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 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 because of their app that is dating on “Shark Tank” earlier in the day this season.

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

“If we had been males, we might oftimes be called ‘Bold! 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 tagged online, Dawoon and Arum, both 32, believe their dating application, Coffee Meets Bagel, is really worth a great deal more, specially given that Tinder is respected at $1.5 billion.

Coffee matches Bagel, which includes raised $7.8 million in outside financing and contains 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 online dating services. Rather it fixes up individuals up with matches that give attention to quality over amount.

“We like to phone ourselves the anti-Tinder, ” Arum stated. “Any girl who’s got utilized tinder has one or numerous tales for the types of behavior males display on Tinder … it is maybe maybe perhaps not the best experience and … it seems creepy.

Coffee suits Bagel is free together with application provides one match, or even a “Bagel, ” by noon each according to its website day. Users have actually twenty four hours to choose either to “Like” or “Pass” on the Bagel, and in case two different people “Like” one another, then your application will start a personal talk to allow them to set a date up, 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 niche that is crowded software market, increasing against apps like Tinder, Hinge, Bumble while the League, that are all vying for his or her bit of the calculated $2 billion online dating sites industry.

But unlike Tinder, where 58 per cent of its 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 seeking love, definitely not intercourse.

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

Jamie Miller, whom just relocated to san francisco bay area from a little city in Ohio, tried Coffee suits Bagel because she wished to weed the weirdos out.

“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 generally meet you… bye…’ and I also want something significantly more than that. ”

Her very first “Bagel” had been Zach, a 26-year-old company designer for the next start-up, plus in conversing with one another, they both discovered he football, and her cross country out they had athletics in common.

“We have actually plenty in typical, ” Miller said. “ He has got a personality that is great. I enjoy him to date. 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 new york, they will have a wall surface of popularity specialized in several of their very early users whom wound up marrying their matches. In reality, the siblings state they’re now producing about 500 partners per with more than 200 marriages and 20,000 relationships as a result of matches through their app week.

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

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