Cupbop Net Worth Shark Tank Update

People love to eat Korean food these days. They are not only spicy and flavorful but also affordable. In the same manner, people have a liking for food available in a cup. They are known for being easily warmed and eaten without the need for getting the dishes dirty. What if our all-time favorite Korean food is made available in cups?

Junghun Song and Dok Kwon, the co-owners of Cupbop are on Shark Tank to give us the experience of Korean cuisine in a convenient cup. The jolly owner duo has made it easy for people to reach out to a bowl of Korean barbecue. They claim to give customers delicious food along with cheerful gestures to spread kindness and joy in a cup.

The owners are on Shark Tank to request $1M for 3% equity. They also presented each shark with a cup of their delicious meal to demonstrate their dining capabilities. Let’s see what they got.

Cupbop Net Worth 2024 Shark Tank Update

Junghun Song and Dok Kwon were looking for an investment of $1 million in exchange for 3% equity in Cupbop. At the time of the episode, they valued their company at approximately $33.3 million. They successfully secured a deal with Mark Cuban for an investment of $1 million for 5% equity in the company. The investment adjusted the company’s net worth to around $20 million. After the show aired, Cupbop experienced a significant boost in exposure. As per my rough estimate, the current net worth of Cupbop in 2024 is around $40 million, given their reported expansion and growth in sales.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	$1M for 3% equity	3% equity for a $1M loan with an interest rate of 10%.	No
Barbara Corcoran	$1M for 3% equity	5% equity for $1M as a loan with 8% interest rate	No
Lori Greiner	$1M for 3% equity	5% equity for $1M as a loan with 8% interest rate	No
Mark Cuban	$1M for 3% equity	$1M for 5% equity	Yes
Robert Harjavec	$1M for 3% equity	28% equity on $5M	No

The Owner’s Backstory

Initially, Junghun Song was the owner of a food truck, and Dok was his first customer. They both love Korean food and in search of doing something new, they co-founded Cupbop.

Junghun Song was not a good student in his school days, but he found opportunities in the USA. Doc was initially left behind by his parents in Utah for educational reasons. He wanted to do something new and when he met Song, he recognized it’s time.

Although they have other co-founders who are working with other groups, they have now in business for 10 years and are known for their delicious and affordable Korean food in a cup.

Initial Pitch

The Korean owners of the company came on the show with their meal cups. They highlighted that the cups contain their signature Japchae, a kind of noodles made of sweet potato starch, Bulgogi, Korean-style beef barbecue, and spice beef pork mix. They requested $1M for a 3% equity stack. The owners also specified that the customers can choose their spice level from the range of 1-10. Even Kevin, the big shark, was impressed by the food and declared it to be the best food compared to others presented on the show.

Queries about the Product

Corcoran asked initially about the cost of a single bowl. Doc replied that it ranges from $8-$10 per bowl.

Lori inquired about the cost of making a bowl of Korean barbecue. The owner declared that it costs them $1.80 to $2.50 to make, which makes their gross market to be 75%

Corcoran again jumped in and asked about their sales. To this Doc replied that their yearly sales along the whole market is about $18.7M, which is very impressive.

Impressed by their yearly sales, Kevin asked about the number of food trucks they own. Doc pointed out that they started out with one food truck, and now, although they own trucks they are for marketing of their company only. They are functioning in 27 stores currently and they have been in business for eight years.

Curious to know their progress, Lori wanted to know their trajectory and how much they made during the pandemic. Doc replied that for the past 5 years, they have been growing at the pace of $1M yearly. Last year, they made a whopping $10.5M, and they are now expecting to grow 90%. During COVID-19, they were only doing take-outs and delivery, and they were still progressing. Their growth was 9%, which is impressive in such a disease-stricken scenario.

Harjevec inquired regarding the owners of the business and why they needed a store if they were successful in the delivery system. Doc answered that they own half of the business and the other half rests with three more partners who have equity-based investors, which is not disclosed to them. They have never raised money. Song highlighted that they not only wanted to sell food to their customers but also wanted to give them top-notch experience with their hospitality and their kind gestures.

Cuban inquired why they were not looking for investors before coming to the Sharks. Song enthusiastically replied that he had refused many investors over the past eight years because he wanted to swim with the sharks and make his company the first national Korean brand by establishing 2000 stores.

Harjavec then wanted to know if he invested as much amount in the equity as they claimed, it would become $33.3M but how he can get there? Doc replied that their growth rate was $10M in seven years, and they are investing in 10 more stores before the end of this year.

Shark’s Response and Final Decision

Kevin made the first move by praising their product and asking for 3% equity for a $1M loan with an interest rate of 10%.

Barbara then highlighted her business experience and showed interest in making a deal with the. However, she demanded 30% equity for the amount they asked for.

Harjavec chooses a different step by asking for 28% equity on $5M, which makes a value of $18M.

Lori asked for 5% equity for $1M as a loan with an 8% interest rate. Afterward, she decided to work with Barbara as a joined investor with the same deal.

Things got more interesting when Cuban also jumped in to make a deal. The product was hyped in the show, too. He started off by highlighting his marketing skills to be better than anybody on the show, which struck the judges. He then demanded a 7% equity stack for $1M. He also claimed to make the food a national healthy alternative. Barbara corrected him by pointing out that the product is basically a delicious alternative, not a healthy one.

The owners showed interest in Mark Cuban and asked to decrease the equity to 4.5%. Cuban made it clear that he is not that cheap and won’t go lower than 5.5%. Doc then requested to make a deal with 5% equity as he is struggling with the other owners as well. Finally, this was accepted by Mark Cuban.

Product’s Availability

According to google, the product is still in the market with almost 50 stores in the U.S. and 165 stores internationally. Cupbop operates not only in the U.S. with storefronts, food trucks, and franchises in Utah, Idaho, Arizona, Colorado, Nevada, Oklahoma, and Texas but also has over 100 locations in Indonesia.

As mentioned on their YouTube channel, Cupbop’s sales have now surpassed $40 million. To support their fast expansion and future plans, they have also partnered with a technology company. Thus, the deal proved to be of great consequence for Mark Cuban.

Conclusion

The Cupbop brand not only made an impression on the show by getting deals from all the sharks but also made significant growth internationally. The brand proved to be a delicious, affordable Korean meal provider in a cup with a high level of hospitality for their customers, which truly stands them out.