'Shark Tank': Korean BBQ joint Cupbop bags $1M deal with Mark Cuban after intense bidding war
When Cupbop founders Jung Song and Dok Kwon stepped into the tank seeking an investment of a whopping $1 million in exchange for a 3% stake in their Korean BBQ joint, everybody thought the duo's pitch would be doomed. But the two savvy entrepreneurs managed to not only launch a cut-throat bidding war amongst the Sharks, but also walked out with a deal from Mark Cuban!
Song and Kwon presented their pitch for their delicious Korean BBQ which is served in a cup with dumplings on the side to the Sharks on the recently aired episode of 'Shark Tank'. After tasting Cupbop's wide array of offerings, the Sharks were really impressed. But things just got better once Song and Kwon began discussing numbers. The Sharks were fully prepared to roast the duo for their crazy valuation, but once the entrepreneurs revealed that they made over $12 million in sales, the Sharks were left speechless. The stellar sales figures clubbed with the delicious BBQ, proved to be a pretty convincing testament for the Sharks to throw in their offers with hopes of closing the deal.
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While Robert Herjavec, Lori Greiner, and Barbara Corcoran fixated over the low equity, Mark decided to play it smart by making a strategic offer that the Cupbop founders couldn't resist- $1 million in exchange for a 5% stake. Though Lori and Barbara teamed up, and Kevin tried revising his offer, Mark's savvy move worked and the Cupbop founders decided to close the deal with Mark.
Song launched Cupbop in 2013 as a food truck offering Korean food. He used to do break dancing to attract customers, but today the duo have a chain of brick and mortar stores across the country and in Indonesia as well. Kwon was initially Song's customer, but later decided to ditch his high-paying job as an investment banker to pursue his entrepreneurial dreams. So he teamed up with Song, and the rest is history.
If you're wondering what prompted the Cupbop founders to pitch for their brand on 'Shark Tank', then the answer is marketing. While Sing and Kwon have the operations part of their business down pat, they however are still trying to learn the ropes of marketing. So, they wanted the help of a Shark to help turn their business into a successful food joint venture spread across the length and breadth of the country! With Mark's help, we are sure Cupbop will soon become a household name.
'Shark Tank' Season 13 airs every Friday at 8.7c on ABC.
Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.