FINANCIAL POST – Sep 20 – Three sisters Arum, Dawoon and Soo Kang – graduates of Harvard, Stanford and Parsons School of Design respectively – launched Coffee Meets Bagel, a dating app that has made ~25M connections that have led to ~20K relationships and 200 plus engagements/marriages in the three years since its launch in USA. They app launched in Canada this summer. The app impressed billionaire investor Mark Cuban; he offered them $30M for the business, which has yet to make a profit, when the sisters appeared on Shark Tank this past January. They turned him down. After that, they raised $7.8M in a series A round led by DCM Capital. With no profits to point to, Kang said investors liked the team, the vision and the engagement metrics. The company targets young, busy working professionals between the ages of 21 and 35, which is exactly why the Kangs decided to expand into Canada. The business is based on a freemium model. Users can pay for getting more than one match (bagel) a day or unlocking the identity of a mutual friend.
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