Coffee Meets Bagel's net worth: How much is the dating app worth?
Coffee Meets Bagel is a popular dating app that gained notoriety after being featured on Shark Tank. Interestingly, the three sisters who founded the company turned down the largest offer in Shark Tank’s history. However, despite not securing an investment from the show, the app has grown to become one of the best dating sites. How much is Coffee Meets Bagel's net worth?
Source: UGC
TABLE OF CONTENTS
The app is best known for its unique approach to online dating, offering users a curated selection of potential matches daily.
Using Facebook data and sophisticated machine algorithms, Coffee Meets Bagel presents a more personalized and practical matchmaking experience. This exceptional strategy has been a critical factor in its financial success.
Coffee Meets Bagel's overview
| Name | Coffee Meets Bagel |
| Company type | Private |
| Founders | Arum, Soo, Dawoon Kang |
| Founded | 17 April 2012 |
| Headquarters | San Francisco, California, USA |
| Industry | Online dating, Internet |
| Net worth | $150 million |
| Social media | InstagramTwitterFacebookWebsite |
Who is the owner of Coffee Meets Bagel?
Coffee Meets Bagel was founded by the Kang sisters: Dawoon, Arum and Soo Kang. Arum, a Harvard Business School alumnus, first had the idea for the app in 2011.
Source: Original
The app was launched on 17 April 2012 in New York City. The company then launched in Boston on May 10 2012, and in San Francisco on 24 October 2012. In September, the sisters announced they had raised $600,000 in seed funding from Lightbank and Match.com co-founder Peng T. Ong.
In February 2015, Coffee Meets Bagel announced their Series A financing round had amassed $7.8 million from existing investor DCM Ventures. The company also raised $12 million in Series B funding led by Atami Capital in May 2018.
As per Equityzen, some of the company’s other investors include Quest Venture Partners, GingerBread Capital, WI Harper Group, CRCM Ventures and Azure Capital Partners.
How much is Coffee Meets Bagel’s net worth in 2024?
According to CaclubIndia, Coffee Meets Bagel’s worth is estimated at $150 million. This impressive figure has increased significantly over the years, a testament to the app’s success and popularity in the competitive online dating market. Below is a summary of the company’s net worth since 2019:
| Year | Net worth |
| 2019 | $1 million |
| 2020 | $4 million |
| 2021 | $10 million |
| 2022 | $70 million |
| 2023 | $150 million |
| 2024 | $150 million |
What is Coffee Meets Bagel’s yearly revenue?
Coffee Meets Bagel’s revenue is estimated at $36 million annually. This is a clear indication of its effective monetization and growing user base.
Additionally, the app’s monthly revenue is around $3.1 million. Coffee Meets Bagel has managed to raise over $18 million through external funding, showcasing investors’ confidence in the company’s success in future prospects.
In addition, the company holds a substantial 13% market share in the dating apps industry, a significant value to show the app’s strong presence in the market.
Source: UGC
Coffee Meets Bagel’s valuation
Since its inception, Coffee Meets Bagel has expanded significantly. Here is a glimpse of the company’s reported total value.
| Total value | $150 million |
| Annual revenue | $36 million |
| Profits | $5 million |
| Lifetime revenue | $69 million |
| Market share | 13% |
| Employees | 80+ |
| Founders’ equity | 71% |
How does Coffee Meets Bagel make money?
Coffee Meets Bagel generates revenue through advertisements, in-app purchases, and user subscription fees.
Speaking of users, the app boasts over 10 million, with more than half settling for premium subscriptions. These premium users pay a specific amount of fees to enhance their experience.
Coffee Meets Bagel's Shark Tank pitch
Source: UGC
In January 2015, the Kang sisters appeared in Season 6 of Shark Tank, seeking a $500,000 investment in exchange for 5% of the company.
They did not make a deal with any shark, notably rejecting Mark Cuban’s hypothetical offer of $30 million for the entire company. Nine years down the line, the sisters probably do not regret their decision due to the app’s roaring financial success.
How does Coffee Meets Bagel work?
This dating app limits the number of profiles users can interact with daily and offers ice-breaking match details. The steps of how Coffee Meets Bagel operates are as follows:
- Profile creation: Users begin by creating a profile and providing basic information about themselves, such as age and gender. They can also add their photos, interests and personality types.
- Bagels selection: Every noon, the app sends its users their potential matches, also known as bagels. The app uses mutual friends and preferences to curate compatible bagels.
- Like or Pass: Users are given 24 hours to like (accept) or pass (reject) their bagel. Rejected bagels are redirected to their potential matches.
- Mutual interest: Once matched, users can chat within the app to get to know each other better and plan for a meet-up or date.
Is Coffee Meets Bagel still successful?
Source: UGC
The app is still an active and thriving online dating website. Its unique design is tailored to counteract endless swiping and assist users in finding a long-term match.
Coffee Meets Bagel's net worth reflects the sisters' dedication, innovation and entrepreneurial spirit. While their decision to turn down Cuban's offer was risky, it ended up being beneficial for the company.
READ ALSO: 20+ best gay dating apps: your path to meeting quality matches starts here
Briefly.co.za recently published a list of the best dating apps for those searching for romance. Finding the love of your life is something many consider a crucial milestone because love is a basic human need.
The best gay dating apps allow people to meet potential partners without too much physical strain. They give you a wide pool of people from whom you can get a romantic partner.
Source: Briefly News
