Jung Song and Dok Kwon want the Sharks to bite on CupBop, their global Korean barbecue restaurant chain, in Shark Tank episode 1322. Song started the business with a single food truck in 2013 and grew it to ten brick and mortar locations. Kwon was a customer and grew to know Song over the years. Eventually, Kwon went off to be an investment banker in New York for seven years, but he grew restless with his career.
Kwon approached Song and asked if he’d like a partner. He felt his financial experience would be an asset and they could take the restaurant concept global. Kwon is now the COO of the growing company.
Both Kwon and Song want to take their concept nationwide in the USA and expand globally. Will the Sharks help them achieve their goal?
About CupBop
| Category | Details |
| Founder (Plural if multiple) | Jung Song and Dok Kwon |
| Product Type | Korean barbecue restaurant chain |
| Funding (Pre-Shark Tank) | Self Funded |
| Investment Asked | $1 million |
| Equity Offered | 3% |
What Happened on the Shark Tank Episode?
Jung and Dok enter the Shark Tank doing a very animated dance to introduce their business. They tell the Sharks there is only one Asian food concept in the nation’s top 50 restaurant brands and they say they’re next.
They’re seeking $1 million for 3% of their business. The Sharks are aghast. As the Sharks eat their samples, they are impressed with the food. Mark thinks it’s hot but the other Sharks love it.
Kevin tells the entrepreneur that they have had many food products on Shark Tank & that CupBop is one of the best he has ever tried!
- One cup costs $1.80-$2.50 to make and they sell for $8-$10.
- Trailing 12 month revenue for all their stores is $18.7 million. The Sharks are impressed.
- They have 27 brick and mortar stores.
- In the last five years they did $7 million, $8 million, $9 million, $10 million and they’ll do $20 million this year (2021).
- During the Covid-19 pandemic, they grew same store sales 9%.
What Makes CupBop Unique?
The pair grew the business to have 36 brick and mortar stores in Utah, Idaho, Arizona, Colorado, Nevada, Oklahoma and over 100 CupBop stores in Indonesia.
- The food is Korean Barbecue standards like pork, beef, chicken and veggies served in a large cup.
- Sides include dumplings, Kim Chi and noodles.
- The restaurants are loud and boisterous, a nod to the early days of the business when Song did breakdancing to attract attention to his truck.
Also read Cup Bop – Korean Barbecue for more information.
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Did CupBop Get a Deal on Shark Tank?
They tell about their respective backgrounds and how they became partners. The pair owns half the business and his co-founders, who sold out to equity investors. They talk about how they haven’t raised money. They want to go to 2000 stores nationwide with a Shark and be the first Korean national brand. Dok tells how he came to America.
- Robert doesn’t like the valuation. The guys tell him the growth rate is driving the valuation.
- Kevin loves everything about this business. He offers a $1 million loan at 10% interest for 3% of the company.
- Barbara offers $1 million for 30% of the business.
- Robert offers $5 million for 28% of the company.
- Then, Lori and Barbara team up with a $1 million loan for 5%.
- Mark says he can drive PR for the company, he offers $1 million for 7%.
The guys counter Mark’s offer with 4.5% and they eventually settle on $1 million for 5% equity.
What Happened to CupBop After Shark Tank?
\The first rerun of this episode in August, 2022, is just three months after the original air date. As of this time, there is no evidence the deal with Mark closed. Since the original air date, the company has added 10 new locations. They are on target to top $25 million in sales for 2022. They also opened up to franchising.
It appears the deal with Mark did not close. As of August, 2023, the company has 54 USA locations. Annual revenue is over $20 million, lifetime revenue is over $150 million and the company is valued at $180 million. CupBop is aiming to be the first national Korean Barbecue chain. By July, 2024, they were up to 64 USA locations with a 65th planned for Auburn, Alabama later this year. Annual revenue at this time is $34 million and the business is valued at $200 million.
The Shark Tank Blog will follow-up on CupBop & Jung Song and Dok Kwon as more details become available.
Where Can You Buy It?
You can get the tasty Korean food from CupBop stores, or you can buy it from their website as well and enjoy exciting offers. Check out their Facebook/ Instagram for more information.
Quick Summary
- Jung Song and Dok Kwon pitched CupBop, a Korean barbecue restaurant chain, seeking $1 million for 3% equity.
- The company has grown from a single food truck in 2013 to 54 locations in the U.S. and over 100 in Indonesia.
- The two entrepreneurs closed a deal with Shark Mark on screen.
More products from this episode! Check out other businesses that participated alongside CupBop.
