Mr Cuban has previously made a $30million offer (£24.3million) offer for a dating app while appearing on ABC’s Shark Tank, the USA’s equivalent to Dragon’s Den. The business he put down the offer for was a company called Coffee Meets Bagels.
Founded by the Kang Sisters: Arum Kang, Dawoon Kang, and Soo Kang from San Francisco, California, the business is looking to change the dating scene for singles.
The trio appeared on Shark Tank to seek $500,000 (£406,000) for four percent of their quality dating service.
Alongside Mark Cuban were fellow Sharks and business titans Lori Grenier, Barbara Corcoran, Robert Herjavec and Kevin O’Leary.
The largest-ever offer in the show’s history appeared on the ABC show’s 13th episode of the sixth season.
Despite being impressed by the sisters’ product, the majority of the investors did not appear confident in the business enough to make an offer, except Mark Cuban.
Mr Cuban said to the businesswomen: “Let me ask you a question. If I offered you $30million (£24.3million) for the company, would you take it?”
This represents the largest offer made in Shark Tank history and came as a surprise to his fellow investors.
However, the entrepreneurs were not swayed by Mark Cuban’s generosity and shared their aspirations for their company.
One of the Kang sisters explained: “No, I would not take it. We see this business growing as big as Match.com.
“You know how much revenue they are generating? $800million (£648million) a year. They are becoming a $1billion dollar a year revenue company.
“We think this model, and the product, have the potential to become as big as Match.”
Following their rejection, Mark Cuban noted that the Cofee Meets Bagel founders “should feel confident”, however, he also pointed out perceived flaws in their thinking.
He added: “It’s a newer, ephemeral version of HotorNot, which is brilliant but I don’t know how protectable that is.
“I give you total credit and I think you guys have done some brilliant things. I don’t think the risk-reward is there. For me. I’m still out.”
After receiving no other offers from the Sharks, Arum Kang said: “While $30million may sound like a lot of money, you wait, Mr Mark Cuban, because this baby is going to explode.”
According to its website, Coffee Meets Bagel is for singles who are “ready for something serious and tired of wasting time”.
During their appearance on the show, the Kang sisters shared that they received interest in their company from one of the founders of Match.com.
The trio admitted to the Sharks that their profit at the time was negative due to the costs of paying developer salaries.
Accumulating other external investments, the sisters hoped to receive extra cash from Shark Tank to exacerbate growth.
Episodes of Shark Tank are on ABC at 8/7c and are available to stream via Hulu.
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