What happened after Cupbop's Shark Tank appearance and the chain's surprising expansion
After its Shark Tank appearance, Cupbop secured a $1 million deal and rapidly expanded into a national franchise valued at $200 million. Cupbop's journey began in 2022 when its founders, Junghun Song and Dok Kwon, pitched their Korean barbecue concept to the sharks. Originally starting as a food truck in Utah, the brand received the investment for 5% equity from Mark Cuban, a move that significantly boosted its growth trajectory.
Source: Facebook
TABLE OF CONTENTS
- Key takeaways
- Business profile
- Inside the Cupbop's Shark Tank pitch
- Breaking down the Cupbop's Shark Tank deals
- Cupbop's Shark Tank update: What happened after the show?
- Which Shark Tank episode was Cupbop on?
- What was the Shark Tank deal for Cupbop?
- Is Cupbop still successful?
- How much is Cupbop worth today?
Key takeaways
- Cupbop is a Korean barbecue chain founded in 2013 by Junghun Song as a food truck business.
- The company appeared on Shark Tank Season 13, Episode 21, which aired on 2 May 2022.
- Its founders, Junghun Song and Dok Kwon, entered the tank dancing and asked for $1 million for 3% equity, and all the sharks made offers.
- The business owners struck a deal with Mark Cuban for $1 million for 5% equity.
- Cupbop's growth has led to an increase in US locations and to international presence in Indonesia and Dubai.
Business profile
Company name | Cupbop |
Industry | Food and beverage |
Product | Korean-style barbecue meat, vegetables, and signature sauces |
Year of establishment | 2013 |
Founders | Junghun Song, Dok Kwon |
Headquarters | Salt Lake City, Utah, United States |
Shark Tank season and episode | Season 13, episode 21 |
Shark Tank air date | 2 May 2022 |
Business valuation at the time of appearance | $33.3 million |
Business valuation as of March 2026 | $200 million |
Sharks | Mark Cuban, Kevin O’Leary, Robert Herjavec, Barbara Corcoran, Lori Greiner |
Equity asked | $1 million for 3% equity |
Offer(s) | 4 |
Result | $1 million for 5% equity (Mark Cuban) |
Inside the Cupbop's Shark Tank pitch
The Cupbop pitch, which aired on 2 May 2022, began with an energetic dance by its founders. Dok Kwon made an introduction, creating a memorable start to the pitch.
There's one Asian concept in the top 50 restaurants. There's room for more. And we are next!
Junghun Song, the initial founder, added;
K-pop, K-drama, and K-movies are taking over. Now it's time for K-food to take over the world!
Source: Facebook
The founders then served the sharks samples from their Asian cuisine restaurant, which immediately impressed them. They then elevated the pitch from simply flavourful to impressive. Have a look at their numbers at the time of the pitch.
Production cost per cup | $1.80–$2.50 |
Selling cost per cup | $8–$10 |
Profit margin | 75% |
Annual revenue | $33.3 million |
U.S. locations | 27 stores with 10 more to be set up in 2022 |
International locations | Indonesia |
Breaking down the Cupbop's Shark Tank deals
In a rare Shark Tank moment, each investor at the table made an offer. After an intense back-and-forth negotiation, the founders demanded 4.5% from Mark Cuban, and they agreed on 5%. Here is exactly what was on the table, as per Shark Tank Blog;
Kevin O'Leary | $1 million as a loan at 10% annual interest, with 3% equity as collateral |
Barbara Corcoran | $1 million for 30% of the business |
Robert Herjavec | $5 million for 28% equity |
Lori Greiner | $1 million as a loan at 8% annual interest, with 5% equity |
Lori Greiner and Barbara Corcoran (joint offer) | $1 million loan for 5% equity |
Mark Cuban | $1 million for 7% equity with national PR reach |
Cupbop's Shark Tank update: What happened after the show?
The company experienced an immediate boom after its appearance, much like food companies that appeared on the show, such as Numilk. In the days and weeks after the episode aired, the company experienced a sharp spike in website traffic, social media following, and in-store customers.
In December 2022, the Cupbop team announced a development in their franchising efforts in a press release statement by the COO, Dok Kwon.
Cupbop's national growth so far has been incredible. And I'm excited to use my passion and knowledge to help our franchisees find success within the Cupbop brand. We look forward to building on the momentum we have seen so far and continuing to bring delicious Korean barbecue to more cities.
Source: Facebook
At the end of 2022, the company had expanded its presence with 42 stores across the US, with locations in Utah, Idaho, Arizona, Colorado, Nevada, and Oklahoma. Internationally, they had over 130 locations in Indonesia.
In 2023, the company partnered with tech company Qu as its full-stack developers, providing online ordering, POS, and delivery integrations. On 16 June 2023, the company's Korean party in a cup concept brought over 3,000 customers to their Roy, Utah, store's grand opening.
The company's aggressive growth plan extended its global footprint further to include more locations in Asia and the Middle East. In July 2025, Cupbop UAE opened a location inside Dubai's Ibn Battuta Mall. Other locations in the UAE include the Jumeirah Beach Residence (JBR) and Deira City Centre.
Source: Facebook
In an interview with Utah Business, Junghun Song, the company's initial founder, revealed his aspirations for the company that began in a cramped food truck.
When I opened our first truck, I knew I wanted to go bigger. Taking Cupbop to the moon was an early slogan of ours. But I didn’t know how to do it. It was just a dream. When Dok Kwon joined Cupbop as president and COO, he gave us the structure we needed by hiring the right people who implemented the necessary systems and training tools.
2024 marked a shift in Cupbop's growth as consumer feedback began to notice a shift in quality. In a Reddit thread, customers complained of inconsistent food quality, shrinking portions, and declining consistency in taste and service.
Which Shark Tank episode was Cupbop on?
Cupbop appeared on Shark Tank Season 13, Episode 22. The episode aired on 2 Monday 2022 from 9:01 pm to 10:01 pm EDT on ABC. The investors present in the episode were Kevin O’Leary, Robert Herjavec, Barbara Corcoran, Lori Greiner, and Mark Cuban, who won the deal. Today, the episode is still available on Hulu, ABC.com, YouTube, Amazon Prime Video, and Disney+.
What was the Shark Tank deal for Cupbop?
The company received multiple offers from all the sharks present. Its founders settled on Mark Cuban's $1 million for 5% equity with an additional offer of national PR reach. However, according to Food Republic, it is not clear whether the deal went through.
Is Cupbop still successful?
Cupbop ranks high among some of Shark Tank's successful products. It expanded from a Utah food truck to over 60 locations in Utah, Idaho, Arizona, Colorado, Nevada, Oklahoma, and Texas, as well as international locations in Dubai and Indonesia.
How much is Cupbop worth today?
As of March 2026, Cupbop is valued at approximately $200 million. This follows a rapid growth from its $33.3 million valuation during its Shark Tank appearance in 2022.
Cupbop's Shark Tank appearance accelerated its growth and drove it from a national company to an international food and beverage company. Today, the company that has a $200 million valuation has more than 60 US locations and 220 stores in Indonesia and Dubai.
Legit has recently published an article assessing the status of Crispy Cones after their appearance on Shark Tank. Crispy Cones is a fast-growing dessert company located in twelve states, earning about $1 million in annual revenue.
At the end of their pitch, the company secured a $200,000 deal for 20% equity with Barbara Corcoran. Read on to discover how the product has been faring after its Shark Tank pitch.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
