech, Dating, and Entrepreneurship on TEDx Talks, Commonwealth Club, and more.
Dawoon Kang is married, and she met her partner on her dating app. However, the name and personal details of her husband are not revealed.
Dawoon Kang on Instagram
Dawoon Kang is the most active on social media among the three sisters. She is on Instagram under the username @dawoonkang.
Another Co-founder of Coffee Meets Bagel is Soo Kang. She is the eldest among the three sisters. She is a graduate of Parsons School of Design. She worked in the creative department of CMB and is still part owner of the company.
However, she is no longer seen working with CMB and is away from the public eye. They are still thriving despite the sisters’ catfights and ups and downs. Maybe that is the reason she is not working on CMB anymore.
Moreover, Soo Kang is not active on Instagram, Facebook, or Twitter.