CupBop Net Worth 2022 – What Happened after Shark Tank?
What Is CupBop?
CupBop is a company started by Dok Kwan, a former investment banker, and Jung Song, a restaurant server and break dancer, that sells exceptional spicy Korean Barbeque-in-a-cup in different flavors with spicy levels from 1 to 10.
At the time of their Shark Tank appearance the founders of CupBop were getting ready to launch themselves into the top 50 quick service restaurants in the US as only one of those top 50 offered Korean food
Shark Tank Appearance
CupBop had a really positive response from the sharks, as Joe Pardoe’s Shark Tank review shows.
Kevin even went as far as saying that Shark Tank had had many different food pitches but that this was the best one that he had ever tried.
Innitially the sharks balked at Dok and Jung’s request for 1 mil USD in exchange for 3% but as the CupBop pitch unfolded their attitudes changed – the scrumptious food offerings and very impressive 18 mil USD turnover had something to do with that.
Which Shark Clinched the Deal?
The other factor that really turned the sharks’ heads was the fact that the cost of making a CupBop Bowl is around $1.80 to $2.50 and the selling price is around $8 to $10 equating to a gross margin of 75%.
By the end of the show all the sharks were working really hard at trying to convince Dok and Jung to accept their deals. Barbara and Lori were even prepared to join forces to offer CupBob a superb deal, but in the end they accepted the one that Mark put on the table.
What Is CupBop Net Worth & Breakdown?
Company Name |
CupBob |
Founders |
Dok Kwan & Jung Song |
Shark Tank Appearance |
Season 13 Episode 21 |
Requested Investment |
$1 mil for a 3% share |
Shark |
Mark Cuban |
Equity |
5% |
Investment |
$1 mil |
Location |
Utah |
Net worth |
$15 mil *estimated |
Shark Tank Investment – Did It Go Through?
What Is Their Turnover?
At the time of their Shark Tank appearance CupBop had been operating successfully for around 8 years with a current turnover of $18.7 mil.
Due to the significant chain of 27 restaurants that have opened and are gaining popularity, their signature food truck is now more of a marketing tool.
What’s Happening at CupBop Today?
According to this article by TheCinemaholic, CupBop have 36 permanent restaurants that are fully operational now and their loyal customers can enjoy this unique food across Indonesia at more than 100 different outlets.
CONCLUSION
Jung and Doc both came to America for a better life.
In actual fact, Doc and his older brother were left in America after a family holiday when he was 11, because his parents thought that they would have just that.
Who could have imagined, though, that the paths of these two, a break-dancer and an investment banker, would cross in such a way that they would take the culinary world by spicy storm as they have?
