SAN FRANCISCO — Coffee Meets Bagel (CMB), which operates an online dating app, announced a $12 million Series B funding round led by new investor Atami Capital, a U.K.-based venture capital firm. The company has now raised nearly $20 million since 2012. The funding comes on the heels of the successful launch of their latest initiative, CMB Experiences – unique, real-world events and spaces where CMB users can go offline and engage in fun experiences and connect authentically with someone new.
Other international venture capital firms as well as prominent female investors joining the investment include GingerBread Capital led by Linnea Roberts, Shannon Grant, Kheng Lian Ho and Helen Schwab. Existing investors DCM Ventures, Wi Harper and Quest Venture Partners also participated in this round.
The founders of the company appeared on the reality show Shark Tank on ABC in 2015 and turned down a $30 million investment from billionaire Mark Cuban.
When using the Coffee Meets Bagel app, each day at noon, guys will receive up to 21 quality matches – known as “Bagels”. They are given the option to either LIKE or PASS. Then, Coffee Meets Bagel will curate the best potential matches for women among the men who expressed interest.
“We’re excited for the next phase of Coffee Meets Bagel, and are pleased to have some wonderful international and female investors on board. Given our focus on female experience, it was very important that we have a female perspective at the investor level,” said Arum Kang, Co-Founder and Co-CEO of Coffee Meets Bagel. “These funds have been earmarked for growth and innovation as we continue to execute on our ambitious goals of getting singles worldwide to share and connect authentically, both via our app and offline.”
The company plans to use the new financing to drive international expansion, development and product innovation like CMB Experiences.