- Company: Coffee Meets Bagel
- Owner: Arum, Dawoon, and Soo Kang
- Item: on the web dating internet site for ladies
- Selling price: $500,000 for 5% equity
- Final Deal: None вЂ“ Rejected offer that is largest in Shark Tank history ($30 million from Mark Cuban)
- Season/Episode: Season 6, Episode 13
Coffee Satisfies Bagel Before Shark Tank
Coffee suits Bagel is a concept that is impressive makes use of shared buddy matching to just take driving a car and doubt away from internet dating. The user-friendly application culls data from Facebook friends and shared connections to get a top-quality match that is romantic. If both users approve regarding the proposed match, the application provides them a voucher or discount to make use of on times. First launched in April 2012 in new york, Coffee Meets Bagel quickly expanded to Boston and san francisco bay area areas a months that are few.
exactly How precisely did this online dating service have the ability to bag the solitary biggest offer in Shark Tank history (Mark CubanвЂ™s jaw-dropping $30 million proposition)?
And exactly how fast, precisely, did these sibling business owners reject their deal?
Coffee Meets Bagel On Shark Tank: An Instant Recap
Arum, Dawoon, and Soo Kang are three sisters from bay area, Ca. They certainly were raised and born in Korea, but as teens they immigrated to America. To express theyвЂ™re achieved is a little of a understatement: one decided to go to Stanford company class, one went along to Harvard company class, and something went along to Parsons School of Design. They place their minds together, stop their jobs that are high-paying and went into company together. Their business provides a twist that is new internet dating, plus they think it’s the ability to alter everyday lives.
TheyвЂ™re here on вЂњShark TankвЂќ requesting a $500,000 investment in return for 5% equity inside their business.
TheyвЂ™ve taken the proven idea of day-to-day flash cellular web internet internet sites and merged it with social network elements to generate the dating that is highest-quality for singles.
The application works in a beautifully simple method, as Soo describes:
Every single day at noon, the application curates one match that is perfect a match whom additionally just is actually a buddy of a buddy. You have got twenty four hours to review their profile information and select to вЂlikeвЂ™ or вЂpassвЂ™ in the match. A вЂmutual likeвЂ™ results in a personal talk line that expires in seven days.
вЂњThe secret to online dating success is winning over ladies,вЂќ claims Dawoon. вЂњWomen are fed up with signing up for online internet dating sites just to get hit on by creepy strangers bombarding these with disgusting communications.вЂќ (a well known fact which this reporter can positively confirm.)
The application solves all that, and takes the stigma away from internet dating. Because the application was released, it offers grown by dual digits every month, and it is rapidly becoming a popular among females.
The core solution is free, but premium services is unlocked making use of digital money in the type of coffees latin brides. For instance, the absolute most popular premium service is called вЂOpen Sesame,вЂ™ plus it reveals to you personally whom the shared friends are which can be often held anonymous. This degree of intrigue boosts the secret and lures people into purchasing the Open Sesame function, which costs about 95 espresso beans (around $0.50 in real money).
The software runs on the proprietary machine-learning algorithm to sort matches based on individual information. All users must signal up through Facebook, additionally the algorithm makes use of FacebookвЂ™s information as a foundation. Hardly any other questionnaires or features are acclimatized to gather information at this point, that will help streamline the signup procedure and keep processing time and energy to the very least.
вЂњThe concept is the fact that you donвЂ™t need to make somebody proceed through a separate application procedure,вЂ™ claims Kevin.
вЂњExactly,вЂќ the siblings confirm, very nearly in unison.