The Coffee Meets Bagel Worth: How The Dating App Became a Multi-millionaire Empire?

The Coffee Meets Bagel Worth: How The Dating App Became a Multi-millionaire Empire?

Coffee Meets Bagel, a San Francisco-based dating service, has been quite in the headlines for its social networking service. Launched in 2012 by three sisters, the app has developed efficiently with an increasing number of users and massive funding. In 2015, the application earned massive popularity after featuring in the American Business Reality Series Shark Tanks. In this article, we have mentioned everything about the application Coffee Meets Bagel worth and its much-sought appearance in the business reality show.

What is Coffee Meets Bagel?

Coffee Meets Bagel is a dating service that was launched on April 17, 2012, in New York City. Founded by a trio of sisters, Arum, Dawoon, and So Kang, it was Arum who proposed the application’s idea in 2011. With a reported user base of more than 10 Million, this application incorporates 54.15 per cent of males and 45.85 per cent of females.

Ranked among the top dating applications to use, Coffee Meets Bagels offers features like fixing the number of profiles a user can interact with and providing additional ice-breaker information to initiate a conversation.

The Coffee Meets Bagel Worth: How The Dating App Became a Multi-millionaire Empire?

How Much is Coffee Meets Bagel Worth?

As of 2024, Coffee Meets Bagel’s worth is estimated to be $150 million. Although the company announced that the company is making $16 million as its annual revenue, it is expected to decline in the forthcoming years.

The Foundation Funding

The application’s foundation in 2012, it was initially funded by Lightbank and a co-founder of Match.com, which helped them raise $600,000. With a good user base, initially, the company stood out by bringing users through their Facebook data through a machine learning algorithm. With a daily incorporation of matches, it came out as a helpful dating application for users.

When Coffee Meets Bagel Featured in Shark Tanks

Although the application was launched in 2012, it gained immense media attention with its appearance in the American business reality show “Shark Tanks Season 6.” In the reality show, they asked for funding of $500,000 in exchange for a 5 per cent stake in the dating company. On the contrary, in 2015, Coffee Meets Bagel was valued at $10 million.

With a tense clash between Coffee Meets Bagel-Shark Tanks judges, it turned out to be one of the best pitches in the entire Shark Tank’s history.

Although most of the reality show judges claimed investing in the business was “risky”, one of the billionaire judges, Mark Cuban, was impressed with the application.

With the impression, Mark Cuban offered to buy the entire app for $30 million; this was the largest amount of money offered in the history of Shark Tank America. Nevertheless, the application founders declined the proposal, saying that the application, Coffee Meets Bagel” has the potential to compete against a similar application, Match.com, which had a valuation of $800 million.

Coffee Meets Bagel After Shark Tanks Season 6

After Coffee Meets Bagel’s epic appearance in Shark Tank’s Season 6, the company founders went on to reach several investors and with five investor rounds, the company raised $23.2 million in funding money. Additionally, the prime investors were Atami Capital and DCM Ventures.

Nevertheless, in 2019, the application Coffee Meet Bagel was attacked, which led to a data leak of over 6.1 million users. However, in the next year, the application recovered with an additional video speed dating feature.

The Coffee Meets Bagel Worth: How The Dating App Became a Multi-millionaire Empire?
Image: ABC

The 2023 Disruption

In a similar series of incidents, Coffee Meets Bagel, with no further notice, became unavailable. This led to a series of concerns while a tweet trending as “Coffee Meets Bagel Down.” However, with its engineer stating it was dealing with a “system outage”, the incident attracted a thread of discussions on Reddit. In the discussion, many users aroused the need for safety and the potential leakage of data from Coffee Meets Bagel.

Coffee Meets Bagel: Condition in 2024

Following the attack, Coffee Meets Bagel, is troubled and is struggling to gain more users. Additionally, with the market competition of Hinge, Tinder, Bumble, Coffee Meets Bagel is named among the top 15 dating sites available internationally.

Meanwhile, according to a survey released by YouGov, Coffee Meets Bagel is named as the second most popular dating application in Singapore.

On the company side, Coffee Meet Bagel has 85 full-time employees, and they work remotely. Despite the sister’s trio having high ambitions, it didn’t reach the heights they forecasted at The Shark Tanks. As of 2024, the Coffee Meets Bagel revenue is $16 million annually.

Also Read – Valerie Bertinelli Net Worth: Career, Personal Life, And Family

Coffee Meets Bagel Review

With more than 96 per cent of users looking for serious relationships in Coffee Meet Bagel, the applications, according to reviews, have a list of pros and cons. They are,

Pros of Coffee Meets Bagel

  • Detailed Profiles: Specifically designed for providing users with a serious and long-term match, the application details the match proficiently.
  • Signing Up is Free: With an availability of cost-free signup, you can update it to premium anytime you want
  • Manageable Scrolling: Since users are more subjected to limited matches, Coffee Meets Bagel features a manageable number of accounts for user

Cons of Coffee Meets Bagel

  • Fraudulent Alert: Similar to other dating applications like Tinder and Bumble, Coffee Meets Bagel does not verify who can be on the other side of the application.
  • Privacy: With the app’s data leak in recent years, it can be unsafe to use
  • Account Limitation: If you are a free user, Coffee Meets Bagel will provide you with fewer matches that may not provide a good experience
  • Fewer Matches: A user complained about the fewer matches from the application and said, “When using Coffee Meets Bagel, I was given fewer potential matches than on other dating apps, and none seemed compatible, even with the app’s promise to curate high-quality matches.”

Conclusion

In essence, Coffee Meets Bagel Valuation has remained constant in recent years. However, since the application is receiving competitors and has experienced a downfall in recent years, its valuation is expected to decrease. If you are eager to know more about the Coffee Meets Bagel and its historic pitch in Shark Tanks, read our detailed article.

Posted by Aditi Raj

Aditi Raj is a media and entertainment enthusiast with a journalism degree and two years of writing experience. Passionate about movies, music, and pop culture, Aditi crafts engaging content that reflects her in-depth industry knowledge. She's a dynamic storyteller who keeps audiences informed and entertained, bringing her unique perspective to the ever-evolving world of media and entertainment.

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