Coffee Meets Bagel on Shark Tank
Online Dating App - Episode 611 - 1-9-2015
|Coffee Meets Bagel Dating App|
coming to the Shark Tank January 9, 2015
The entrepreneurs behind Coffee Meets Bagel is three sister by the names of Soo, Dawoon and Arum Kang who will all be appearing in Episode 611 on the Shark Tank Show this Friday night, January 9, 2014.
When you sign up for Coffee Meets Bagel App, you get a list of potential dates the site refers to as Bagels. If you're interested in this person you "Like" their profile, or pass without publicly rejecting this person. Now if you Like this particular person and they also Like your profile, you've completed the first connection, and a coffee date will be set up for noon at an agreeable place. You can set-up only one date per day always at 12 p.m., so you'll need to make this brief encounter count.
The business first began in April of 2012 making over a million connections within the first year according to Arum in this video below. Arum also goes over the entire concept how Coffee Meets Bagels has grown into a business and the importance of picking up coffee beans (a form of currency for members) along the way.
Unlike lots of entrepreneurs appearing on the Shark Tank, Coffee Meets Bagels already has a few high profile investors already on board after completing two successful rounds of investment capital. The fist round was completed by LightBank Venture Capital and the Co-Founder of Match.com Peng T. Ong, from GSR Ventures for $600k in September 2012.
Coffee Meets Bagels Review before Shark Tank Update
A second round of Venture Capital recently completed in May 2014 for an additional $2.8 million to further grow the Coffee Meets Bagel Dating Site. Exactly who participated in the second round of funding seems to be a mystery as far as I can tell at this time. Considering this is when Shark Tank Season 6 auditions were being held, it does make you wonder if the Sharks has already invested in this very interesting Dating App. On the other hand, this leaves very little time for Due Diligence before a Shark would commit this large of an investment. Whoever it was, they wasted little time making a considerable investment and getting the site ready for when the "Shark Tank Effect" will make Coffee Meets Bagels a household name.
This episode should make for a very interesting round of negotiations knowing this piece of information before Shark Tank airs next Friday night, 1/9/2015 on ABC.
Coffee Meets Bagel Website