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 once they said no to $30 million, walking far from Mark Cuban’s record-setting offer because of their dating application on ABC’s “Shark Tank” earlier in the day in 2010.

“We got therefore many email messages, ‘You sisters are incredibly crazy! Exactly what are you thinking? ’” Dawoon Kang told “Nightline. ” “Seeing all of the responses and reviews … i must wonder, being called ‘greedy, ’ ‘gold digger, ’ would we now have been called those names whenever we weren’t females? 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 become 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, specially given that Tinder is respected at $1.5 billion.

Coffee matches Bagel, which includes raised $7.8 million in outside capital and it has 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 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 said. “Any girl who may have utilized tinder has one or numerous tales of this forms of behavior males display on Tinder … it is perhaps maybe not the maximum experience and … it seems creepy. ”

Coffee matches Bagel is free while the software provides one match, or even a “Bagel, ” by noon each time, in accordance with its web site. Users have actually twenty four hours to choose either to “Like” or “Pass” to their Bagel, of course two different people “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 niche that is crowded application market, increasing against apps like Tinder, Hinge, Bumble as well as the League, that are all vying with regards to their little bit of the projected $2 billion internet dating industry.

But unlike Tinder, where 58 % of the users are male in accordance with their data, Coffee Meets Bagels boast a lot of feminine users. The Kang siblings state that’s because their users are searching for love, not always 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 demonstrate Tinder is producing significant and connections that are lasting the planet. “

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

“once I first relocated right 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 a lot more than that. ”

Her very first “Bagel” ended up being Zach, a 26-year-old company designer for the next start-up, plus in conversing with one another, they both discovered out they had athletics in accordance, he soccer, along with her x-country.

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

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

At their property workplace in new york, they’ve a wall surface of popularity specialized in a few of their users that are early wound up marrying their matches. In reality, the siblings state they truly are now producing about 500 partners per week, with additional than 200 marriages and 20,000 relationships due to matches through their application.

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

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