The Latest: Cupbop Shark Tank Update 2023
In May 2022, when Cupbop appeared at Shark Tank, they were already in business for more than eight years with 27 physical outlets. The Cupbop owner and hedge fund investor, Junghun Song and Dok Kwon, teamed up and came to Shark Tank Se. 13 Ep. 21 seeking investment for business expansion.
This duo asked for $1 million in exchange for 3% of the equity share. Their given company valuation was $33.3 million, with a predicted running year sales of $18.7 million. Every Shark was interested, and finally, Cuban closed the deal for $1 million and 5% of the share. However, his investment is still not showing on his investment profile.
This investment promise was a real motivation for the business. Here, we explore Cupbop Shark Tank Update 2023, how the business is doing now, and its future potential. So, let’s check them out!
Cupbop Shark Tank Business Profile
The following is an at-a-glance view of Cupbop’s whole business profile in terms of before appearing on Shark Tank. It also shows Cupbop update after Shark Tank.
| Company Name | Cupbop |
| Founder | Junghun Song |
| Founded | 2015 |
| Product | Korean BBQ items |
| Other Products | Combo Bop |
| Rock Bop | |
| B Bop | |
| Kko Kko Bop | |
| The Current Price of Cupbop items | $11.70-$13.14 |
| Shark | Mark Cuban |
| Cupbop Shark Tank Episode (Shark Tank USA) | S.E. 13 EP. 21 |
| Air Date | May 02, 2022 |
| Asked For | $1 Million For 3% Equity |
| Final Deal | $1 Million For 5% Equity |
| Net Worth in 2021 (before Shark Tank) | $ 95 million |
| Net Worth in 2023 (Cupbop after Shark Tank) | $200 million |
| Business Status | In Business |
| Website | Visit Website |
| Get the Product | Buy Now |
| Watch On | Amazon Prime |
| Headquarter | 593 E 12300 S Ste B Draper, UT |
| Social Media Pages | |
How Was CupBop on Shark Tank?
Cupbop did very well in the show. They successfully grabbed the attention of all the Sharks. All five Sharks were excited about the opportunity. First, Kevin O’Leary said he’d give Cupbop $1 million as a loan with a 10% interest rate over three years. He wanted 3% of the company in return.
Then, Barbara Corcoran offered $1 million for a 30% share of the company.
Next, Robert Herjavec made a bigger offer, a $5 million for a 28% ownership stake in Cupbop.
Additionally, Lori Greiner teamed up with Corcoran, presenting a combined proposal: they offered $1 million at an 8% interest rate. In return, Lori for a 5% ownership share in Cupbop. Lastly, Mark Cuban got the deal: $1 million for 5% equity.
What Happened to Cupbop After Shark Tank
Initially, in front of the Sharks, Song and Kwon expressed that they had a target to become one of the top quick-serving Asian restaurants like “Panda Express.” But if you ask what happened to Cupbop after Shark Tank?: they achieved more than that.
Cupbop continued to stick to its initial expansion plan. In December 2022, they revealed their intention to acquire some additional franchising efforts. Kwon was dedicated to his commitment. He was keen to leverage the impressive progress of Cupbop’s nationwide expansion.
With such a clear objective and vision, the duo put all their efforts into bringing authentic Korean cuisine to a greater number of U.S. cities. As a result, Cupbop had established a presence with 42 stores across several states. Some must-mention states are Utah, Idaho, Arizona, Colorado, Nevada, etc.
Not only nationwide expansion, Cupbop also went for international expansion. They established physical outlets at 130 locations in Indonesia with intentions to broaden their reach within the South-Asian region.
They’re also thinking about expanding to places like Vietnam, Korea, and Japan. This shows that lots of people really like CupBop’s Korean food.
However, many people ask, “Was Cupbop on Shark Tank?” and there is a reason. We must inform you that all these expansions are done by Cupbop’s owners only without the intervention of the Shark’s Cuban.
Unfortunately, the status of the deal with Mark Cuban remains uncertain. Still, there is no indication of Cupbop’s inclusion in Cuban’s investment portfolio at this time.
Cupbop Net Worth
Since they were on Shark Tank, CupBop has made a lot more money. They started with $18 million in sales, and now it’s over $34 million. In 2023, they’re worth around $200 million.
CupBop is doing really well, with 49 stores and 22 food trucks all over the United States. In a recent update on Shark Tank, they said they make $37 million in a year.
Cupbop Sales Data
The following is the graphical representation of Cupbop sales data. It consists of the years’ sales figures.
| Year | Sales Data |
|---|---|
| 2019 | $32 million |
| 2020 | $50 million |
| 2021 | $95 million |
| 2022 | $160 million |
| 2023 | $200 million |
Is Cupbop Profitable Now?
The above-listed sales data clearly show that Cupbop today is making money. The consistent increase in Cupbop’s net worth from 2019 to 2023 indicates that the business has been steadily and increasingly profitable over this period.
This growth suggests that Cupbop is highly successful in generating a significant amount of revenue, expanding its operations, and increasing its customer base. Also, the fact is that the company’s net worth has doubled between 2022 and 2023. It suggests that its profitability index is on an upward track.
However, it’s important to note that net worth is not the same as profit. Net worth is the total value of a company, including its assets and liabilities. From a financial analyst’s point of view, the assets and liabilities are influenced by various factors.
So, it is not possible to get the exact figure regarding its profit. However, Cupbop’s expansion rate, increased sales, and plan for future expansion indicate that the company is now making a profit.
Final Words
We hope that now you have a clear idea of Cupbop Shark Tank Update 2023. Cupbop was a successful business even before appearing in Shark Tank. But, their appearance on this great reality show gave them more public exposure. We see this event as a marketing strategy for the company.
Their appearance on Shark Tank dragged an enormous amount of public and media attention, which was a huge opportunity for the company. Now, it is clear that with perfect business strategies, the company will grow more and will become an International Korean Food Chain in the near future.
