How much is Coffee Meets Bagel worth? Coffee Meets Bagel is an online dating site founded by Dawoon Arum and Soo Kang. This blog provides an estimation of the net worth of the famous dating social networking service in 2023.
By 2023, Coffee Meets Bagel Net worth will be approximately $150 million. What motivated the brothers to launch their business? What did the Shark Tank offer? Why is CMB such a success? Answers to the questions are below.
How much will Coffee Meets Bagel be worth in 2023?
Networth202.com conducted research that revealed CMB to be a popular dating and social network site based in San Francisco. According to the update for 2023, Coffee Meets Bagel’s net worth was $150 million.
The Coffee Meets the Bagel Review
- Dawoon Arum and Soo Kang founded the company on April 17, 2012.
- The love that drives Coffee Meets Bagel always motivates the company.
- The company’s net worth is currently around 150 million dollars.
- The dating app works by matching Facebook users with candidates.
- CMB has raised 12 million dollars in Series B financing from Atami Capital.
- Match.com founder Peng T. Ong raised $600,000 in September 2012 from the company.
- In January 2015, a Shark Tank episode with Coffee Meets Bagel was aired.
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
App Coffee meets Bagel
- CMB’s matching algorithm is CMB will prioritize preferences in the app. You can choose to look for a partner based on their education, hobbies, etc. Avoid being overly specific and choose wisely. Only candidates who match your criteria will be suggested by the algorithm.
- Member: According to the website of Coffee Meets Bagel, over 90% of users are seeking serious relationships.
- Features: The Boost function of Coffee Meets Bagel increases views and matches by five times. Also, the Skip the Line feature will get you noticed faster and match more people.
How did it all begin?
In 2012, three sisters from the Kang clan, Dawoon Arum Soo Kang launched Coffee Meets Bagel. This app was created to offer a dating experience that is unique for those singles who are looking for long-term relationships.
The app has several innovative features, including “Ladies Choice”. The app also includes a feature called “Give”, which allows women to select the person they wish to speak to. Users can send matches they think are good to their friends.
Bagel and Coffee Founders
They all immigrated to the United States as teenagers. The sisters received a good education in America.
Soo Kang has graduated from Harvard University.
Arum attended Stanford University and
Dawoon has a design degree from the Parsons School of Design.
On one occasion, the two discussed online dating. Researchers concluded that there could be more innovation in dating apps.
Their idea for Coffee Meets Bagel came from that. The three Kang brothers quit their high-paying jobs to increase the chances of their business idea succeeding.
The Coffee Meets Bagel Shark Tank Achievement
Three brothers wanted to present their company in the Shark Tank. They hoped that they could raise $500k as part of the Shark Tank show in exchange for a 5 percent stake in their business. The dating website was therefore valued at $ 10 million.
They and Shark Tank had a heated discussion. This pitch was featured in the show as an inspiring one. Cuban wanted to invest, even though many Sharks thought it was too risky.
He offered $30,000,000 for the CMB brand. This is the biggest cash offer made on Shark Tank. Sisters still thought CMB’s cash offer was low, and that it could compete with Match.com.
CMB’s annual revenues were $800 million during that period.
After Shark Tank
After appearing on Shark Tank, the Coffee Meets Bagel co-founders took the next step to get funding from investors. In five rounds of investment, the company raised over $23.2 million. Atami Capital, DCM Ventures, and other investors were the main ones.
In February 2019, an attacker stole details of CBM users. The list also included the names of users and their email addresses. Between the end of 2017 and the middle of 2018, a hack took place. A data leak could have affected approximately 6,174,513 accounts. The firm created a virtual speed-dating service based on video when the COVID-19 Pandemic struck in 2020.
CMB has a difficult time attracting new members. It also competed against dating apps like Tinder, Hinge, and Bumble. CMB ranks among the 15 best social media dating websites this year. The app is currently available on iOS and Android. Currently, the app has around seven million active users.
What is the value of Coffee Meets Bagels?
Coffee Meets Bagel is estimated to be worth $150 million by 2023. Over 7 million users are now using the service in 190 different countries.
Coffee Meets Bagel was also recognized for its innovative, entrepreneurial and creative approach to dating apps. Since 2015, it has won several awards including “Best Dating Application”, at the iDate Awards.
CMB also aims to provide a positive user experience. A dedicated team of customer service representatives is available to provide support. Apps that promote safety also include features such as photo verification and reporting unethical behavior.
CMB Business Model: What is its business model?
CMB makes money both from subscription fees and beans sales. For example, accessing other profile stats is 33 dollars per month.
What’s the price of Coffee Meets Bagel?
The app is available for free but with limited functionality. Subscribe to the premium or mini plans for more features and matches.
The following prices apply to both free members and those who pay:
- For free members, the price is 60 dollars, and for members who pay $24.99.
- The cost of 2000 beans for members who are not paying is $23.99 and $40 for members.
- Members who pay $1.99 can buy 100 beans.
The mini-plan includes:
- You can tailor your dating profiles by adding extra filters. For example, you could only match with women who are interested in having children.
- For more views, boost your profile three times per month.
- Rewind your game to see how it went.
- See when users were last active.
- View the read receipts of other users.
- You can use Beans to purchase additional Likes for a reduced price.
You can get all the features of the Mini Plan plus some extras for $35 per month.
- Users who have upgraded to Premium can see the profiles of users they liked in Discover, along with other recommended users and profiles.
- Eight flowers in a month is a good number.
- You can also buy Beans to use to “like” additional profiles. In the Discover tab, each additional “like”, costs 385 Beans.