Coffee Meets Bagel, a San Francisco, CA-based social dating app, closed $7.8m in Series A funding.
The round was led by existing investor DCM Ventures with participation from Quest Ventures Partners and Azure Capital. As part of the financing, Osuke Honda, General Partner at DCM Ventures, will join Coffee Meets Bagel’s board of directors.
The company intends to use the funds to accelerate its growth, further expand to new geographies and grow the team.
Led by sisters Soo, Arum, and Dawoon Kang, Coffee Meets Bagel allows members to receive one match per day or “Bagel,” curated by Coffee Meets Bagel’s proprietary algorithm. Users have 24 hours to respond with a LIKE or a PASS. A mutual LIKE by two members leads to a private chat line that expires in seven days.
It is available in the Apple Store [http://cmb.gs/download] and Google Play [http://cmb.gs/download].
The company recently announced new insight integration with Jawbone UP, where Coffee Meets Bagel provides the single members of Jawbone UP community with insights and tips on fitness and dating.
The founding team appeared on Shark Tank and turned down Mark Cuban’s $30 million acquisition offer, the largest offer ever for a company on the program (read the story here).