Dating application Coffee Meets Bagel closes $7 M Series B as Twitter eyes the sector

Dating application Coffee Meets Bagel closes $7 M Series B as Twitter eyes the sector

Whenever Mark Zuckerberg announced the launch of an innovative new feature that is dating Twitter at final week’s Facebook F8 seminar, it took the international relationship software industry by surprise. The stock regarding the Match Group – owner of some of the biggest dating apps on the planet, including Tinder, OkCupid, and – tanked 22 per cent in a hours that are few the statement. Whilst the industry’s players set themselves for the interruption Facebook will definitely bring into the sector, San dating that is francisco-based Coffee Meets Bagel has revealed so it simply shut a brand new round of money.

Coffee Meets Bagel – or CMB, as it is popularly called – has effectively raised about $7 million in VC capital in a set B round, based on an SEC filing because of the company. The software, so named because matches are known as “bagels” regarding the platform, was released in April 2012 by three sisters – Arum, Dawoon, and Soo Kang – and it is understood for its consider women’s choices. From the application, users distinguishing as ladies have the ability to choose that is able to “match” and communicate with them, a instead various idea from the more “open” surroundings of popular platforms like Tinder.

This will be CMB’s 4th money round, and brings the company’s total funding to $17.9 million, relating to information about Crunchbase. The working platform previously raised $600,000 in a Seed Round in September 2012, $2.8 million in a Venture Round in might 2014, and $7.8 million in a Series A round in February 2015. The company’s current investors consist of Lightbank, Azure Capital Partners, Quest Venture Partners, DCM Ventures, WI Harper Group, CRCM Ventures, Artsy CFO Sandy Cass, and Peng T. Ong, Founder & Partner at Monk’s Hill Ventures, with Atami Capital joining the list through the round that is latest.

The Kang siblings famously refused a $30 million takeover offer from billionaire investor Mark Cuban on SharkTank in 2015, the largest-ever into the show’s history.

Just what exactly do the Kang siblings feel about Facebook’s entry that is upcoming their ecosystem? Dawoon Kang, currently the COO of Coffee Meets Bagel, told The Observer in an meeting the other day, “The proven fact that a business as huge as Facebook is leaping into dating talks into the growing need therefore the market possibility of this area. We have been pleased to see Twitter acknowledging the necessity to produce significant relationships beyond hookups, since the on line dating culture certainly has to move far from volume vs. quality interactions.”

Moving the main focus of perception of online dating sites far from “hookups” to relationships that are“long-term is something the CMB group has pledged as its eyesight right away. Utilizing the fresh capital now open to them, it is interesting to observe how Coffee Meets Bagel evolves it self in a ecosystem utilizing the world’s biggest social network platform as being a competitor.

So ended up being it well well well worth switching along the $30 million offer from Cuban?

“Oh my god yes,” Kang said. “We are worth means, method, far more than that at this point.”

“We’re taking a look at a horizon that is 100-year, I’m maybe not here to construct a five, ten-year company,” she said.

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