Coffee Meets Bagel is a dating website (and app) that became famous for turning down a whopping $30 million deal on the reality show Shark Tank. Want to know what Coffee Meets Bagel net worth is today and how they could turn down this offer? Here is everything you should know about the past and present of this brand.
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A glimpse into their history
Coffee Meets Bagel is the brainchild of three Korean sisters, twins Arum Kang and Dawoon Kang, and Soo Kang. Born and brought up in Korea, the sisters shifted their base to the United States of America during their teens.
They started Coffee Meets Bagel after their graduation. It was Arum who first pitched the idea to her sisters in 2011. They launched the website on April 17, 2012, in New York City, followed by a launch in Boston on May 10, 2012, and later in San Francisco on October 24, 2012.
In September 2012, Coffee Meets Bagel claimed to raise $600,000 through seed funding from Lightbank.
Peng T. Ong, co-founder of Match.com, also invested in the company. In February 2015 and May 2018, the company raised $7.8 million and $12 million, respectively.
According to the sisters, the idea of this dating app was influenced by their personal dating experience.
Coffee Meets Bagel on Shark Tank
The Kang sisters took their idea to the reality show Shark Tank in 2015.
They pitched Coffee Meets Bagel to the sharks and asked for $500,000 in return for a 5% equity.
They explained the thought behind the name of their website.
According to the Kang sisters, the name “Coffee Meets Bagel” allows their users to talk about their experiences without being obvious. They also quoted an example:
“I got a stale bagel today.”
Coffee Meets Bagel hit the right chords with the sharks and got them interested immediately. Although the sisters spilled no beans about exact number of users of their dating website, they told it to be between 100,000 and 500,000.
Mark Cuban withdrew at this point. They also told the sharks that they are in negative profit even after having annual sales of $1 million, and each of them makes $100,000 annual salary.
All the sharks pulled out at this point. Finally, Mark Cuban offered them $30 million for their company, but the girls turned down the offer.
After Shark Tank
Although the girls walked out without any deal, they got exposure. That was what they were looking for.
The company grew by leaps and bounds after its appearance on the reality platform. Talking about numbers, the company raised a whopping $12 million, and the number of users almost doubled in 2018 alone.
How does the website work?
What sets Coffee Meets Bagel apart from its contemporaries is its well-curated features. The user can interact with only a limited number of profiles each day. Also, owing to the COVID-19 pandemic, the website introduced a video virtual speed dating feature.
Just like any other dating website, the user has to register with the website first. The website asks for basic information, such as gender, job title, height, and some photographs. Once the user creates a profile, they get to see the matches.
As Coffee Meets Bagel prioritizes women’s safety, it only serves the ladies with the matches who already like them. So, they get fewer choices than men, but they get an upper hand here.
The users can pay “Beans” (the in-app currency) and get to explore other profiles in the Discover feed.
Interestingly, the website addresses its users as Bagels. If a user likes another one, they “like a bagel”.
The users can chat on the website. Their chat expires in seven days.
Coffee Meets Bagel app is also available to download on phones.
What makes Coffee Meets Bagel stand out?
In today’s age and time, where it is possible to find everything on the internet, finding love has become a cakewalk.
Just one swipe, and you find a suitable date waiting to woo you. But not all dating websites and apps are safe, especially for women.
In this scenario, Coffee Meets Bagel promises to offer a safe dating space to women. The website is designed keeping their users’ safety in mind.
Here, women find matches or Bagels from interested men. This way, they don’t have to spend time rummaging through a sea of options. They get a well-curated list of matches.
The subscription app plan
Coffee Meets Bagel has a free version, but some features are only available after a user subscribes. The makers provide two subscription plans- mini and premium.
The mini plan costs $10 a month. It includes:
- Premium preferences and provides extra dating filters
- Three profile boosts per month
- Activity reports
- Read receipts
- Unlimited rewinds
- Bean discounts
The Premium plan costs $35 a month, and apart from all the perks of the mini subscription plan, it also offers additional features that include,
- Eight flowers per month
- See profiles that like you
Users can buy more Beans to like more profiles. Keep reading to know the pricing of the Beans:
Free members- $60
Paying members- $24.99
Free members- $40
Paying members- $23.99
Free members- Unavailable
Paying members- $1.99
Coffee Meets Bagel net worth
According to reports, Coffee Meets Bagel net worth is estimated to be $150 million.
As per the numbers, the business generates a revenue of $36 million a year through its app. Here is the valuation of the company:
|Net Worth||$150 Million|
|Annual Revenue||$36 Million|
|Lifetime Revenue||$69 Million|
Net worth over the years
Although the business did not find any investment in Shark Tank, it has been growing slowly and steadily. There has been a tremendous rise in their net worth over the years.
Here is the rise in Coffee Meets Bagel worth over a period of five years.
|Coffee Meets Bagel net worth 2023||$150 Million|
|Coffee Meets Bagel net worth 2022||$70 Million|
|Coffee Meets Bagel net worth 2021||$10 Million|
|Coffee Meets Bagel net worth 2020||$4 Million|
|Coffee Meets Bagel net worth 2019||$1 Million|
Coffee Meets Bagel at present
At present, the company is doing great. It has a monthly revenue of $ 3.1 million.
The app has more than six million users, out of which more than half use a premium subscription.
Coffee Meets Bagel thrives on providing quality services to its users. It does not offer a sea of profiles for the users to choose from, instead, it offers them a well-curated list of ideal matches.
It is why more and more users are laying their faith in the company and using their platform to find the love of their life.
Although Coffee Meets Bagel is writing a new success story every day, users experience a few issues with the site on and off:
Some users have claimed that the website often crashes, particularly on weekends.
Users who do not belong to a metropolitan city face a tough time finding their perfect match.
Between 2017 and 2018, someone hacked the personal details of some users. Coffee Meets Bagel confirmed this data breach in February 2019. The attacker stole details including, name, email address, age, and gender details of around 6,174,513 users.
In a recent incident that took place on August 27, 2023, Coffee Meets Bagel suffered a system outage. The services weren’t available to the users for a few days. They later became available on September 3.
The bottom line
The advancements of the internet have revolutionized many things, and the dating culture is not an exception. Coffee Meets Bagel is redefining dating in many ways.
So, if you are looking for a wonderful dating partner, find your Bagel on Coffee Meets Bagel.
Frequently Asked Questions (FAQs)
1. What is Coffee Meets Bagel?
Coffee Meets Bagel is a dating website/application that became famous for turning down a whopping $30 million deal on the reality show Shark Tank.
2. How much is Coffee Meets Bagel worth?
As per the latest reports, Coffee Meets Bagel net worth is estimated to be $150 million.
3. Did Coffee Meets Bagel get a deal on Shark Tank?
No, Coffee Meets Bagel did not find any investor on Shark Tank.
4. Who owns Coffee Meets Bagel?
Coffee Meets Bagel is owned by three Korean sisters- twins Arum Kang and Dawoon Kang, and Soo Kang.
5. Is Coffee Meets Bagel still in business?
Yes, Coffee Meets Bagel is still in business, and is one of the best dating websites.
6. Is Coffee Meets Bagel free?
Some features of Coffee Meets Bagel can be accessed for free, but a user requires to subscribe to take advantage of advanced features.
7. Is Coffee Meets Bagel available on Instagram?
Yes, the business has an Instagram page. The account has several posts about their success stories where they introduce real-life couples who met on Coffee Meets Bagel.