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Dating App Startup That Turned Down $30M ‘Shark Tank’ Offer

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Dating App Startup That Turned Down $30M ‘Shark Tank’ Offer

The Kang siblings developed the successful relationship software, Coffee Meets Bagel.

The Kang siblings, Soo, Dawoon and Arum, stunned everybody else if they said no to $30 million, walking far from Mark Cuban’s record-setting offer due to their app that is dating on “Shark Tank” earlier in the day this present year.

“We got therefore emails that are many ‘You sisters are incredibly crazy! Exactly what are you thinking? ’” Dawoon Kang told “Nightline. ” “Seeing most of the feedback and reviews … i must wonder, being called ‘greedy, ’ ‘gold digger, ’ would we now have been called those names whenever we are not ladies? I experienced to wonder that. ”

“If we had been guys, we might oftimes be called ‘Bold! Visionary! Brave’ for rejecting. Needless to say we weren’t called that, ” Arum Kang added, laughing.

However it might easily become a courageous, bold and move that is visionary Soo, 35, Dawoon and Arum, both 32, believe their dating software, Coffee Meets Bagel, may be worth a great deal more, specially given that Tinder is respected at $1.5 billion.

Coffee suits Bagel, which includes raised $7.8 million in outside financing and has now significantly more than doubled its individual base since appearing on « Shark Tank » in January, areas itself as a substitute for all those sick and tired with over-sexualized times the siblings say are on other services that are dating. Instead it fixes up individuals up with matches that give attention to quality over amount.

“We like to phone ourselves the anti-Tinder, ” Arum stated. “Any girl who’s got utilized tinder has one or numerous tales associated with types of behavior guys display on Tinder … it is maybe maybe not the maximum experience and … it seems creepy. ”

Coffee satisfies Bagel is free together with software provides one match, or even a “Bagel, ” by noon each time, in accordance with its internet site. Users have actually a day to choose either to “Like” or “Pass” on the Bagel, of course a couple “Like” one another, then your software will start a personal talk in order for them to set up a night out together, which just can last for 7 days. Bagels are determined through some type of computer algorithm that combs through users’ Twitter buddies and “friends of friends, ” assessing passions and individual experiences to match users with visit tids site here pages similar to theirs.

But Coffee Meets Bagels faces competition in a crowded niche dating software market, rising against apps like Tinder, Hinge, Bumble in addition to League, that are all vying with regards to their bit of the calculated $2 billion online dating sites industry.

But unlike Tinder, where 58 % of their users are male in accordance with their data, Coffee Meets Bagels boast a lot of feminine users. The Kang siblings state that’s because their users are seeking love, definitely not intercourse.

« Females constitute nearly 50 % of Tinder’s individual base,  » Tinder stated in a declaration to ABC Information, and « there are an incredible number of ‘swiped right’ stories that reveal Tinder is producing significant and lasting connections around the whole world. « 

Jamie Miller, whom simply relocated to bay area from a tiny city in Ohio, tried Coffee satisfies Bagel because she wished to weed the weirdos out.

“once I first relocated right here we came across a number of dudes but I felt like nobody took it seriously, ” she said. “Just, ‘Hey nice to fulfill you… bye…’ and I also want something significantly more than that. ”

Her very first “Bagel” had been Zach, a 26-year-old company designer for the next start-up, as well as in speaking with one another, they both discovered he football, and her cross country out they had athletics in common.

“We have actually a great deal in typical, ” Miller said. “ He has a personality that is great. I like him to date. It’s the start. ”

Whether this Bagel will grow to be “the one” or perhaps not, the Kang siblings are confident that Coffee Meets Bagel has the required steps to revolutionize the relationship game.

At their property office in new york, they will have a wall surface of popularity specialized in several of their very early users whom finished up marrying their matches. In reality, the siblings state they truly are now creating about 500 partners per week, with over 200 marriages and 20,000 relationships as a consequence of matches through their app.

“At the finish of your day we knew we made the decision that is right” Dawoon Kang stated.

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