The Cupbop restaurant chain is known for introducing Korean barbecue to Utah, United States. It started out as a simple food truck but the company is now in seven states. Founders Jung Song and Dok Kwon came on Shark Tank and got a deal with billionaire Mark Cuban. As of 2024, Cupbop is worth an estimated $100 million.
The Founders
Junghun Song and Dok Kwon are Korean natives who immigrated to the US. They settled down in Salt Lake City, Utah. Although the two of them are the public faces behind the brand, Song was the one who came up with the idea for Cupbop.
Not much is known about Song but he is married to Yeiri Kim. On the other hand, Dok Kwon has lived in America since the age of 11. Previously, he worked as a hedge fund manager in New York City for seven years.
As an admirer of his culture, he became a genuine fan of Jung Song’s startup. Kwon got to know Song after becoming a regular customer at his food truck in the early years.
Establishing Cupbop
In 2013, after learning that Korean cooking was available at a Utah food festival, Jung Song founded Cupbop, serving street-food-style Korean barbecue. Two of his friends helped him buy the first food truck.
Two years later, the firm expanded by acquiring more trucks and opening a restaurant close to Brigham Young University in the city of Provo. To grow the company, Jung’s team organized community gatherings and sponsored marketing initiatives.
In 2019 Dok Kwon officially joined Jung Song and became the CEO of Cupbop. In 2020, the firm had about 30 store locations in the US, making about $10 million annually.
Shark Tank Appearance
Cupbop was hailed as the best food truck enterprise in Utah. However, to develop into a national brand, Jung and Dok needed help from seasoned investors. In 2022, the guys appeared on season 13 of Shark Tank, offering $1 million in return for 3% equity.
The Sharks loved the product and how much the company had grown since its inception. The Sharks were eager to invest and a bidding war soon started.
When Lori Greiner and Barbara Corcoran teamed up, asking for 5% for $1 million and 8% interest, Mark Cuban jumped into action. The entrepreneurs ended up agreeing to Cuban’s offer of $1 million for 5% equity. They only gave away two percent more than initially planned.
After Shark Tank
When Cupbop appeared on Shark Tank, they had 36 stores in the US, six food trucks, and a number of stands, including one in the Utah Jazz NBA Arena. Now, the business has over 60 stores. Most recently, they opened locations in Texas.
After the episode aired, thousands of people emailed the Korean barbeque company. Cupbop is planning to take its business global through strategic marketing and strategy.
Cupbop has over 100 locations in Indonesia and are in seven states in the US. This was a major factor in helping the restaurant chain surpass $25 million in sales in 2021. In the future, that figure will grow along with its $100 million valuation. Currently, Cupbop is doing over $18 million in annual revenue.
