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

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

Whenever Mark Zuckerberg announced the launch of a new feature that is dating Twitter at final week’s Facebook F8 meeting, it took the international relationship software industry by shock. The stock associated with the Match Group – owner of a few of the biggest dating apps in the field, including Tinder, OkCupid, and Match.com – tanked 22 % in a hours that are few the statement. Given that industry’s players set themselves for the interruption Facebook will definitely bring to your sector, San Francisco-based dating platform Coffee Meets Bagel has revealed 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 by the company. The application, so named because matches are known as “bagels” in the platform, was released in April 2012 by three siblings – Arum, Dawoon, and Soo Kang – and it is understood for its give attention to women’s choices. In the application, users distinguishing as females have the best to choose who’s able to “match” and talk to them, a instead various idea from the more “open” surroundings of popular platforms like Tinder.

That 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 previously 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 when you look at 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 a job interview a week ago, “The proven fact that an organization as large as Facebook is leaping into dating talks into the growing demand plus the market possibility of the room. We have been pleased to see Twitter acknowledging the requirement to produce meaningful relationships beyond hookups, since the on the web culture that is dating has to move far from volume 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 vision right away. With all the funding that is fresh accessible to them, it should be interesting to http://hookupwebsites.org/live-video-chat-review/ observe how Coffee Meets Bagel evolves it self within an ecosystem aided by the world’s biggest social network platform as a competitor.

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