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” early in the day this season.

“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 responses 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. ”

“If we had been guys, we might oftimes be called ‘Bold! Visionary! Brave’ for rejecting. Needless to say we weren’t called that, ” Arum Kang added, laughing.

Nonetheless it might easily grow to be a brave, 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 suits Bagel, that has raised $7.8 million in outside capital and contains significantly more than doubled its individual base since appearing on “Shark Tank” in January, areas itself as a substitute for the people sick and tired with over-sexualized times the siblings state are on other services that are dating. Instead it fixes up individuals up with matches that concentrate on quality over volume.

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

Coffee suits Bagel is free additionally the application provides one match, or even a “Bagel, ” by noon each time, relating to its site. Users have actually a day to choose either to “Like” or “Pass” on the Bagel, and in case two different people “Like” one another, then your software will start an exclusive 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’ Twitter 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 application market, increasing against apps like Tinder, Hinge, Bumble in addition to League, that are all vying with regards to their little bit of the projected $2 billion online dating sites industry.

But unlike Tinder, where 58 per cent of their 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, certainly not intercourse.

“Females constitute nearly 1 / 2 of Tinder’s individual base, ” Tinder stated in a declaration to ABC Information, and “there are an incredible number of ‘swiped right’ stories that reveal Tinder is producing significant and connections that are lasting the whole world. “

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

“once I first relocated right right right right here we met a few dudes but I felt like nobody took it seriously, ” she said. “Just, ‘Hey nice to generally meet you… bye…’ and I also want something a lot more than that. ”

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

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

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

At their property workplace in new york, they’ve a wall surface of popularity aimed at several of their users a knockout post that are early finished up marrying their matches. In reality, the siblings state they truly are 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 your day we knew we made the decision that is right” Dawoon Kang stated.