Cupbop Shark Tank Net Worth -What Happened After Shark Tank?
What Is Cupbop And Who Founded Cupbop?
Cupbop is a Korean cuisine restaurant chain that started as a food truck in Utah in 2013.
It was founded in 2013 by Junghun Song, J Park, and JK Kim. The founders started selling Korean cuisine out of a 20-year-old food truck after finding out that Korean cuisine was not represented at a Utah food convention in 2013.
Cupbop started as a food truck in Salt Lake County, Utah, and has grown steadily to over 100 locations throughout Indonesia and six U.S. states.
Cupbop has since expanded to over 100 locations across several states and even appeared on the TV show Shark Tank, where they received an offer from Mark Cuban.
Junghun Song, one of the founders of Cupbop, always had a strong belief that Korean food has all the necessary ingredients to appeal to the world. He started the first Cupbop food truck in Salt Lake County with two of his friends.
The three founders were all born in South Korea and each served in the same LDS mission there. After going their separate ways for a time, they migrated to Utah with very little money but plenty of big dreams.
Cupbop’s business model is simple: it sells $8 to $10 bowls of Korean barbecue. The company still operates some food trucks but has expanded to brick-and-mortar restaurants with over 100 locations worldwide.
In May 2022, Cupbop appeared on Shark Tank and earned a $1 million investment deal with Mark Cuban. The company brought in $18.7 million in revenue over a 12-month span at the time.
What Happened To Cupbop At Shark Tank?
Cupbop, a global Korean barbecue restaurant chain, appeared on Shark Tank in early 2022]. The founders, Jung Song and Dok Kwon asked for $1 million from the sharks in exchange for a 3% stake in their company.
Kevin O’Leary praised their presentation. Mark Cuban ended up striking a deal with Cupbop despite finding the Korean BBQ too spicy for his liking.
Since appearing on Shark Tank, Cupbop has opened nine more brick-and-mortar locations across Utah, Idaho, Nevada, Oklahoma, Arizona, and Colorado.
According to Shark Tank Talks, the valuation of Cupbop is going to be $14 million based on the funding that the founder sought from Shark Tan.
The goal of the founders was to expand their restaurant chain and invest in marketing so that everyone can know about their service. After appearing on Shark Tank, sales of Cupbop showed a lot of increase from its old times.
The company’s target was to do $25 million in sales by the end of 2022. As of March 2023, there is no update on whether they have achieved this target or not.
However, according to The Daily Meal report in May 2022, Cupbop has found success since appearing on Shark Tank by opening nine more brick-and-mortar locations in the United States and overseas.
What Happened To Cupbop After Shark Tank?
Since appearing on Shark Tank in early 2022, Cupbop has opened nine more brick-and-mortar locations in the United States.
The founders of Cupbop, Jung Song and Dok Kwon, accepted an offer of $1 million for a 5% stake from Mark Cuban. This investment has allowed Cupbop to expand its restaurant chain and invest in marketing to increase the company’s visibility.
As of March 10th, 2023, Cupbop has celebrated its ninth anniversary and is focusing on its U.S. expansion. Trailing 12-month revenue for all their stores is $18.7 million, showing that the investment from Shark Tank has been successful for the company.
Cupbop Shark Tank Net Worth
Cupbop is a Korean barbecue street food brand that started as a food truck in Utah and has now expanded to over 100 locations across the United States.
The founders of Cupbop, Jung Song and Dok Kwon, appeared on Shark Tank in season 13, offering $1 million in return for 3% equity. Mark Cuban eventually settled the deal at $1 million for 5% equity. After the episode aired, Cupbop gained huge popularity and sales increased significantly.
As of 2023, Cupbop’s net worth is estimated to be around $20 million when Cupbop accepted Mark Cuban’s deal.
Regardless of its exact net worth or valuation, Cupbop has continued to expand its stores and increase its sales since appearing on Shark Tank. In 2020, it had about 30 store locations in the US and made about $10 million annually.
By the year they appeared on Shark Tank (2022), they had 36 stores in the US, six food trucks, and a number of stands including one in the Utah Jazz NBA Arena. The company’s goal was to do $25 million in sales by the end of 2022, indicating that their sales have been increasing steadily.
Is Cupbopstill In Business?
Yes, Cupbop is still in business as of November 2022. The restaurant chain started out in 2013 as a food truck in Salt Lake County, Utah, and has grown steadily.
As of February 2023, there are 48 total store locations, six food trucks, and several concessions locations including the Utah Jazz NBA Arena.
Cupbop serves street-food style Korean barbecue, otherwise known as cup-bap (Korean. The chain operates over 100 locations throughout Indonesia.
Since appearing on Shark Tank in early 2022, Cupbop opened nine more brick-and-mortar locations in the United States. The chain currently has locations across Utah, Idaho, Nevada, Oklahoma, Arizona, and Colorado. Cupbop continues to open new restaurants and offers special discounts in celebration of each grand opening. Customers can snag a bowl for as low as $5.99 on grand opening day.