Coffee Meets Bagel Couples with DCM Ventures to Lead Series A Funding
SAN FRANCISCO, Feb. 18, 2015 /PRNewswire/ -- Coffee Meets Bagel, the social dating app that promises one quality match a day, announced today that it has closed $7.8 million in Series A funding to accelerate its already impressive growth, further expand to new geographies and significantly grow the team. The investment was led by existing investor DCM Ventures with participation from Quest Ventures Partners and Azure Capital. Previous investors include Lightbank, Match.com founder Peng T. Ong, WI Harper Group and Venture Lounge. As part of the financing, Osuke Honda will join Coffee Meets Bagel’s board of directors.
Founded by three sisters in their 20s, Coffee Meets Bagel differentiates itself from other dating apps with quality over quantity. Members receive one match per day or "Bagel," carefully curated by Coffee Meets Bagel's proprietary algorithm. Users have 24 hours to respond with a LIKE or a PASS. A mutual LIKE by two members leads to a private chat line that expires in seven days.
"This focus on quality and safety is what draws a lot of women to Coffee Meets Bagel," says Arum Kang, CEO and co-founder. "The online dating industry has always had difficulty attracting and retaining women. The typical gender ratio in a given dating app is 65 to 35 - men to women. The key to winning this market and expanding the size of the pie is winning over women and we have figured that out at Coffee Meets Bagel."
The financing comes on the heels of the company's much anticipated Android app release. Then, shortly afterwards, the founding team appeared on Shark Tank only to turn down Mark Cuban's $30 million acquisition offer. This was the largest offer ever for a company on Shark Tank. Coffee Meets Bagel also recently announced new insight integration with Jawbone UP, where Coffee Meets Bagel provides the single members of Jawbone UP community with fun insights and tips on fitness and dating.
"We are incredibly excited to lead this round of financing and believe that Coffee Meets Bagel is a definitive leader in this space," said Osuke Honda, General Partner at DCM Ventures. "Mobile is rapidly changing the way people meet, interact, and date. Coffee Meets Bagel has created a differentiated product with outstanding brand recognition and the team has done an incredible job of designing a high quality user experience."
Download Coffee Meets Bagel in the Apple Store [http://cmb.gs/download] and Google Play [http://cmb.gs/download]. Stay connected with us on Twitter, Facebook and Instagram.
About Coffee Meets Bagel
Coffee Meets Bagel is the only dating service that women love to use! Every day at noon, we curate one best match who is a friend of a friend. Members have 24 hours to review their profile information and choose to LIKE or PASS on the match. Mutual LIKE leads to a private chat line that expires in 7 days. It's designed for busy singles who want to find real relationships with little or no effort. Visit https://coffeemeetsbagel.com for more info.
Contact: Mary Magnani, [email protected]
SOURCE Coffee Meets Bagel
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