San Francisco-based online dating app Coffee Meets Bagel (CMB) has raised $12 million in Series B funding round led by UK-based venture capital firm Atami Capital. Existing investors with participation from GingerBread Capital, DCM Ventures, Wi Harper and Quest Venture Partners also participated in this round.
With this additional fundraising, the company has raised nearly $20 million since 2012. In February 2016, Coffee Meets Bagel had raised $7.8 million in a round led by DCM Ventures.
The company plans to use the newly raised funds for international expansion, development and product innovation.
Founded in 2012 by three sisters Dawoon, Arum and Soo Kang, who were inspired to create a dating app that was more woman-centric. Coffee Meets Bagel curates quality matches with fuller profiles that result in real conversations. It was named as one of the Top 10 Dating apps by Time Magazine and the Best Dating App for Women by Refinery29. The app is free to download for iOS and Android user.
Commenting on the development Arum Kang, co-founder and co-CEO of Coffee Meets Bagel said, “These funds have been earmarked for growth and innovation as we continue to execute on our ambitious goals of getting singles worldwide to share and connect authentically, both via our app and offline.”
The partnership with Atami Capital enhances international knowledge and connections as CMB begins to identify opportunities in markets beyond the U.S. for 2018.
“We’re excited for the next phase of Coffee Meets Bagel and are pleased to have some wonderful international and female investors on board. Given our focus on female experience, it was very important that we have a female perspective at the investor level,” Kang added.
In India, youth between the 18-34 age group use dating apps to connect with other like-minded individuals looking for romantic relationships or for the purpose of growing their social network. Besides CMB, other popular dating apps such as Tinder, Happn and TrulyMadly are being used by many Indians. As in result, Tinder witnessed a 400 percent increase in downloads in the country in 2014.