What is the net worth of Coffee Meets Bagel? Coffee Meets Bagel (CMB) is a dating website founded by siblings Dawoon, Arum, and Soo Kang. This blog gives you an estimate of the famed dating social network service’s net worth in 2023.
It is estimated that Coffee Meets Bagel net worth is $150 million in 2023. How did the siblings start their business journal? What was the Shark Tank offer? How is CMB successful today? Let’s find out these answers below:
What is the Coffee Meets Bagel Net Worth In 2023?
Networth202.com’s research revealed that CMB is a famous San Francisco–based dating and social networking site. As of the 2023 update, Coffee Meets Bagel net worth is $150 million.
Coffee Meets Bagel Overview
- On April 17, 2012, three sisters founded it: Dawoon, Arum, and Soo Kang.
- Coffee Meets Bagel’s main motivation always remains the same, which is love.
- Currently, the company has a net worth of around $150 million.
- Matching users’ Facebook profiles with potential candidates is the basis of the dating app.
- CMB raised $12 million in Series B funding from Atami Capital.
- In September 2012, Match.com co-founder Peng T. Ong invested in the startup, raising $600,000.
- A Shark Tank episode featuring Coffee Meets Bagel aired in January 2015.
|Name||Coffee Meets Bagel|
|Founders||Arum, Dawoon, Soo Kang|
|Launched||April 17, 2012|
|Headquarter||San Francisco, California, US|
|Industry||Online dating, Internet|
|Net Worth||$150 million|
Coffee Meets Bagel App at a Glance
- Matching algorithm: CMB considers preferences as “must-haves ” on the app. These include education level, interests, and more you want in a partner. Choose wisely and avoid being too specific. The algorithm will only suggest candidates that align with your guidelines.
- Member: According to the Coffee Meets Bagel website, more than 90% of users seek serious relationships.
- Special features: Coffee Meets Bagel’s Boost feature increases the number of views and matches five times. Additionally, Skip the Line gets you noticed and matched faster.
Exactly How It All Began?
Three Sisters from the Kang family, Dawoon, Arum and Soo Kang, launched Coffee Meets Bagel in 2012. The app was designed to provide a unique dating experience for singles seeking long-term relationships.
“Ladies Choice” is one of the app’s innovative features. It also has a “Give” feature, which lets women select who they want to talk to. It is possible for users to send potential matches to their mates.
Coffee Meets Bagel Founders
The sisters immigrated from Korea when all were teenagers. They received an excellent education in the United States.
Soo Kang graduated from Harvard University,
Arum studied at Stanford University, and
Dawoon got a degree from the Parsons School of Design.
One day, they discussed the difficulties of online dating. The researchers concluded that dating apps could be run more innovatively.
In fact, their idea for Coffee Meets Bagel came from this. All three Kang siblings quit their well-paying jobs to make their idea more likely to succeed.
Company Formation and Success Story
In order to start an online platform, the young business women travelled to San Francisco, California. While discussing their own dating experiences, Coffee Meets Bagel is the idea of three sisters.’Coffee Meets Bagel’ was inspired by the concept of a casual coffee meeting. Their research found that most dating apps focused on hookups rather than meaningful relationships. A serious single dating app was what they wanted to develop.
Co-founder of Match.com and Lightbank contributed $600,000. CMB was fully developed in less than a year (in 2012).
During its first year, the app received over 100,000 downloads.
It raised $7.8 million in Series A funding in 2015.
Additionally, they raised $12 million in Series B funding in 2018. With over 7 million users in 190 countries, the company continues to evolve and grow.
Based on Facebook data, it curated users using a machine learning algorithm. A potential match is presented to users every day at noon.
In just a short period of time, Coffee Meets Bagel revenue and user base grew very quickly. Despite this, the company lost a million dollars annually due to cash flow problems. In order to raise money, its founders planned to seek angel investors.
Coffee Meets bagel Shark Tank Achievement
Three siblings wanted to pitch their business in the Shark Tank show. As part of the show, they hoped to raise $500k for a 5% stake in their company. As a result, the dating site was valued at $10 million.
A tense discussion ensued between them and Shark Tank. It became an Inspiring pitch in the series. Cuban was keen on investing, even though many Sharks considered it too risky.
Finally, he offered $30 million for the entire CMB brand. On Shark Tank, this is the largest cash offer ever. In spite of this, sisters believed CMB’s offer was too low and could compete against Match.com.
During that time, CMB had an annual revenue of $800 million.
In the aftermath of Shark Tank
Getting funding from other investors was the next step after the Coffee Meets Bagel founders appeared on Shark Tank. The company has raised more than $23.2 million in five investment rounds. Atami Capital and DCM Ventures were their main investors.
An attacker stole a partial list of user details from the CBM in February 2019. Moreover, the list included their names and email addresses. A hack occurred between the end of 2017 and till the mid of 2018. As a result of the data leak, approximately 6,174,513 user accounts were potentially affected. When the COVID-19 Pandemic hit in 2020, the firm established a video-based virtual speed dating service.
CMB generally faces difficulties in attracting new users. Furthermore, it competed with dating apps such as Tinder, Hinge, and Bumble. In the current year, CMB is ranking in the top 15 most famous social media dating sites. Currently, the app is freely available for iOS and Android. In addition, it has approximately seven million users right now.
Dating App Success – What’s the Coffee Meets Bagel Valuation?
Approximately $150 million is the estimated Coffee Meets Bagel valuation as of 2023. The company has grown and expanded, with over 7 million users in over 190 countries.
Coffee Meets Bagel is also recognized for its innovative and entrepreneurial approach to the dating app industry. As of 2015, it has won several awards, including “Best Dating App” on the iDate Awards.
In addition to its innovative features, CMB aims to create an enjoyable user experience as well. Users can find support from a dedicated customer service team. Reporting unethical behavior and photo verification are also features of the app that emphasizes safety.
Coffee Meets Bagel achievements
Since the CMB began, it has made more than 50 million matches. Over 7 million people use the app, according to a CMB. Therefore, it is an indication of its success. They won the Shorty Award for creating a marketing video in 2019 for the first time.
Throughout the years, it has accumulated many premium features. As an example,
- Boosting your profile,
- More likes and comments
- Only premium members have access to feeds.
Occasionally, Coffee Meets Bagel makes it to the app stores’ top 10 with seven million active users. The app had to compete with other dating apps, such as Tinder, Bumble, and even celebrity dating app Raya.
According to Sensor Tower Store Intelligence, Coffee Meets Bagel earned $10 million in 2022. So, it is done through their paid subscriptions and in-app purchases.
In the first quarter of that year, about $1.5 million of the $10 million was earned.
There are now 80 full-time employees at Coffee Meets Bagel who work remotely.
Despite not making as much revenue as the sisters had hoped, CMB still makes around $16 million per year. Currently, the company’s value is $150 million, but it is expected to decrease by time.
Aspects To Look For – Key Features That Attract Users
- There’s a claim that Coffee Meets Bagel is famous for building long-term relationships.
- Coffee Meets Bagel’s “must-haves” algorithm allows users to select guidelines that align with their standards and values.
- A variety of icebreaker prompts and detailed profile creation tools allow users to skip the small talk in the app.
CMB’s Business Model: How Does It Earn Money?
CMB earns money from paid subscriptions as well as beans sales: access to other profiles’ stats costs 33 dollars per month.
What is the cost of Coffee Meets Bagel?
The app is free to all with limited features. However, subscriptions to the mini or premium plans unlock more matches and features.
Bean prices for free and paying members are as follows:
- The price of 3000 beans is $60 for free members and $24.99 for paying members
- The cost of 2000 beans is $40 for free members and $23.99 for paying members
- Free members cannot purchase 100 beans; paying members can purchase them for $1.99
Among the features included in the mini plan are:
- Select extra dating filters, like only matching with people who want children, to tailor the profiles presented to you.
- Boost your profile 3 times a month for more views.
- Use the Rewind feature to review your match.
- Find out when other users last logged in.
- Check other users’ read receipts.
- You can use Beans to purchase additional likes at a discount.
For $35 a month, you’ll get everything from the mini plan, plus these additional features:
- Premium users can view those who liked them in the Discover feed along with recommended profiles and users.
- When you have eight flowers a month
- It is also possible to buy Beans, which you can use to “like” more profiles. Each additional “like” costs 385 Beans in the Discover tab.
More information regarding CMB cost can be found on Coffee Meets Bagel reddit thread.
Frequently Asked Questions
How much does Coffee Meets Bagel cost?
There is no charge for Coffee Meets Bagel, according to its website. Each day, the app delivers a “Bagel,” or match.
Coffee Meets Bagel requires girls to message first?
Men receive 21 bagels every day at noon. During the match, women can choose to pass or complete the match. Coffee Meets Bagel app provides a “Ladies Choice” mentality by not starting messaging until the woman decides it’s a good match.
How successful was Coffee Meets Bagel?
Company has gained mild success since appearing on Shark Tank. This reality show has existed for more than a decade and is one-of-a-kind. This show is about entrepreneurs pitching their ideas to world-class billionaires. After the Shark Tank episode, CMB gained huge revenue.
What is the target audience for Coffee Meets Bagel?
Compared to Hinge, most Coffee Meets Bagel users are between 30 and 49, with only 36% under 29. Around 7% of CMB’s users are over 50, compared to just 6% of Hinge’s.
How successful is Coffee Meets Bagel today?
There are more than 50 million matches, and the number is growing daily. Coffee Meets Bagel is best known for its limited profiles and ice-breaker information. In addition, it was among the first women-friendly dating apps. As a result, it has grown.
How Did CMB Get Funded?
Despite its decent customer base, the CMB was moderately successful in the following years. CMB received over 20 million dollars in investments from Atami Capital and DCM Ventures. Shark Tank may have led to those investments.
How was Coffee Meets Bagel able to adapt to the pandemic?
In order to adapt to the new social climate created by COVID-19, Coffee Meets Bagels changed some fundamental features. A video feature added to their app, using video calls to connect users. During the worldwide lockdown, CMB came closer to people.
What are the pros of the CMB app?
The in-depth profile creator allows users to put their best foot forward and learn more about the other person.
Upgrade and Sign-up are free
It eliminates match tiredness by eliminating endless scrolling. Matches are manageable, just like the amount is manageable.
What are the cons of the CMB app?
Fraud risk: Many users report fraudulent accounts. A user’s identity cannot be verified.
There are limitations to the free account
Coffee Meets Bagel gave less desired matches.
What is the annual Coffee Meets Bagel revenue?
The latest annual Coffee Meets Bagel revenue was $25m reported in 2018.
In conclusion, Coffee Meets Bagel has more than 7 million users spread across 190 countries. Rather than focusing on hookups, the app emphasizes meaningful relationships, contributing to its success. Innovative and expanding, the company keeps growing. Coffee Meets Bagel will remain a leader in the dating app industry due to its focus on user experience and safety.
The goal of Coffee Meets Bagel was to help users find a long-term match and to counteract endless swipes on dating apps. Match compatibility is poor despite the app eliminating endless swiping. By 2023, Coffee Meets Bagel’s net worth is $150 million.