Seamless or the perpetual swipe-ability to find a date on Tinder. Dawoon Kang is COO of Coffee meets bagel discover Meets Bagel.
Kang and her two sisters, Arum, 33, and Soo, 35, on Valentine’s Day in 2012. Shark Tank to pitch their idea in January 2015. 8 million in series A funding. 5 billion introductions and created more than 50,000 happy couples. Dawoon Kang, Arum Kang and Soo Kang appeared on Shark Tank only to turn down the judges offer.
Men love selection and women are selective. Discover section of the app to pursue men who haven’t already liked them. Kang and her sister always wanted to found a company together. They were inspired by their parents who are both entrepreneurs. Her father started a scrap metal company in Korea with his brother that has been running for almost 30 years.
We said when we grow up we should start something, too. Of course, the sisters had no idea they would create a dating app. This focus on meaningful relationships is also what has helped the company monetize the app, says Kang. When you are in your late 20s or 30s you are more likely to be meeting someone for a meaningful relationship, so you are getting more out of the app and enjoying it more. This fall, Coffee Meets Bagel hopes to expand more, globally.
Millennials are used to having a lot of options, whether that means 4 a. This way women don’t waste their time swiping and can control the conversation since users only have seven days to respond and set up a date. Engaging on the app — whether it is to connect with a bagel or pass — is rewarded with “coffee beans,” which are currency to buy more bagels. Users can also give and steal matches for others. CMB has now made more than 2.
Kang herself met her current boyfriend on CMB — the second long-term relationship she has found via the app. A fact that Kang is proud of. It’s so named because women get to make the first move: Male users will receive up to 21 matches at noon each day, then female users will get potential matches based on the men who have already “liked” them. Plus, women can still use the Discover section of the app to pursue men who haven’t already liked them. But the sisters liked the idea of helping people make what Kang sees as one of the most important decisions of their lives — their choice of life partner.
Users purchase coffee beans to get additional bagels, and they can also purchase stats on their in-app dating successes and reports detailing which of their pictures other users find most attractive. The majority of the app’s users are between 25 and 34 years old, however, most of the company’s revenue comes from users over 30. Kang isn’t surprised that the app is doing better among this crowd. Global expansion will mean more funding, and Kang is excited to start raising series B money to take the next step with her sisters. Says Kang, “I think that iterations and experimentation are the blood and the engine of startups. Adult Swim Dives Into the Festival Space, With a 2-Day October Event in L.