Cupbop Korean Barbecue Update | Shark Tank Season 13

The quick-service market is sorely lacking more Asian options, which is exactly why Jung Song and Dok Kwon decided to start Cupbop. This Korean barbecue restaurant has over 27 physical stores and uses its food trucks as a marketing tool. Their sales will blow the sharks away, but which one will get to take a bite during the Shark Tank Season 13 pitch? Keep reading our Cupbop update to find out.

Shark Tank Cupbop Update

Cupbop Update

  • Entrepreneurs: Jung Song and Dok Kwon
  • Business: Quick-service Korean barbecue in a cup
  • Ask: $1 million for 3% equity
  • Result: $1 million for 5% equity
  • Shark: Mark Cuban

At the time this episode was filmed, Cupbop was already eight years old. Unprecedented growth led to a total of $18.7 million in system-wide sales in the previous year. Their system spans marketing food trucks and over 27 physical locations across the southwest United States. The entrepreneurs, Jung Song and Dok Kwon, came from Korea to find success—and their amazing company is definitely successful.

The sharks loved the food. Kevin O’Leary even said it was the best food product he’d ever had on Shark Tank. As a result, he was the first to make an offer: $1 million at a loan at a 10% interest rate with 3% equity as collateral. Barbara Corcoran then offered $1 million at 30% equity.

In response, Robert Herjavec offered $5 million for 28%, going above and beyond what they asked for but at a much lower valuation. Lori Greiner also wants to take the journey and offered $1 million as a loan at an 8% interest rate, and 5% equity. Barbara notes she could give a $1 million loan for 5%, and she and Lori decide to go in together on Lori’s offer.

Mark Cuban loved the product and the business. He offered $1 million for 7% equity and offers scaling expertise, as a healthy alternative, which Barbara and Lori disputed. Regardless, Jung and Dok had a lot of offers on the table. They decide to counter Mark at $1 million for 4.5%, but Mark’s lowest is 5.5%, so they counter at 5%. Mark agrees and a deal is made.

Since appearing on Shark Tank, Cupbop has continued to grow. Research for our Cupbop update revealed that they’ve added nine brick-and-mortar locations to their roster since the show was filmed. In addition to their stateside stores, they also have over 100 locations in Indonesia. With Mark’s help, we’re sure Cupbop can only grow!

Before you go, make sure to check out our other company updates from Season 13 Episode 21:

Curious about the other products featured in Season 13? Find them all on our Season 13 products page.