Cupbop Net Worth 2023: Cupbop is a street food brand like Korean barbecue. It was on Shark Tank Season 13 Episode 21. This food is very tasty and full of energy.
This brand is a chain of fast-casual restaurants in the Mountain States of the U.S. In Shark Tank, the founder of this brand, Dok & Jung, asked for $1 million in exchange for 3% of his company.
Cupbop is a successful restaurant startup in the United States that serves Korean barbecue food. It is known for its unique taste.
Cupbop started in Salt Lake County, Utah, and from there it slowly started to grow. You can find out what time it is today in many places in the United States.
According to a report on Wikipedia, this company will have opened 36 stores and six food trucks in different places by February 2022.
The report from 2020 says that this chain of restaurants is worth $10 million.
There is a lot of competition in the restaurant franchise business, and it’s not easier to do well now than before.
There are a lot of big restaurant franchises that have just been valued at $1 billion or more. Some well-known brand names are McDonald’s 1MCD, Chipotle 2CMG, and Yum! Brands 3YUM.
If the restaurant chain wants to do well in business, it must first improve its food and business model.
| Company Name | CupBop Inc. |
| Founder | Junghun Song and Dok |
| Founded | 2013 |
| Product | Cupbop American Fast Casual Restaurant Chain |
| Asked For | $1 Million for a 3% Stake |
| Final Deal | $1 Million for a 5% Stake |
| Shark | Mark Cuban |
| Episode (Shark Tank USA) | Season 13 Episode 21 |
| Air Date | May 2, 2022 |
Cupbop Net Worth 2023
The Cupbop restaurant chain is known for being the first place in Utah, United States, to serve Korean barbecue. It started out as a simple food truck, but now the company has more than a hundred locations all over the country. Jung Song and Dok Kwon, who started the company, went on “Shark Tank” and made a deal with billionaire Mark Cuban. Cupbop is a Net Worth of about $15 million in the year 2023.
Who Is The Founder Of Cupbop?
Junghun Song and Dok Kwon were born in Korea and moved to the United States. They chose Salt Lake City, Utah, as their home. Even though they are the public faces of the company, Song was the one who first thought of Cupbop.
But not much is known about the person who started it all. On the other hand, Dok Kwon has said that he has lived in the United States since he was 11. He was a hedge fund manager for seven years in New York City.
He became a real fan of Jung Song’s startup because he liked his culture. Kwon met Song when he was a regular customer at Song’s food truck when they were both young.
Cupbop Before Shark Tank
Cupbop was started in 2013. The founder, Song, and two of his Korean friends sold it for the first time 20 years ago.
It was slowly getting bigger in the food business. By 2015, he had opened Food Trucks and a brick-and-mortar restaurant near Brigham Young University.
Slowly, he moved forward and kept his presentation on social media. After that, this business got a name. Right now, 24.3k people are following him on Instagram.
Cupbop held local events and advertising campaigns to help the business grow. Because of this work, he opened 21 stores all over the United States, and this store alone brought in $25 million.
By February 2022, they had closed all 35 stores and six food trucks in the US, which were in different places.
The company’s founder said that by 2020, he was making $10 million a year for the first time, and that amount was slowly going up.
Did Cupbop Get a Deal On Shark Tank?
Kevin said that Dok and Jung, the founders of Cupbop, did a great job with their presentation. These two friends asked the sharks for $1 million in exchange for 3% of their business. Based on this question, his company is worth $33.3 million.
What Happened To Cupbop After Shark Tank?
Cupbop had 36 stores in the US, six food trucks, and a number of stands, including one in the Utah Jazz NBA Arena, the year they were on Shark Tank.
The Korean barbeque company got a lot of emails after the episode aired. Cupbop is planning to expand its business worldwide by using strategic marketing and business planning.
At the time this was written, they had about 100 stores in Indonesia and six in the United States. This was a big reason why the restaurant chain had more than $25 million sales in 2021. This number will go up over time, just like the $15 million value of the company. Cupbop makes more than $18 million a year in sales right now.
Is CupBop Still In Business?
Since 2013, the Cupbop Restaurants franchise has been running in the United States, and it is slowly growing all over the country.
At the moment, between 100 and 5000 people work for this company, which is doing very well. The company is planning to add more counters to its store in the near future.
People are saying nice things about how good their food is, which is great for this business. Its main office is in Rexburg, Idaho, and he runs his big business from there.
As Jung & Dok has grown, it has given many people jobs, which is great for the economy of the country.
He wants to take his business outside of the US as soon as possible because there is so much competition in the restaurant business.
As of November 2022, CupBop is still in business.
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