Dating App Startup That Turned Down $30M ‘Shark Tank’ Offer

Dating App Startup That Turned Down $30M ‘Shark Tank’ Offer

The Kang siblings developed the successful relationship software, Coffee Meets Bagel.

The Kang siblings, Soo, Dawoon and Arum, stunned every person if they said no to $30 million, walking far from Mark Cuban’s record-setting offer due to their dating application on ABC’s lds planet “Shark Tank” earlier in the day this season.

“We got therefore emails that are many ‘You sisters are incredibly crazy! What exactly are you thinking? ’” Dawoon Kang told “Nightline. ” “Seeing all of the reviews and reviews if we were not women… I have to wonder, being called ‘greedy, ’ ‘gold digger, ’ would we have been called those names? I experienced to wonder that. ”

We would probably be called ‘Bold“If we were men! Visionary! Brave’ for rejecting. Needless to say we weren’t called that, ” Arum Kang added, laughing.

However it might easily grow to be a courageous, bold and visionary move because Soo, 35, Dawoon and Arum, both 32, believe their dating application, Coffee Meets Bagel, will probably be worth a great deal more, particularly given that Tinder is respected at $1.5 billion.

Coffee satisfies Bagel, that has raised $7.8 million in outside capital and has now significantly more than doubled its individual base since appearing on “Shark Tank” in January, areas itself as a substitute for many sick and tired with over-sexualized dates the siblings say are on other services that are dating. Rather it fixes up individuals up with matches that concentrate on quality over amount.

“We like to phone ourselves the anti-Tinder, ” Arum stated. “Any girl who may have utilized tinder has one or numerous tales regarding the types of behavior guys exhibit on Tinder … it is perhaps perhaps maybe not the maximum experience and … it seems creepy. ”

Coffee matches Bagel is free while the application provides one match, or a “Bagel, ” by noon each according to its website day. Users have actually twenty four hours to choose either to “Like” or “Pass” on their Bagel, if two different people “Like” one another, then a software will start a personal talk to allow them to set a date up, which just can last for a week. Bagels are determined through a computer algorithm that combs through users’ Twitter buddies and “friends of friends, ” assessing passions and individual experiences to match users with profiles similar to theirs.

But Coffee Meets Bagels faces competition in a niche that is crowded application market, increasing against apps like Tinder, Hinge, Bumble together with League, that are all vying with regards to their bit of the believed $2 billion internet dating industry.

But unlike Tinder, where 58 % of their users are male relating to their statistics, Coffee Meets Bagels boast a lot of feminine users. The Kang siblings state that’s because their users are searching for love, definitely not intercourse.

“Females constitute nearly 50 % of Tinder’s individual base, ” Tinder stated in a declaration to ABC Information, and “there are an incredible number of ‘swiped right’ stories that reveal Tinder is producing significant and lasting connections around the entire world. “

Jamie Miller, who simply relocated to bay area from a little city in Ohio, tried Coffee suits Bagel because she wished to weed out of the weirdos.

“once I first relocated right here we came across a number of dudes but I felt like no body took it seriously, ” she said. “Just, ‘Hey nice to generally meet you… bye…’ and I also want something significantly more than that. ”

Her first “Bagel” had been Zach, a 26-year-old company designer for the next start-up, as well as in conversing with one another, they both discovered out they’d athletics in keeping, he soccer, and her x-country.

“We have actually a great deal in typical, ” Miller said. “ He has a great character. I like him to date. It’s the start. ”

Whether this Bagel will turn into “the one” or otherwise not, the Kang siblings are certain that Coffee Meets Bagel has the required steps to revolutionize the relationship game.

At their house workplace in nyc, they will have a wall surface of popularity focused on a number of their very early users whom wound up marrying their matches. In reality, the siblings state they’ve been now producing about 500 couples per with more than 200 marriages and 20,000 relationships as a result of matches through their app week.

“At the finish of your day we knew we made the right decision, ” Dawoon Kang stated.


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