You might remember the three impressive sisters from a recent episode of Shark Tank who turned down what seemed like an amazing $30 million offer from Mark Cuban for their dating platform Coffee Meets Bagel. I must admit, I thought they were over-confident (OK, crazy!) to turn down such a deal, but today comes news that their independent vision has been at least partly validated by raising $7.8 million in a fresh round of funding.
At the time the sisters rejected Cuban’s offer, one retorted that they see their business growing “as big as Match.com.” In fact, the sisters have already raised nearly $3 million from Match.com’s founder who clearly sees the promise in the approach.
Whether that’s possible is still an open question, considering that Coffee Meets Bagel’s online dating system is more than just a twist on current online dating models; it looks to totally modify online daters’ behaviors by limiting matches to just one per day.
How does Coffee Meet Bagel work in detail?
The site is betting big on its ability to make quality matches based on use of your own social network. Like we wrote of SparkStarter before it, Coffee Meets Bagel uses your social network as a means of validating matches, giving users tired of Tinder and OKCupid’s less filtered approach of allowing any user to contact any other user.
Here’s the kicker: Coffee Meets Bagel sends one match per 24 hour period and only allows contact between the two users if both signal mutual interest. Obviously, it’s a much more considered, and some would say, limiting, approach to online dating. The concept is designed to mimic a “flash sale” which has become popular with indie e-commerce shops.
While Coffee Meets Bagel’s early success looks promising for its future, it’s hard to see it becoming truly mainstream service except for those that burn out of the most popular dating sites. Tinder’s wild popularity is driven as much by its game-like properties than its ability to find a truly compatible match.
And as we’ve argued before, the perceived validation of a potential match coming from your social network is only that: a perception.
Until then we can only speculate if the sisters would have been better off with Mark’s millions.
You can read more about Coffee Meets Bagel and watch their original Shark Tank segment over at Entrepreneur.