Coffee Meets Bagel is a San Francisco-based online dating site. The site was launched on 17 April 2012 by three sisters Arum, Dawoon, and Soo Kang. Coffee Meets Bagel has so far amassed over 20 million users and has connected more than 2 Billion people since its inception.
What is Coffee Meets Bagel Net Worth
The New York-launched and San Francisco-based online dating site has an estimated net worth of $150 million as of 2022. The three sisters may not be as rich as the Amazon CEO, Andy Jassy, but they have made a huge impact in the world of female entrepreneurship.
Coffee Meets Bagel Net Worth Annually
Just like every enterprise that prioritizes the satisfaction of its customers, Coffee and Bagel has been recording an unprecedented rate of growth since its launch in 2012.
Here is a breakdown of Coffee Meets Bagel Annual net worth:
- Net Worth in 2022 $150 Million
- Net Worth in 2021 $120 Million
- Net Worth in 2020 $85 Million
- Net Worth in 2019 $60 Million
- Net Worth in 2018 $45 Million
- Net Worth in 2017 $36 Million
How Did Coffee Meets Bagel Get Rich?
After the launch in 2012, the company raised $600,000 from Lightbank and was a co-founder of Match.com. And in 2015, they had their shot at the American television series, Shark Tank where they pitched $500,000 for a 5% equity stake in their company.
After they refused the $30 million offer of Billionaire, Mark Cuban, they sourced for investors and after a five-round investment, they raised $23.2. Their major investors were Atami Capital and DCM Ventures.
From there, the company kept pushing even after it lost over 6.1 million users in 2019. They came back stronger and added new features which attracted more users and today, they are worth $150 million.
How It All Started
| Company Name: | Coffee Meets Bagel |
| Also Known As: | CMB |
| Place of Launch: | New York |
| Date of Launch: | 17 April 2012 |
| Created By: | Arum, Dawoon, and Soo Kang |
| Number of Users: | Over 20 million |
| Popular for: | Rejecting a $30 million offer from the billionaire, Mark Cuban in 2015 |
| Social Media Accounts: |
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Three sisters, Arum, Dawoon, and Soo Kang who graduated from college thought of creating a platform to reduce the stress of finding a dating match. Initially, they were more concerned with helping those who had lost interest in relationships and giving them a chance at love again.
Arum initiated the idea in 2011 and Dawoon and Soo liked it. They would later join hands together to create their first owned business as young female entrepreneurs.
So they launched their online dating site, Coffee Meets Bagel on April 17, 2012, in New York City. Speaking on the Shark Tank show in 2015, they explained that the name was chosen considering that a lot of things go well with coffee, and since it was launched in New York, they chose Bagel as it was a popular bread in the city.
Overall, the name was aimed at showing the connection between coffee and bagel which translates to the connection that is expected of the two people who would eventually meet on the app.
Starting wasn’t easy as they struggled to raise funds but eventually, they were able to raise $600,000 through the help of Lightbank and the Co-founder of Match.com in 2012.
Success and Growth
The three sisters had their eye on presenting their business on the entrepreneurial-themed reality show, Shark Tank, and in January 2015, it came to reality.
In the show, they proposed $500,000 for a 5% equity stake in their company. It was one of the most heated bargains on the show. Many people however thought it was too risky.
Everyone else but billionaire entrepreneur Mark Cuban offered $30 million to claim ownership of the company. The sisters however rejected the offer, claiming it wasn’t worth the potential of the company.
Later in 2018, the company was able to raise over $20 million through financing from DCM Ventures and Atami Capital. The investment was the propeller the company needed and they never stopped ever since then.
Unfortunately in 2019, the company experienced a setback after details of users were leaked and they lost over 6.1 million users. The attacker(s) had stolen the names and email addresses of the users.
Today, Coffee Meets Bagel is worth $150 million and competes with some of the best-known dating apps like Tinder, Bumble, and OkCupid.
Just like Mark Zuckerberg refused offers to sell Facebook and today is one of the richest men in the world, rejecting Cuban’s offer in 2015 has turned out to be the best decision the Kang sisters ever made.
Coffee Meets Bagel is available on Google Play and the Apple store. You can now download, sign up and start searching for a match.
How To Register On Coffee Meets Bagel
Coffee Meets Bagel works with your Facebook account. So once you download the app and open it, you will be asked to “Log in with Facebook”.
Click on the icon and you will be required to log in to your Facebook account the normal way: Input your number or email address and password. Once you are in, tap the “Continue” icon and then click on “Ok”
Now your CMB account is synced with your Facebook account and you can now start looking for a match. You are required to log in for seven consecutive days to receive the “Bagel Beans” which will enable you to unlock some special features of the app.
How Does Coffee Meets Bagel Work?
In one of the interviews with the Kang sisters, they noted that the app was different from other dating apps. Unlike other dating apps, CMB has a different number of matches for the male and female gender.
While the male gender gets 21 matches per day, the female counterpart receives only about 6 male suggestions in a day. These suggestions or bagels as it’s called drop at noon and users have the option of either “liking” or “passing” them.
When you like a suggested match, they get added to your chat list and you can then send them a message whenever you want.
FAQs
Who Is Coffee Meets Bagel For?
Coffee Meets Bagel is a dating app for all 18 and above who are looking for a serious relationship.
How Many People Are In a Relationship Courtesy Of Coffee Meets Bagel?
Over 2 Billion introductions have been made and more than 50, 000 couples have emerged from the site.
Is Coffee Meets Bagel a Hook-up Site?
Coffee Meets Bagel is not the best site for you if you are interested in hook-up. The site is mostly for those who are seeking a long-term relationship.
Who Makes The First Move On CMB?
Anyone can send the first message on CMB.
Does CMB Support LGBTQ?
Coffee Meets Bagel is open to both the straight and LGBTQ community.
How Long Does It Take To Find a Match On CMB?
There is no specific time range. However, your chances of getting a perfect match increase with time as your preferences( Likes and Passes alike) are monitored and the matches are improved to suit your needs.
