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 else once they said no to $30 million, walking far from Mark Cuban’s record-setting offer for his or her app that is dating on “Shark Tank” earlier this current year.

“We got therefore emails that are many ‘You sisters are incredibly crazy! What exactly are you thinking? ’” Dawoon Kang told “Nightline. ” “Seeing most of the remarks and reviews if we were not women… I have to wonder, being called ‘greedy, ’ ‘gold digger, ’ would we have been called those names? I had 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 turn into a courageous, bold and visionary move because Soo, 35, Dawoon and Arum, both 32, believe their dating software, Coffee Meets Bagel, may 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 contains a lot more than doubled its individual base since appearing on “Shark Tank” in January, areas itself as a substitute for anyone sick and tired with over-sexualized times the siblings state are on other services that are dating. Rather it fixes up individuals up with matches that give attention to quality over volume.

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

Coffee satisfies Bagel is free together with application provides one match, or a “Bagel, ” by noon each time, based on its site. Users have actually a day to choose either to “Like” or “Pass” to their Bagel, and in case two different people “Like” one another, then your software will start a personal talk in order for 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’ Facebook buddies and “friends of friends, ” assessing passions and experiences that are personal match users with pages similar to theirs.

But Coffee Meets Bagels faces competition in a crowded niche dating app market, rising against apps like Tinder, Hinge, Bumble and also the League, that are all vying for his or her little bit of the believed $2 billion online dating sites industry.

But unlike Tinder, where 58 per cent of the users are male in accordance with their statistics, Coffee Meets Bagels boast a lot of feminine users. The Kang siblings state that is 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 demonstrate Tinder is producing significant and connections that are lasting the planet. “

Jamie Miller, whom simply moved 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 significantly more than that. ”

Her very very very first “Bagel” ended up being Zach, a 26-year-old company designer for another start-up, as well as in speaking with one another, they both discovered out they’d athletics in accordance, he football, and her x-country.

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

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

At their house office in new york, they’ve a wall surface of popularity focused on a few of their users that are early wound up marrying their matches. In reality, the siblings state they truly are now creating 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 your day we knew we made the right decision, ” Dawoon Kang stated.

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