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

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

Whenever Mark Zuckerberg announced the launch of a brand new feature that is dating Twitter at final week’s Facebook F8 meeting, it took the international relationship software industry by surprise. The stock regarding the Match Group – owner of a few of the biggest dating apps on earth, including Tinder, OkCupid, and – tanked 22 per cent in a hours that are few the statement. Because the industry’s players set themselves when it comes to disruption Facebook will certainly bring to your sector, San dating that is francisco-based Coffee Meets Bagel has revealed so it simply shut a brand new round of capital.

Coffee Meets Bagel – or CMB, as it is popularly called – has effectively raised about $7 million in VC capital in a set B round, relating to an SEC filing because of the company. The application, so named because matches are known as “bagels” regarding the platform, premiered in 2012 by three sisters – Arum, Dawoon, and Soo Kang – and is known for its focus on women’s preferences april. Regarding the application, users determining as females have the best to choose that is in a position to “match” and talk to them, a proposition that is rather different the more “open” surroundings of popular platforms like Tinder.

This might be CMB’s funding that is fourth, and brings the company’s total capital to $17.9 million, relating to home elevators Crunchbase. The working platform previously raised $600,000 in a Seed Round . 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 record through the latest round.

The Kang siblings famously rejected 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 future entry into their ecosystem? Dawoon Kang, currently the COO of Coffee Meets Bagel, told The Observer in an meeting a week ago, “The proven fact that a business as large as Facebook is leaping into dating talks to your growing need while the market possibility of the room. We’re very happy to see Twitter acknowledging the requirement to produce significant relationships beyond hookups, as the on the web dating culture certainly has to move far from amount vs. quality interactions.”

Moving the main focus of perception of online dating sites far from “hookups” to “long-term relationships” is something the CMB group has pledged as the eyesight right away. Because of the funding that is fresh open to them, it will likely be interesting to observe how Coffee Meets Bagel evolves it self in a ecosystem with all the world’s largest social media platform as being a competitor.

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