‘Shark Tank’: Mark Cuban lands cope with Utah’s Cupbop. What’s subsequent?

The Korean BBQ was too spicy for Mark Cuban’s liking — however that didn’t preserve him from putting a cope with Cupbop.

Utah’s Cupbop not too long ago went on ‘Shark Tank’

The Utah-based restaurant, which started as a meals truck in 2013, not too long ago appeared on “Shark Tank” and impressed the entire buyers with its meals — businessman Kevin O’Leary stated the combo of candy potato noodles, beef and spicy pork was top-of-the-line meals ideas he’d ever tried on the present.

And Cupbop house owners Jung Song and Dok Kwon had the numbers to again it up.

Before the pandemic, they informed the 5 “Shark Tank” buyers, Cupbop introduced in lower than $10 million, in accordance with CNBC. Most not too long ago, over a 12-month interval, Cupbop generated $18.7 million in income.

“And during a COVID year, when people were not going out to restaurants,” Lori Greiner stated in amazement. “So how did you do that?”

Kwon, who left an funding banking profession in New York to work for Cupbop, informed the buyers that like all eating places, Cupbop needed to shut down eating through the pandemic and depend on takeout and supply. But by that effort, the restaurant’s similar retailer gross sales went up 9% through the pandemic.

“So that worked better for you, actually?” Greiner stated.

Cupbop owners Jung Song and Dok Kwon recently appeared on “Shark Tank.”

Cupbop house owners Jung Song and Dok Kwon not too long ago appeared on “Shark Tank.”

The pair then shared a few of their background with the buyers — Kwon was an early buyer of Cupbop, when it first operated as a single meals truck at Salt Lake City’s Gallivan Center.

“I would’ve never expected that I’d get involved with food,” he beforehand informed KSL. “But this is probably the only food that I ever would’ve gotten involved with.”

And then the bidding conflict commenced.

Song and Kwon’s pitch: 3% of the corporate for $1 million.

The “Shark Tank” buyers countered with a variety of presents: O’Leary stated he’d take the three% fairness and provides Cupbop a $1 million mortgage with 10% curiosity over three years; Barbara Corcoran supplied $1 million for 30% of the corporate; Robert Herjavec pitched $5 million for a 28% stake within the firm; and Greiner supplied $1 million with 8% curiosity and a 5% stake.

Through all of it, Cuban was surprisingly quiet.

“Mark, what are you doing?” Herjavec requested after everybody else had put their presents on the desk.

“I love the business. I love the product,” Cuban responded. “I love the fact that you can make it a healthy alternative. But what I’m hearing, and tell me if I’m wrong, you’ve got the operations down but you need someone to propel you in terms of marketing and PR.”

“That’s exactly right,” Kwon stated.

“Just to be able to have a national presence, so when people talk about Cupbop, then people say, ‘Yeah, I know it,’ and I think I can provide that better than anybody,” continued Cuban, who owns the Dallas Mavericks. “Because I do have that national platform and I can get word out there better.”

And then Cuban made his supply: $1 million for a 7% stake within the firm.

“And my commitment is, though, I can help you just scale this thing in terms of visibility and PR,” he stated.

It was that final deal that appealed to Song and Kwon probably the most. After somewhat backwards and forwards, the pair and Cuban in the end settled on a $1 million mortgage with a 5% stake within the firm.

“America is truly the land of opportunity,” Kwon stated instantly after making the deal, in accordance with CNBC. “It’s a huge milestone for us, so I could honestly not be happier.”

“My dream with Cupbop has always been to take it to the moon,” Song beforehand informed KSL. “We want everyone in the universe to try Cupbop.”

What’s subsequent for Cupbop?

Since Cupbop’s look final week on “Shark Tank,” the restaurant has obtained hundreds of emails and messages, and generated consideration on Divvy billboards, in accordance with its Facebook web page.

The firm additionally not too long ago celebrated its ninth anniversary, promoting over 36,000 bowls. Following “Shark Tank,” Cupbop is now specializing in its U.S. growth, in accordance with KSL.

“Thank you. UTAH !!!!” the corporate wrote on Facebook. “This is a miracle that started with a little tiny trailer. This company, born in UT and being loved in a few other states including ID, NV, CO, AZ, and OK, doesn’t exist without you. All of your hearts raised our brand this far.”

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