The Cupbop restaurant chain is famous for introducing South Korean barbecue to Utah. It was originally a simple food truck, but the company is now in seven states. The founders Jung Song and Dok Kwon came to the shark tank and reached a transaction with billionaire Mark Cuban. Today, Cupbop is estimated to be worth $ 100 million.
Founder
JUNGHUN Song and Dok Kwon are Koreans who immigrate to the United States. They settled in Salt Lake City, Utah. Although the two of them are the public faces behind the brand, Song is the person who puts forward the idea of a cup.
He knew very little about the song, but he married Yeiri Kim. On the other hand, Dok Kwon has been living in the United States since the age of 11. Earlier, he served as hedge fund manager in New York City for seven years.
As the worshipers of his culture, he became the real fan of Jung Song startup. Kwon met the song after becoming an ordinary customer of his food truck in the early days.
Build a cup
In 2013, after learning that there was Korean cooking at the Utah State Food Festival, Jung Song founded Cupbop to provide services for street food -style Korean barbecue. His two friends helped him buy the first food truck.
Two years later, the company expanded by purchasing more trucks and opening a restaurant near Yang Kowham University near PROVO. In order to develop a company, Jung's team organized a marketing plan for community gatherings and sponsorship.
In 2019, Dok Kwon officially joined Jung Song and became the CEO of Cupbop. In 2020, the company has about 30 stores in the United States, earning about $ 10 million per year.
The appearance of the shark tank
Cupbop is known as the best food truck company in Utah. However, to develop into a national brand, Jung and Dok require the help of experienced investors. In 2022, these guys appeared in the 13th season of the shark tank, providing a $ 1 million of a return with a 3 % equity.
Shark likes the product and the company has grown since its establishment. The shark eager to invest, and soon began a bidding battle.
Dang Lori Greiner and Barbara Corcan joined forces to require 5 % of the price of $ 1 million and 8 % of interest, Mark Cuban began to take action. Entrepreneurs eventually agreed to provide 5 % equity of $ 1 million in Cuba. They only presented two percent of the initial plan.
After the shark tank
When Cupbop appeared on the shark tank, they had 36 stores in the United States, 6 food trucks and many stalls, including the Utah Jazz NBA Arena. The business now has more than 60 stores. Recently, they opened locations in Texas.
After the plot was broadcast, thousands of people sent emails to Korean barbecue companies via email. Cupbop plans to achieve its business global through strategic marketing and strategy.
Cupbop has more than 100 locations in Indonesia and seven states in the United States. This is the main factor to help restaurant chain more than $ 25 million in 2021. In 2024, the annual income reached $ 34 million, and its valuation was $ 100 million. At present, they have 64 locations in the United States.
Categories: Shark Tank
Source: svlsf.edu.vn