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 Facebook at final week’s Facebook F8 seminar, 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 on earth, including Tinder, OkCupid, and Match.com – tanked 22 per cent in a hours that are few the statement. Given that industry’s players set themselves when it comes to interruption Facebook will certainly bring to your sector, San Francisco-based dating platform Coffee Meets Bagel has revealed it simply shut a new round of capital.

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 http://www.hookupwebsites.org/ebonyflirt-review/ company. The software, so called because matches are described as “bagels” regarding the platform, premiered in April 2012 by three siblings – Arum, Dawoon, and Soo Kang – and it is understood for its give attention to women’s choices. Regarding the application, users determining as females have the proper to choose who’s 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 might be CMB’s 4th money round, and brings the company’s total capital to $17.9 million, based on information 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 the list through the latest round.

The Kang siblings famously refused 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 an meeting a week ago, “The undeniable fact that a business as huge as Facebook is leaping into dating talks towards the growing need while the market possibility of the room. We have been very happy to see Twitter acknowledging the necessity to produce significant relationships beyond hookups, since the on line culture that is dating has to move far from volume vs. quality interactions.”

Shifting 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. Utilizing the funding that is fresh open to them, it’s going to be interesting to observe how Coffee Meets Bagel evolves it self within an ecosystem because of the world’s biggest social network platform being a competitor.

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