Where Is Cupbop From Shark Tank Today?
Jung Song started Cupbop as a food truck in Utah in 2013, according to the Cupbop website. He wanted to showcase Korean food to the rest of the world since he was born and raised in South Korea. The food truck initially sold only four dishes, serving up Korean barbecue in a cup. Cupbop's meals were served alongside sauces ranging from one to ten on the spice scale — and Song is happy to serve up spiciness in between numbers, too.
After finding success as a food truck, Song opened his first storefront, thanks to some help from a restauranteur friend. According to The City Journals, Song was initially hesitant to open a physical location, but decided to take the leap anyway — and it paid off. In 2013, the company saw gross sales of $300,000 and were projected to reach over $10 million just four years later.
To promote the chain and get some extra funding, Jung Song and Dok Kwon approached the "Shark Tank" judges with an investment opportunity.
The brand went on Shark Tank for exposure
Jung Song and Dok Kwon headed to "Shark Tank" in Season 13, Episode 21, seeking investment in their company. They stated they wanted to be the first Korean brand to be invested in by the sharks. At the time of appearing on the show, the brand had 27 locations open and still used the food truck as a marketing tool (via YouTube). The two said their goal was to be one of the top 50 most popular quick-service restaurants in America, and they were seeking money to expand the franchise. The duo offered 3% of the company, in exchange for a $1 million investment.
Kevin O'Leary offered Song and Kwon the $1 million they sought as a loan, with a 10% interest rate, and he would also take the 3% stake. Barbara Corcoran wanted in but asked for a 30% stake in exchange for the money. Robert Herjavec decided to go above and beyond the original offer, suggesting a $5 million investment in exchange for 28%. Lori Greiner offered the $1 million as a loan with 8% interest and wanted a 5% stake. Mark Cuban offered advertising, along with the money for a 7% stake.
After some discussion amongst the Sharks, O'Leary lowered his interest rate, and Corcoran and Greiner both went in together to provide the $1 million loan for an 8% interest rate, splitting a 5% stake between the two of them. After some back and forth, Song and Kwon came to an agreement with Cuban for $1 million in exchange for a 5% stake.
The chain has found success since the show
MSN reports that since appearing on the show in early 2022, Cupbop opened nine more brick-and-mortar locations in the United States. The Cupbop website states that it currently has locations across Utah, Idaho, Nevada, Oklahoma, Arizona, and Colorado. The chain has also found success overseas — it has opened over 100 Cupbop restaurants in Indonesia.
The chain continues opening new restaurants, per its Facebook page, and offers special discounts in celebration of each grand opening. Customers can snag a bowl for as low as $5.99 on grand opening day, and even exclusive menu items — the Foothill, Utah restaurant opening sold 15 Korean Fried Chicken Sandwiches to some lucky customers.
The chain has also expanded its menu. In addition to Korean BBQ bowls, it now sells a variety of bowls featuring Korean foods. Customers can choose from fried tofu, Korean-style fried chicken, BBQ pork, veggies, and more. Customers can also complete their meals with a side of deep-fried potstickers or a bowl of kimchi.