This article is about Cupbop Net Worth and Other Information. Cupbop, stylized as CUP-BOP, is a fast-casual restaurant chain. It operates in the United States and Indonesia.
They specialize in serving street-food-style Korean barbecue. This style of cuisine is also known as cup-bap.
The Cupbop restaurant chain introduced Korean barbecue to Utah, USA. Initially a food truck, it has grown to over a hundred locations nationwide. Founders Jung Song and Dok Kwon secured a deal. This deal was with billionaire Mark Cuban on Shark Tank.
Introduction The Cupbop
In 2013, Junghun Song founded Cupbop. He did so after noting the absence of Korean cuisine at a Utah food convention. With two friends, they started from a 20-year-old food truck, becoming founders and part-owners.
By 2015, Cupbop expanded, adding more food trucks and a restaurant near Brigham Young University. Their distinctive branding and social media presence made them popular, especially around the BYU campus. Local events and marketing campaigns were used to drive growth.
Since its inception, Cupbop has opened 30+ stores across the U.S., with sales exceeding $25 million. They gained recognition in the restaurant industry. This recognition included earning a spot in Yahoo’s list of “27 of the Best Food Trucks in America.” Additionally, they were voted as the top food truck in Utah in 2021.
In May 2022, Cupbop’s owners appeared on Shark Tank. They were seeking $1 million for a 3% stake in the company. They reached an agreement with billionaire investor Mark Cuban. They sold him a 5% share for $1 million.
Junghun Song serves as the Founder and Chief Executive Officer of Cupbop. Dok Kwon is the brand’s Chief Operating Officer. His role involves managing the Korean BBQ In a Cup.
Junghun Song and Dok Kwon are originally from South Korea. They moved to Salt Lake City, Utah, in the United States. While they both represent the company, Song is credited with the creation of Cupbop.
The original founder remains a mysterious figure, with little information available. In contrast, Dok Kwon has shared that he has lived in America since he was 11. He previously worked as a hedge fund manager in New York City for seven years.
Kwon developed a deep appreciation for Korean culture. He became a loyal customer of Jung Song’s food truck during its early years. This connection eventually led to their partnership.
Establishing The Company Cupbop
In 2013, Jung Song noticed a gap in Utah’s food festival scene – no Korean cuisine. So, he launched Cupbop, a Korean barbecue street food concept. With the help of two friends, he acquired his first food truck.
Two years later, Cupbop expanded. They added more trucks and opened a restaurant near Brigham Young University in Provo. To boost growth, Jung’s team took action. They organized community events and implemented marketing campaigns.
Dok Kwon officially joined Jung Song in 2019 and took over as Cupbop’s CEO. By 2020, the company had expanded significantly. They had around 30 store locations in the US. These locations were generating an annual revenue of approximately $10 million.
As of 2023, they’ve expanded to six states. These states are Utah, Idaho, Arizona, Colorado, Nevada, Oklahoma, and Texas.
Cupbop Net Worth and Cupbop Shark Tank
|Company Name||CupBop Inc.|
|Cupbop Founder||Junghun Song and Dok Kwon|
|Cupbop Headquarters||Salt Lake County, Utah, United States|
|Cupbop Product||Cupbop American Fast Casual Restaurant Chain|
|Cupbop Asked for||$1 Million for a 3% Stake|
|Cupbop Final Deal||$1 Million for a 5% Stake|
|Cupbop Shark||Mark Cuban|
|Air Date||May 2, 2022|
|Episode||Season 13 Episode 21|
|Cupbop Type||Privately Held|
|Company size||201-500 employees|
|Cupbop Business Status||In business|
|Cupbop Net Worth||$15 million|
Cupbop Website, Instagram, and Other Social Media Profiles
|Social Media Site||Linked Destination|
|Cupbop Website||Click Here|
|Cupbop Facebook||Click Here|
|Cupbop Instagram||Click Here|
|Cupbop Twitter||Click Here|
|Cupbop YouTube||Click Here|
|Cupbop Linkedin||Click Here|
Cupbop Shark Tank Appearance
Cupbop earned the title of the best food truck business in Utah. To expand nationally, Jung Song and Dok Kwon sought help from experienced investors. In 2022, they entered season 13 of Shark Tank, offering 3% equity for $1 million.
The Sharks were impressed by the product and the company’s growth. A bidding war ensued, with Lori Greiner and Barbara Corcoran teaming up to ask for 5% equity and an 8% interest.
Mark Cuban joined the fray. The entrepreneurs ultimately accepted his offer. They agreed to give up $1 million for 5% equity, just 2% more than their initial plan.
Cupbop After Shark Tank | Cupbop Shark Tank Update
In the year Cupbop appeared on Shark Tank, they had 36 US stores. They also operated six food trucks and various stands, including one in the Utah Jazz NBA Arena.
After their Shark Tank episode, they received thousands of emails. Cupbop is now planning global expansion through strategic marketing.
As of now, they have about 100 locations in Indonesia. They also operate in six US states. This expansion played a pivotal role in their 2021 sales surpassing $25 million.
They project growth in sales and a company value of $15 million. Currently, Cupbop generates over $18 million in annual revenue.
Cupbop Net Worth
As of 2023, Cupbop net worth is estimated at $15 million.
Cupbop’s menu features steamed rice bowls. They offer various options like chicken, beef, pork, vegetables, and tofu. These bowls are served Korean barbecue style with rice and cabbage. They also serve Korean staples like mandu (dumplings) and kimchi.
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Cupbop has made a unique mark in the market. However, it faces competition from restaurants offering similar Korean-inspired cuisines such as Barbecue, KFC Korea, and Noodleist.
Yet, Cupbop’s distinctive flavors have played a role. Its convenient packaging has also contributed to its ongoing success, ensuring brand stability.
FAQ – Cupbop Net Worth
What is Cupbop’s net worth?
As of 2023, Cupbop’s net worth is approximately $15 million.
Who is the founder of Cupbop?
The Cupbop founders are Junghun Song and Dok Kwon.