According to Shark Tank experts at techiegamers.com, Coffee Meets Bagel Net Worth is $150 Million US Dollars. Coffee Meets Bagel generates $36 million in revenue annually through its Dating App. The App currently has a 13% market share in the Dating Apps industry. The company failed to get any investment on the Shark Tank, but has successfully raised over $18 Million through outside funding. This Shark Tank episode is famous for Mark Cuban offering $30 million to buy-out the entire company.
Coffee Meets Bagel Valuation
When Coffee Meets Bagel appeared on Shark Tank, the company was projected to generate $1 million in revenues that year. However, since then the revenues have exploded. As of today, the monthly revenue of Coffee Meets Bagel is $3.1 Million. The App has over six million users and over half of them are premium subscribers.
Do You Know: After the episode aired on Shark tank, a top Hollywood actor invested $500k into Coffee Meets Bagel. His equity is now worth a whopping $7.2 Million.
Coffee Meets Bagel is one of the most successful products to appear on Shark Tank, joining the list of Scrub Daddy, Bombas Socks, and Swimply. However, just like Swimply, Coffee Meets Bagel did not receive any investment from Shark Tank, but became a huge success.
Net Worth Timeline
|Coffee Meets Bagel Net Worth 2023
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|Coffee Meets Bagel Net Worth 2021
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Coffee Meets Bagel on Shark Tank
Coffee Meets Bagel profoundly changes how people meet each other and fall in love. It is not just another dating site. The problem with regular online dating apps is that people are treated as a piece of information.
How does Coffee Meets Bagel work? Every day at noon, the app curates one perfect match who is a friend of a friend. The user will have 24 hours to review the profile and can either accept or reject it. Since the app launched, it grew by double digits each month.
The core service on the app is free, but users have to pay a premium amount to unlock certain features. The app is built on a proprietary machine-learning algorithm, that analyses the user data such as their Facebook friends, likes, and dislikes.
When the three founders of Coffee Meets Bagel pitched on Shark Tank, each of them was drawing $100k as an annual salary. At that time, the company has already raised $2.8 million through external funding. The App was losing $1 million each year on employee costs and marketing.
Robert is the first Shark to drop out, mentioning that the company is in all-or-nothing play and has no viable business model to generate profits. Kevin drops out next mentioning 5% equity the company offered is too little.
Lori Greiner drops giving the reason that the founders are drawing too much salary. Mark Cuban who initially said he was out after the founders refused to give the number of active users, counters by offering $30 million for 100% of the company. The founders rejected the offer which impresses Mark. However, he still doesn’t offer any deal.