In his stint as a judge on Shark Tank , billionaire Mark Cuban has made several deals that have gone to bring in great revenues for him. From Nuts ⁘N Things to Ten Thirty Productions, the venture capitalist surely knows how to strike a great business. But more than this, he is always looking out for a good presentation as well as how much confidence the entrepreneurs have in their businesses.
He did the same when a company named Coffee Meets Bagel, founded by three sisters, came on the show. While all the judges were impressed by what they had to offer, their business model just didn't make any sense as the company was actually losing money.
The dating industry is a tough one to break into, with several apps already reigning supreme with millions of users. But this tough competition did not deter the idea and business model of three sisters Soo, Dawood and Arum Kang who founded Coffee Meets Bagel in 2012. This is a dating app and uses computer algorithm as well as social media to help Coffee (women) meet their Bagel (men).
It wasn't until three years later, in 2015, that the Kang sisters decided to present their company on Shark Tank , seeking a $500, 000 investment in exchange for 5% equity. They appeared in the show's sixth season, where they presented their company's revenue and profit margins to the ⁘Sharks.⁘
They walked off the show without any deal but managed to raise fundings and investments from other big names in the industry, including actor Chris Tucker. Over the last couple of years, the app has raised more than $23 million in revenue and is currently worth more than $150 million . Further, it brings in $16 million every year and has grown into a popular app for people looking out for serious relationships.
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