Are you tired of the flaws that come with traditional dating sites? Lack of transparency and control can make the online dating experience a challenge. But fear not, because sisters Soo Kang, Arum Kang, and Dawoon Kang have created a revolutionary dating platform that puts the user in the driver’s seat. In this Coffee Meets Bagel update, we’ll discover if the sisters managed to secure a deal on Shark Tank Season 6.
A Dating Platform with a Difference
The sisters introduced their dating site, Coffee Meets Bagel, to the sharks with a vision of becoming the next Match.com. They shared personal success stories, including one sister finding her current boyfriend on the site and another actively using it to date. The site’s intriguing name stems from a desire to provide a discreet platform for individuals who felt the stigma of online dating.
Transparency and Free Features
When questioned about the cost, the sisters revealed that most of Coffee Meets Bagel’s dating features are free of charge. However, users have the option to upgrade to premium features that offer additional benefits. One standout feature is a machine learning algorithm that curates matches on the platform. Moreover, users can earn virtual currency to unlock secret features that reveal the identities of mutual friends before finalizing a match.
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The Shark Tank Decision
The sharks were undeniably intrigued by Coffee Meets Bagel but faced challenges when it came to the company’s valuation. Mark Cuban grew irate when the sisters refused to disclose the number of active users on their platform and promptly dropped out. The sisters countered with the fact that they had tripled their sales numbers from $87,000 to $270,000 in the past year.
Ultimately, the sharks’ concern revolved around the fact that each sister drew a $100,000 salary annually while the company was still growing. Therefore, Robert Herjavec, Kevin O’Leary, and Lori Greiner also decided not to invest. Barbara Corcoran appreciated the concept but was hesitant due to the numbers, making her the last shark to opt out.
Coffee Meets Bagel’s Persistence
Despite failing to secure a deal on Shark Tank, Coffee Meets Bagel continues to thrive. Our research for this Coffee Meets Bagel update reveals that the site is still online and accessible via its mobile platform for smartphones. The company has even introduced new virtual dating features that have gained popularity among its millions of users. However, it seems that the dating platform is not as profitable as the sisters had initially hoped. To learn more about Coffee Meets Bagel and its offerings, visit the Marmalade Cafe website.
Interested in discovering more about the other companies featured on Season 6 Episode 13? Check out our other company updates from this episode:
- Skinny Shirt Update
- Doorman Update
- Bantam Bagels Update
For additional information on companies and products, make sure to stop by our Season 6 Products Page!