Cupbop Net Worth – Business is booming after Shark Tank!

The Cupbop restaurant chain is known for introducing Korean barbecue to Utah. It started as a simple food truck, but now the company operates in seven states. Founders Jung Song and Dok Kwon competed on Shark Tank and struck a deal with billionaire Mark Cuban. Cupbop is valued at $100 million by 2024.

Founder

Junghun Song and Dok Kwon are Korean immigrants to the United States. They settled in Salt Lake City, Utah. Although they are both the faces of the brand, Song was the one who came up with the idea for Cupbop.

There is not much information about Song, but he is married to Kim Ye-ri. On the other hand, Kwon-deok has lived in the United States since he was 11 years old. Prior to that, he worked as a hedge fund manager in New York City for seven years.

As an admirer of its culture, he became a loyal fan of Zheng Song’s startup. Mr. Quan got to know Zheng Song after becoming a regular customer of Zheng Song’s food truck in his early years.

Building Cupbop

In 2013, after learning about Korean food at a food festival in Utah, Chung-Song founded Cupbop, serving street-style Korean barbecue. Two of his friends helped him buy his first food truck.

Two years later, the company expanded, bought more trucks and opened a restaurant near Brigham Young University in Provo. To grow the company, Jung’s team organized community gatherings and sponsored marketing events.

Dok Kwon officially joined Jung Song as Cupbop’s CEO in 2019. In 2020, the company had about 30 stores in the United States and annual revenue of about $10 million.

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Shark Tank Appearance

Cupbop has been hailed as the best food truck business in Utah. However, to grow into a national brand, Jung and Dok needed help from experienced investors. In 2022, they appeared on Season 13 of Shark Tank and offered $1 million in exchange for a 3% stake.

The Sharks loved the product and how far the company had come since its inception. The Sharks were eager to invest and a bidding war soon began.

When Lori Greiner and Barbara Corcoran teamed up and asked for $1 million in exchange for 5% equity and 8% interest, Mark Cuban took immediate action. The two entrepreneurs eventually agreed to Cuban’s proposal of $1 million in exchange for 5% equity. They only gave 2% more than the original plan.

After Shark Tank

When Cupbop appeared on Shark Tank, they had 36 stores in the U.S., six food trucks, and a few stands, including one at the Utah Jazz NBA arena. Now the company has more than 60 stores. Most recently, they opened a location in Texas.

After the episode aired, thousands of people emailed the Korean barbecue company. Cupbop plans to take its business global through strategic marketing and tactics.

Cupbop has more than 100 branches in Indonesia and 7 states in the United States. This is the main factor that helped the restaurant chain achieve sales of more than $25 million in 2021. In the future, this number will grow with its $100 million valuation. Currently, Cupbop’s annual revenue exceeds $18 million.

Categories: Shark Tank
Source: dut.edu.vn

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