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

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

The Kang siblings developed the dating that is successful, Coffee Meets Bagel.

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

“We got therefore emails that are many ‘You sisters are incredibly crazy! Exactly what 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.

Nonetheless 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, may be worth a whole lot more, particularly given that Tinder is respected at $1.5 billion.

Coffee matches Bagel, which includes raised $7.8 million in outside financing and it has a lot more than doubled its individual base since appearing on “Shark Tank” in January, areas itself as a substitute for all sick and tired with over-sexualized times the siblings state are on other services that are dating. Alternatively 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 that has utilized tinder has one or numerous tales for the forms of behavior males display on Tinder … it is perhaps perhaps maybe maybe not the maximum experience and … it seems creepy. ”

Coffee matches Bagel is free as well as the application provides one match, or even a “Bagel, ” by noon each time, in accordance with its site. Users have actually a day to choose either to “Like” or “Pass” on the Bagel, if a couple “Like” one another, then your software will start a personal talk in order for them to set up a night out together, which just can last for a week. Bagels are determined through some type of computer algorithm that combs through users’ Twitter buddies and “friends of friends, ” assessing passions and individual experiences to match users with pages similar to theirs.

But Coffee Meets Bagels faces competition in a crowded niche dating application market, rising against apps like Tinder, Hinge, Bumble therefore the League, that are all vying with their bit of the predicted $2 billion online dating sites industry.

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

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

Jamie Miller, whom simply relocated to san francisco bay area from a little city in Ohio, tried Coffee matches Bagel because she desired to weed out of the weirdos.

“once I first relocated right right here we came across a few dudes but I felt like no body took it seriously, ” she said. “Just, ‘Hey nice to fulfill 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 accordance, he soccer, along with her x-country.

“We have actually a great deal in typical, ” Miller said. “ He has got a personality that is great. I like him so far. It’s the start. ”

Whether this Bagel will grow to be “the one” or perhaps not, the Kang siblings are confident that Coffee Meets Bagel has what must be done to revolutionize the relationship game.

At their property workplace in nyc, they will have a wall surface of popularity aimed at a few of their very early users whom finished up marrying their matches. In reality, the siblings state these are typically now producing about 500 partners per week, with over 200 marriages and 20,000 relationships because of matches through their software.

“At the termination of your day we knew we made the decision that is right” Dawoon Kang stated.