Coffee Meets Bagel is a popular dating website owned by siblings Arum, Dawoon, and Soo Kang. This dating app became infamous for rejecting the $30 million offer from the billionaire Mark Cuban. But luckily, Coffee Meets Bagel is estimated to be worth $150 million as of 2023. This dating app is backed by an impressive $16 million annual revenue. Are you curious to know about Coffee Meets Bagel’s net worth? Keep reading!
About the Founders
Soo Kang, Arum, and Dawoon are sisters who immigrated from Korea as teenagers. They obtained a world-class education from the leading school and universities in U.S. One fine day, three sisters discussed the hassles of meeting people via online dating apps. In the end, there got some innovative ways to run a dating app to help people find their better matches easily. Finally, they concluded with Coffee Meets Bagel. After quitting their well-paying jobs, they all decided to work on their idea to get success.
Reasons for huge success
Although many online dating apps are available, Coffee Meets Bagel gets more popularity among teenagers. Here are the reasons behind Coffee Meets Bagel’s success.
- A unique approach to online dating apps contributes much to their success. Unlike other dating apps, the Kang sisters utilize a curated selection of potential matches daily. It reduces the overwhelming number of matches that users experience on other apps. It also helps find a meaningful connection.
- Next, the app focuses more on quality than quantity. The algorithm considers the user’s activity and preferences to suggest a match to make a wise connection.
- The freemium business model is the most crucial reason for the app’s success. Users can use the basic features of the app without money. It allows considerable users to use the app and knows its benefits. Later, they switch over to the premium features and perks.
Coffee Meets Bagel Net Worth in 2023
According to research, this popular San Francisco-based dating app has an estimated net worth of $150 million in 2023. The app was launched in 2012 and has witnessed massive growth over the years. Although there is enormous competition in the online dating service, the company is still surviving. Even after too many struggles, such as data leaks, the net worth of the brand is high. The company was still able to raise the fund of $7.8 million. Therefore, not accepting a million investment was not a wrong decision for the Kang sisters.
This online dating platform intends to help people find their partner easily. Since its inception, the app has had more than 8 million users. This showcases the magnitude of growth of the company. The Kang sisters worked dedicatedly and raised funds from different sources to achieve their vision. Today, their dating site is ranked among the top dating platforms. Despite data leakage and other issues, the sisters have planned to launch the site in Seattle and other cities by removing all the obstacles.
Major Investments
Coffee Meets Bagel has secured significant investments from the venture capital firms such as Atami Capital and DCM Ventures. These investments are million dollars worth that help the brand to continue to grow and expand its reach in the online dating world. Despite heavy competition, the lucrative investments will save the sisters and help them achieve their goals easily. According to the report, this investment would be more than 20 million dollars.
The involvement of these venture capital firms is a significant endorsement of the brand and its business model. Atami Capital specializes in investing in early-stage startups, while DCM Ventures is well-known for investing in tech companies. When these companies select Coffee Meets Bagel to invest in, there is a strong indication that the company is more potential to attain huge success and growth in upcoming years.
Bottom line
Coffee Meets Bagel has become a popular dating app in recent times. The company’s unique approach toward online dating and the freemium business model has contributed much to its success. As of 2023, the company’s net worth is estimated at $150 million. The company is on the path to continued growth and success in the competitive online dating world. So, you can witness a huge hype in its net worth in years to come.
FAQs
1. What is Coffee Meets Bagel?
Coffee Meets Bagel is the San-Francisco based dating service founded by three sisters – Dawoon, Arum, and Soo Kang. This was launched on April 2012 in New York.
2. How many employees does Coffee Meets Bagel have?
Coffee Meets Bagel has 80 full-time employees who work remotely, as per LinkedIn.
3. What is the purpose of launching Coffee Meets Bagel?
Coffee Meets Bagel brand is designed to assist individuals in making wise connections and leading their life happily.
4. Can I use Coffee Meets Bagel for free?
Yes! You can use Coffee Meets Bagel anytime free of cost but ensure you meet the site’s terms and conditions properly.