Home / fetlife dating / 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 everybody else if they said no to $30 million, walking far from Mark Cuban’s record-setting offer due to their app that is dating on “Shark Tank” early in the day this present year.

“We got therefore numerous e-mails, ‘You sisters are incredibly crazy! Exactly what are you thinking? ’” Dawoon Kang told “Nightline. ” “Seeing all of the remarks and reviews … i need to wonder, being called ‘greedy, ’ ‘gold digger, ’ would we now have been called those names if we are not ladies? I experienced 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, 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 suits Bagel, which includes raised $7.8 million in outside capital and has now a lot more than doubled its individual base since appearing on “Shark Tank” in January, areas itself as a substitute for everyone sick and tired with over-sexualized dates the siblings state are on other services that are dating. Rather it fixes up individuals up with matches that concentrate on quality over volume.

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

Coffee matches Bagel is free therefore the software provides one match, or a “Bagel, ” by noon each time, relating to its web site. Users have actually twenty four hours to choose either to “Like” or “Pass” on the Bagel, and in case a couple “Like” one another, then your application will start a personal talk in order for them to set a date up, which just can last for 7 days. 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, rising against apps like Tinder, Hinge, Bumble as well as the League, that are all vying with their little bit of the approximated $2 billion internet dating 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, not always sex.

“Females constitute nearly 50 % of Tinder’s individual base, ” Tinder said 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 planet. “

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

“once I first relocated right right right here we met a small number of 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 very very first “Bagel” ended up being Zach, a 26-year-old company designer for the next start-up, plus in conversing with one another, fetlife they both discovered out they’d athletics in accordance, he soccer, and her x-country.

“We have a whole lot in typical, ” Miller said. “ He has a personality that is great. I like 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 must be done to revolutionize the relationship game.

At their house workplace in new york, they will have a wall surface of fame specialized in a few of their very early users whom finished up marrying their matches. In reality, the siblings state they’re now creating about 500 partners per week, with increased than 200 marriages and 20,000 relationships because of matches through their software.

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

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