The Basic Principles
- Company: Coffee Meets Bagel
- Owner: Arum, Dawoon, and Soo Kang
- Item: on the web site that is dating ladies
- Price tag: $500,000 for 5% equity
- Final Deal: None вЂ“ Rejected largest offer in Shark Tank history ($30 million from Mark Cuban)
- Season/Episode: Season 6, Episode 13
Coffee Matches Bagel Before Shark Tank
Coffee suits Bagel is definitely an impressive concept that makes use of shared friend matching to simply take worries and uncertainty away from internet dating. The user-friendly application culls data from Facebook friends and shared connections discover a top-notch match that is romantic. If both users accept for the proposed match, the application provides them a voucher or discount to utilize on times. First launched in April 2012 in new york, Coffee Meets Bagel quickly expanded to Boston and bay area areas a months that are few.
Just just How precisely did this online dating service have the ability to bag the solitary biggest offer in Shark Tank history (Mark CubanвЂ™s jaw-dropping $30 million proposition)?
And just how fast, precisely, did these sis business owners reject his deal?
Coffee Meets Bagel On Shark Tank: An Instant Recap
Arum, Dawoon, and Soo Kang are three siblings from san francisco bay area, Ca. These were created and raised in Korea, but as teens they immigrated to America. To state theyвЂ™re achieved is a little of a understatement: one decided to go to Stanford company class, one visited Harvard company School, and something visited Parsons class of Design. They place their minds together, stop their jobs that are high-paying and went into company together. Their business delivers a brand new twist on internet dating, and additionally they think this has the energy to alter everyday lives.
TheyвЂ™re here on вЂњShark TankвЂќ requesting a $500,000 investment in return for 5% equity inside their business.
TheyвЂ™ve taken the proven idea of day-to-day flash cellular web sites and merged it with social media elements generate the dating that is highest-quality for singles.
The software works in a beautifully easy method, as Soo describes:
Every single day at noon, the software curates one match that is perfect a match whom also just is a buddy of a pal. You’ve got a day to examine their profile information and select to вЂlikeвЂ™ or вЂpassвЂ™ regarding the match. A вЂmutual likeвЂ™ outcomes in a personal talk line that expires in seven days.
вЂњThe key to online success that is dating winning over females,вЂќ claims Dawoon. вЂњWomen are sick and tired of becoming a member of online sites that are dating to obtain hit on by creepy strangers bombarding these with disgusting communications.вЂќ (an undeniable fact which this reporter can confirm. definitely)
The software solves all of that, and takes the stigma away from online dating sites. Considering that the application premiered, this has grown by dual digits every month, and it is quickly becoming a well liked among females.
The core solution is free, but premium services could be unlocked making use of currency that is virtual the type of espresso beans. As an example, the essential popular premium solution is known as вЂOpen Sesame,вЂ™ also it reveals for your requirements whom the mutual buddies are which can be often held anonymous. This standard of intrigue escalates the secret and lures people into purchasing the Open Sesame function, which costs about 95 espresso beans (around $0.50 in real money).
The software runs on the proprietary machine-learning algorithm to sort matches based on individual information. All users must sign up through Facebook, while the algorithm makes use of FacebookвЂ™s information being a foundation. Hardly any other questionnaires or features are accustomed to gather information as of this true point, that will help streamline the signup procedure and keep processing time and energy to the very least.
вЂњThe concept is the fact that you donвЂ™t need certainly to make someone proceed through a split application procedure,вЂ™ claims Kevin.
вЂњExactly,вЂќ the siblings confirm, nearly in unison.