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 brand new feature that is dating Twitter at last week’s Facebook F8 seminar, it took the international dating software industry by shock. The stock regarding the Match Group – owner of a number of the biggest dating apps on earth, including Tinder, OkCupid, and Match.com – tanked 22 per cent in a couple of hours after the statement. Given that industry’s players set themselves when it comes to interruption Facebook will certainly bring towards the sector, San dating that is francisco-based Coffee Meets Bagel has revealed so it simply shut a new round of financing.

Coffee Meets Bagel – or CMB, as it is popularly called – has effectively raised about $7 million in VC financing in a Series B round, based on an SEC filing by the company. The software, so named because matches are known as “bagels” regarding the platform, premiered in April 2012 by three siblings – Arum, Dawoon, and Soo Kang – and it is recognized for its give attention to women’s choices. From the application, users determining as females have the ability 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 will be CMB’s funding that is fourth, and brings the company’s total capital to $17.9 million, in accordance with all about Crunchbase. The working platform formerly 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 when you look at 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 week that is last “The proven fact that a business as large as Facebook is leaping into dating talks to your growing need together with market possibility of the room. We’re very happy to see Twitter acknowledging the requirement to produce significant relationships beyond hookups, since the on the web dating culture undoubtedly needs to shift far from amount vs. quality interactions.”

Moving the main focus of perception of internet dating far from “hookups” to relationships that are“long-term is something the CMB group has pledged as the eyesight from the beginning. Because of the fresh capital now open to them, it will likely be interesting to observe how Coffee Meets Bagel evolves it self in a ecosystem using the world’s biggest social network platform as being a competitor.

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