"I would not be taking it" — When Shark Tank entrepreneur declined Mark Cuban's $30 million offer

Dallas Mavericks v Miami Heat - Source: Getty
Shark Tank investor Mark Cuban (Image via Getty)

In a January 2015 episode of Shark Tank season 6, three sisters, Soo, Arum, and Dawoon Kang, presented Coffee Meets Bagel, a dating app seeking $500,000 for 5% equity. Their pitch valued the company at $10 million despite revenue figures of $270,000, up from $87,000 the previous year.

During discussions, Mark Cuban asked if the sisters would be down to sell the entire company for $30 million. Dawoon Kang immediately responded:

"I would not be taking it because we see this business growing as big as Match.com, and you know how much revenue they're generating? 800 million a year. They're becoming a billion dollar revenue company, and we think this model and the product has potential to be as big as match."

The sisters left Shark Tank without a deal but secured $19.8 million in funding rounds over the next three years.


Sisters walked away from Mark Cuban's $30 million deal on Shark Tank season 6

youtube-cover

Coffee Meets Bagel arrived in the Shark Tank with a distinctive approach to online dating. The app sent users one curated match daily at noon through their Facebook friend networks. Their matching system used specific algorithms to analyze user preferences and behavior patterns.

Each user received 24 hours to make decisions on potential matches. The platform offered a virtual money system where users could purchase access to premium features and view shared connections.

The sisters brought strong credentials to their presentation. Before launching Coffee Meets Bagel, each had established careers in different sectors. Soo managed luxury retail operations, Arum worked with top consulting firms, and Dawoon handled finance projects. They explained how their combined experience shaped their business strategy.

Shark Tank investor Mark Cuban (Image via Getty)
Shark Tank investor Mark Cuban (Image via Getty)

During the initial evaluation, the Sharks questioned the company's metrics. Mark Cuban specifically asked about active user numbers and retention rates. However, he stepped away from negotiations when the sisters maintained privacy around these figures. Minutes later, he returned with his $30 million proposal.

The sisters took minimal time to consider the offer before standing firm on their decision. Dawoon explained the company's vision of building a dating platform that could match industry leaders in scale and revenue. Their confidence stemmed from their growing user base and increasing revenue trends.


Other sharks' reactions

The remaining Shark Tank investors expressed varied concerns about the company's structure and financials. Robert Herjavec questioned the sustainability of their business model, given their current burn rate. The sisters revealed each partner drew $100,000 in annual salary while the company worked toward profitability. This disclosure prompted immediate reactions from the panel.

Kevin O'Leary focused on their financial priorities. Before withdrawing from negotiations, he stated:

"Taking substantial salaries during the growth phase limits your expansion potential."

Lori Greiner aligned with similar concerns about cash flow management.

Barbara Corcoran delivered the final evaluation. Before declining to invest, she explained:

"Your app shows promise in the dating market. However, the numbers don't support your current valuation."

This marked the end of their pitch on the reality television series without securing a deal.


Post-show growth

As per Shark Tank Blog, in February 2015, they secured $7.8 million in Series A funding led by DCM Ventures. The investment round validated their decision to maintain independence.

The company expanded its platform features and user base throughout 2016 and 2017. In May 2018, they raised an additional $12 million in Series B funding, with Atami Capital leading the round. This capital supported their technological development and market reach.

By 2023, Coffee Meets Bagel reported an annual revenue of $16 million, according to Shark Tank Blog. Their platform achieved 2.5 billion introductions between users. The company focused on mobile platform development, adding virtual dating features that responded to changing user preferences.

Their current market valuation stands at $150 million, showing substantial growth from their initial appearance.


Catch new episodes of Shark Tank on the ABC network.

Quick Links

Edited by Riya Peter
Sportskeeda logo
Close menu
WWE
WWE
NBA
NBA
NFL
NFL
MMA
MMA
Tennis
Tennis
NHL
NHL
Golf
Golf
MLB
MLB
Soccer
Soccer
F1
F1
WNBA
WNBA
More
More
bell-icon Manage notifications