Dating sites sound great in concept, but the reality is that they have several flaws. One major issue is transparency, which can make dating online a challenge! That’s why sisters Soo Kang, Arum Kang, Dawoon Kang, have created a dating platform that gives the user more control and makes the experience of searching for a match online much easier. Will the sharks offer the sisters a deal on
Shark Tank Coffee Meets Bagel Update
- Entrepreneurs: Soo Kang, Arum Kang, Dawoon Kang
- Business: Dating site
- Ask: $500,000 for 5% equity
- Result: No deal
- Sharks: None
Too, Arum and Dawoon presented their dating site, Coffee Meets Bagel, to the sharks and expressed their desire to be the next Match.com. As proof of concept, one of the sisters shared she had met her current boyfriend on the site, while another was using it to date. The site got its name out of a desire to keep the dating platform under cover for people who felt the stigma of online dating.
When asked about cost, they told the sharks that most of their platform’s dating features are free of charge, although there are options to upgrade to the premium features with additional benefits for the user. The features include a machine learning algorithm that curates matches on the platform. Both users have the opportunity to acquire virtual currency in order to unlock special secret features that will reveal the identities of mutual friends before finalizing a match.
The sharks were certainly interested in Coffee Meets Bagel, but the steep company valuation made it challenging to have the confidence to make an investment. Mark Cuban was irate that the three sisters would not reveal the active amount of users that they currently had on their platform and dropped out immediately. The sisters responded with the fact that they had tripled their sales numbers from $87,000 to $270,000 in the most recent year.
The final straw for most of the sharks was the fact that each of the three sisters was drawing out $100,000 as a salary every single year while the company was still growing. Due to the high valuation that Coffee Meets Bagel was asking for on
After failing to secure a deal on
It turns out that the sisters have kept their business going! Research for our Coffee Meets Bagel update revealed that the site is still online and operating for smartphone devices through their mobile platform. They have introduced new virtual dating features that are relatively popular with its millions of users, but it seems like the dating company isn’t as profitable as the sisters had hoped. You can find out more about the platform on the Coffee Meets Bagel website.
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