In a memorable episode of Shark Tank, Mark Cuban made a historic offer that was ultimately turned down, leading to a nine-figure valuation for the company involved.
From 2011 to 2023, Mark Cuban, aged 66, was known as a prominent investor on Shark Tank US. Throughout his 14 seasons on the show, he invested in various businesses such as Ten Thirty-One Productions, Nuts ‘N More, and BeatBox Beverages. Cuban’s investment interests extend beyond Shark Tank; he also holds stakes in Magnolia Pictures and the sports tech firm Mustard. Previously, he was the principal owner of the Dallas Mavericks, having acquired the majority stake in the NBA team in January 2000. In late 2023, he sold the team to the Adelson and Dumont families.
This sale marked the end of his control over the Mavericks, who are scheduled to face the Brooklyn Nets at the Barclays Center tonight (March 24). Although Forbes estimates Cuban’s net worth at approximately $5.7 billion, he missed an opportunity to potentially increase it in 2015.
During the sixth season of Shark Tank US, the wealthy investor and his fellow panelists encountered the Kang Sisters. Entrepreneurs Arum, Dawoon, and Soo Kang sought $500,000 for 4 percent of their dating service, Coffee Meets Bagel.
Founded in San Francisco in 2012, Coffee Meets Bagel caters to singles seeking meaningful relationships, avoiding superficial interactions.
In their Shark Tank appearance, the Kang Sisters failed to convince investors like Barbara Corcoran, Lori Greiner, and Cuban. Critics argued that their combined annual salary of $300,000 was excessive, and the app’s model was easily replicable by competitors.
As the Sharks decided against investing, Cuban made a bold move.
“Let me ask you a question. If I offered you $30 million for the company, would you take it?” Cuban asked.
Faced with Shark Tank’s largest offer ever, the sisters considered it briefly.
“No,” they responded. “I would not be taking it because we see this business growing as big as Match.com and do you know how much revenue they’re generating? $800 million a year.
“They’re becoming a billion-dollar revenue company and we think [our] model and this product has potential to be as big as Match.”
After the Kangs declined Cuban’s unprecedented offer, Robert Herjavec remarked, “He offered you $30 million and you didn’t even flinch.”
“She should feel confident,” Cuban responded. “It’s a new, effeminate version of ‘Hot or Not’ which is brilliant. But I don’t know how protectable that is.”
Cuban acknowledged the sisters’ efforts but deemed the investment too risky.
Following their departure from Shark Tank without investment, Coffee Meets Bagel secured a $7.8 million Series A funding round from DCM Ventures. Nearly a decade later, the company remains successful.
In the previous year, TechieGamers reported Coffee Meets Bagel as Singapore’s second most popular dating app, boasting an estimated 10 million users. With 85 employees, the company generates around $36 million in annual revenue and is valued at approximately $150 million.
Given these impressive numbers, one might wonder if Cuban regrets not sweetening his $30 million offer.