When Mark Zuckerberg announced the launch of a new dating feature on Facebook at last week’s Facebook F8 conference, it took the global dating app industry by surprise. The stock of the Match Group – owner of some of the biggest dating apps in the world, including Tinder, OkCupid, and Match.com – tanked 22 percent in a few hours after the announcement. As the industry’s players ready themselves for the disruption Facebook will undoubtedly bring to the sector, San Francisco-based dating platform Coffee Meets Bagel has revealed that it just closed a fresh round of funding.
The Kang sisters famously turned down a $30 million takeover offer from billionaire investor Mark Cuban on SharkTank in 2015, the largest-ever in the show’s history.
So what do the Kang sisters feel about Facebook’s upcoming entry into their ecosystem? Dawoon Kang, currently the COO of Coffee Meets Bagel, told The Observer in an interview last week, “The fact that a company as big as Facebook is jumping into dating speaks to the growing demand and the market opportunity of this space...We are happy to see Facebook acknowledging the need to create meaningful relationships beyond hookups, as the online dating culture definitely needs to shift away from quantity vs. quality interactions.”
Shifting the focus of perception of online dating away from “hookups” to “long-term relationships” has been something the CMB team has pledged as its vision from the start. With the fresh funding now available to them, it will be interesting to see how Coffee Meets Bagel evolves itself in an ecosystem with the world’s largest social networking platform as a competitor.