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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 sisters, Soo, Dawoon and Arum, stunned everyone else if they said no to $30 million, walking far from Mark Cuban’s record-setting offer with their dating application on ABC’s “Shark Tank” early in the day in 2010.

“We got therefore emails that are many ‘You sisters are incredibly https://fetlife.reviews/ crazy! Exactly what are you thinking? ’” Dawoon Kang told “Nightline. ” “Seeing most of the commentary and reviews if we were not women… I have to wonder, being called ‘greedy, ’ ‘gold digger, ’ would we have been called those names? I experienced to wonder that. ”

We would probably be called ‘Bold“If we were men! Visionary! Brave’ for rejecting. Needless to say we weren’t called that, ” Arum Kang added, laughing.

However it would probably turn into a courageous, bold and visionary move because Soo, 35, Dawoon and Arum, both 32, believe their dating software, Coffee Meets Bagel, will probably be worth a great deal more, particularly given that Tinder is respected at $1.5 billion.

Coffee matches Bagel, which includes raised $7.8 million in outside money and has now a lot more than doubled its individual base since appearing on “Shark Tank” in January, markets itself as a substitute for anyone sick and tired of over-sexualized times the siblings state are on other online dating services. Alternatively it fixes up individuals up with matches that concentrate on quality over volume.

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

Coffee matches Bagel is free and also the software provides one match, or a “Bagel, ” by noon each according to its website day. Users have actually twenty four hours to choose either to “Like” or “Pass” on the Bagel, and when a couple “Like” one another, then your application will start a personal talk to allow them to set up a night out together, which just can last for a week. Bagels are determined through some type of computer algorithm that combs through users’ Twitter buddies and “friends of friends, ” assessing passions and individual experiences to match users with pages similar to theirs.

But Coffee Meets Bagels faces competition in a niche that is crowded software market, increasing against apps like Tinder, Hinge, Bumble therefore the League, that are all vying for his or her bit of the predicted $2 billion internet dating industry.

But unlike Tinder, where 58 % of their users are male in accordance with their data, Coffee Meets Bagels boast a lot of feminine users. The Kang siblings state that’s because their users are searching for love, definitely not intercourse.

“Females make up nearly 50 % of Tinder’s individual base, ” Tinder stated in a declaration to ABC Information, and “there are scores of ‘swiped right’ stories that reveal Tinder is producing significant and connections that are lasting the world. “

Jamie Miller, whom simply relocated to bay area from a tiny city in Ohio, tried Coffee satisfies Bagel because she wished to weed out of the weirdos.

“once I first relocated right right here we came across a small number of dudes but I felt like nobody took it seriously, ” she said. “Just, ‘Hey nice to fulfill you… bye…’ and I want something a lot more than that. ”

Her very first “Bagel” ended up being Zach, a 26-year-old company designer for the next start-up, as well as in conversing with one another, they both discovered he football, and her cross country out they had athletics in common.

“We have actually plenty in typical, ” Miller said. “ He has got a personality that is great. I like him to date. It’s the start. ”

Whether this Bagel will grow to be “the one” or perhaps not, the Kang sisters are certain that Coffee Meets Bagel has the required steps to revolutionize the relationship game.

At their house workplace in new york, they will have a wall surface of popularity specialized in several of their very early users whom wound up marrying their matches. In reality, the siblings state they’ve been now producing about 500 partners per week, with increased than 200 marriages and 20,000 relationships due to matches through their application.

“At the termination of the time we knew we made the decision that is right” Dawoon Kang stated.

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