Whenever Mark Zuckerberg announced the launch of a new feature that is dating Twitter at final week’s Facebook F8 seminar, it took the international relationship software industry by shock. The stock regarding the Match Group – owner of a few of the biggest dating apps on the planet, including Tinder, OkCupid, and Match.com – tanked 22 % in a couple of hours after the statement. Since the industry’s players set themselves when it comes to interruption Facebook will definitely bring towards the sector, San Francisco-based dating platform Coffee Meets Bagel has revealed 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 financing in a Series B round, in accordance with an SEC filing because of the company. The software, so named because matches are described as “bagels” from the platform, was released in April 2012 by three sisters – Arum, Dawoon, and Soo Kang – and it is known for its consider women’s choices. From the application, users distinguishing as ladies have the proper to choose that is in a position to “match” and talk to them, a instead various proposition from the more “open” environments of popular platforms like Tinder.
This really is CMB’s funding that is fourth, and brings the company’s total capital to $17.9 million, based on informative data on Crunchbase. The working platform formerly raised $600,000 in a Seed Round . The company’s existing investors include 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.
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 the other day, “The undeniable fact that a business as large as Facebook is leaping into dating talks towards the growing need together with market possibility for this area. We’re very happy to see Twitter acknowledging the requirement to produce significant relationships beyond hookups, since the on the web dating culture positively has to move far from volume vs. quality interactions.”
Moving the main focus of perception of online dating sites away from “hookups” to “long-term relationships” is something military cupid com the CMB group has pledged as the eyesight from the beginning. Because of the funding that is fresh offered to them, it’ll be interesting to observe how Coffee Meets Bagel evolves it self in a ecosystem because of the world’s biggest social network platform as being a competitor.
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