Here's how this 'Shark Tank' CEO went from one food truck to a $1 million investment offer from Mark Cuban. (via CNBCMakeIt)
Cupbop business partners Jung Song and Dok Kwon on Monday's episode of ABC's "Shark Tank."Jung Song and Dok Kwon, both Korean immigrants, say they're living the American dream., started out of a food truck in 2013. Today, it's a restaurant operation with 36 locations across six U.S. states — and more than 100 locations in Indonesia — that recently brought in $18.
Cupbop's business model is simple: It sells $8 to $10 bowls of Korean barbeque. The company still operates some food trucks, but the bright-yellow-and-black vehicles are more for marketing than income. The pandemic's takeout craze elevated Cupbop's sales — prior to 2020, the company made less than $10 million per year, Song and Kwon said.ABC/Christopher Willard
Then, Robert Herjavec upped the ante, offering $5 million for 28% of Cupbop. Herjavec said he felt particularly compelled by Kwon's immigration story: Kwon's parents sent him and his older brother to live with a family in Utah when they were children, so they could seek opportunity in America. "I love the business, I love the product," Cuban said. "You've got the operations down, but you need someone to propel you in terms of marketing and PR and just to be able to have a national presence ... I can provide that better than anybody."
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