Cupbop Korean Barbecue Update | Shark Tank Season 13
The quick-service market lacked more Asian choices, which led Jung Song and Dok Kwon to start Cupbop.
This Korean barbecue restaurant now has over 27 locations and uses food trucks for marketing.
Their sales will impress the sharks, but which will take a bite during the Shark Tank Season 13 pitch? Keep reading for our Cupbop update to learn more.
If you’re in a hurry, here’s a summary of Cupbop’s journey after Shark Tank!
Jung Song and Dok Kwon appeared on Shark Tank Season 13 and secured a deal with Mark Cuban for $1 million in exchange for 5% equity.
As for the Cupbop update, the business is thriving, with over $40 million in sales. They have locations in seven U.S. states and more than 100 locations in Indonesia.
| Investor | Offer Details |
| Lori Greiner | $1 million loan at 8% interest and 5% equity |
| Kevin O’Leary | $1 million loan at 10% interest with 3% equity as collateral |
| Mark Cuban | $1 million for 5% equity |
| Barbara Corcoran | $1 million for 30% equity |
| Robert Herjavec | $5 million for 28% equity |
Cupbop Update from Shark Tank
- Entrepreneurs: Jung Song and Dok Kwon
- Business: They offer quick-service Korean barbecue in a cup
- Ask: They requested $1 million for 3% equity
- Result: They secured $1 million for 5% equity
- Investor: Mark Cuban
Jung Song and Dok Kwon moved from Korea to the U.S. to build a successful business.
They founded Cupbop, a fast-casual Korean barbecue restaurant that serves flavorful, grab-and-go dishes.
Cupbop’s Growth Before Shark Tank
At the time of filming, Cupbop had already operated for eight years. The company experienced rapid growth, generating $18.7 million in sales the previous year.
Their business included food trucks and over 27 physical locations across the southwest U.S., with plans to expand further.
Shark Tank Pitch and Offers
Jung and Dok impressed the sharks with their pitch and food.
The sharks loved the flavors, and Kevin O’Leary called it the best product he had ever tried on Shark Tank.
Investment Offers from the Sharks
- Kevin O’Leary gave a $1 million loan with 10% interest, taking 3% equity as security.
- Barbara Corcoran invested $1 million in exchange for 30% equity.
- Robert Herjavec offered $5 million for 28% equity, giving more money but valuing the business lower.
- Lori Greiner provided a $1 million loan with 8% interest and received 5% equity.
- Barbara and Lori gave a $1 million loan for 5% equity in return.
- Mark Cuban: $1 million for 7% equity and scaling expertise.
Jung and Dok countered Mark’s offer at 4.5% equity, but Mark held firm at 5.5%.
They negotiated again at 5%, and Mark agreed. Despite multiple offers, Cupbop secured a deal with Mark Cuban.
Cupbop’s Success After Shark Tank
Since appearing on the show, Cupbop has expanded significantly. They have opened nine new locations, with more on the way.
Their U.S. operations include food trucks and franchises in Utah, Idaho, Arizona, Colorado, Nevada, Oklahoma, and Texas.
Additionally, they now run over 100 locations in Indonesia.
The Cupbop YouTube channel reports that the company has surpassed $40 million in sales.
They have also partnered with a tech firm to manage their rapid expansion and future goals.
What’s Next for Cupbop?
In 2023, Cupbop celebrated ten years in business. With Mark Cuban’s support and their continued growth, the next Cupbop update will likely bring even more exciting news.
