Biography of Junghun Song: Founder & CEO of Cupbop -Entrepreneur
Biography of Junghun Song:
Passion for Korean Food
In 2013, Junghun Song, originally from Korea, noticed
something missing at a Utah food convention—there were no Korean food options.
Driven by the belief that Korean cuisine had all the ingredients to appeal to
people worldwide, Song decided to take action. With a deep passion for his
cultural food, he teamed up with friends and started a food truck selling
delicious Korean dishes, quickly gaining the attention of many.
From Food Truck to Storefront
The food truck, named Cupbop, became an instant hit,
traveling across Utah and serving hundreds of customers who were eager to taste
authentic Korean flavors. The truck offered four main dishes, each with a
variety of sauces ranging from sweet to spicy, gaining a loyal following. After
its success, a seasoned restaurateur helped them transition into their first
physical storefront, expanding their reach even further.
The Birth of Cupbop
Cupbop is a concept that revolutionized Korean food by
serving it in a cup. The name “bop” (ë°¥) means “steamed rice” in Korean,
and the food was designed to be portable yet flavorful. The early slogan,
“SHHH... JUST EAT!” encouraged people to dive right into their meals without
hesitation, and the company was built on the premise that Korean food could
have broad global appeal.
A Dream to Take Over the World
From the beginning, Song had grand dreams for Cupbop. He
knew that Korean food had the potential to go global, and he was determined to
bring the flavors of Korea to the world. Cupbop wasn't just about food; it was
about introducing people to a new culture and new flavors, encouraging them to
learn more about Korea.
From Food Truck to Franchise
By 2020, Cupbop had grown significantly, evolving from a
single food truck into a chain of 27 brick-and-mortar locations. This expansion
was only possible with the help of Song’s friend, Dok Kwon. Kwon, a hedge fund
investor who was one of the first Cupbop customers, was so impressed by the
concept that he decided to join forces with Song and help scale the business.
Entering the Shark Tank
In May 2022, Junghun Song and his business partner Dok Kwon
appeared on Season 13 of Shark Tank. They entered the tank asking for a $1
million investment for 3% of the company, hoping to boost their brand's
national presence. The duo aimed to follow in the footsteps of fast-growing
chains like Panda Express, which had dominated the quick-service Asian
restaurant scene.
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Impressive Sales and Growth
Cupbop had already seen impressive sales, with predictions
for the year reaching $18.7 million. They sold each dish for $8 to $10, with
costs between $1.80 and $2.50, leaving them with a strong 75% gross margin. The
business thrived during the pandemic by adapting to takeout and delivery
services, showing resilience even in challenging times.
Shark Tank Reception
The Sharks were impressed by Cupbop’s numbers, as well as
the quality of their Korean barbecue dishes. Kevin O'Leary, nicknamed
"Chef Wonderful," was especially enthusiastic, stating that Cupbop
was one of the best food concepts he had ever tried on the show. With spicy
beef, pork, and sweet potato noodle dishes, the product was a hit, and the
Sharks saw the potential in the brand.
Multiple Offers from the Sharks
All five Sharks made offers to the Cupbop team. Kevin
O'Leary proposed a $1 million loan for 3% of the company, while Barbara
Corcoran offered the same amount for 30%. Robert Herjavec's offer was for $5
million in exchange for 28%, valuing the business at $18 million. Mark Cuban
and Barbara Corcoran also teamed up, offering $1 million for 5%. After some
negotiation, the duo accepted Cuban’s offer for 5% equity in exchange for the
investment.
A Partnership with Mark Cuban
Mark Cuban’s involvement in Cupbop was a huge milestone for
the business. With his expertise in scaling companies, especially in the
restaurant industry, Cuban was poised to help Cupbop expand its reach
nationally. Cuban’s influence could potentially turn Cupbop into a household
name, reaching more cities and expanding their customer base.
Continuing the Expansion
Despite the challenges of the pandemic, Cupbop continued to
grow steadily. By the end of 2022, the brand had opened 42 stores across states
like Utah, Idaho, Arizona, Colorado, Nevada, and Oklahoma. With a successful
model in place, the company also began focusing on franchising, with plans to
bring their Korean food concept to even more cities and states.
Going Global
In addition to its U.S. expansion, Cupbop had already begun
expanding internationally. By late 2022, the brand had over 130 locations in
Indonesia, where the Korean food craze was catching on. This global presence
signaled that Cupbop was becoming an international brand, offering Korean
barbecue to customers worldwide.
The Ongoing Journey
Though Cupbop had experienced substantial growth, there was
still a long journey ahead. As they continued to expand in the U.S. and
internationally, Song and Kwon worked to maintain the brand’s authenticity and
quality. Their goal was to make Cupbop a recognizable name in the world of fast
casual dining, serving up delicious Korean cuisine in a convenient, fun way.
A Bright Future for Cupbop
With the backing of Mark Cuban and a proven track record of
success, Cupbop’s future looked bright. The brand’s strong growth trajectory,
loyal customer base, and unique food offering positioned it for continued
success. As they looked to build on the momentum from Shark Tank, Song and Kwon
remained focused on their ultimate goal—to introduce the world to the flavors
of Korea.
Timeline for story
2013: Junghun Song starts a food truck, Cupbop, after
noticing a lack of Korean food options at a Utah convention.
2014: Cupbop food truck becomes a hit in Utah, offering
Korean dishes in a cup.
2017: Cupbop opens its first physical storefront with the
help of a seasoned restaurateur.
2020: Cupbop expands to 27 locations, growing into a chain
with the help of investor Dok Kwon.
May 2022: Song and Kwon appear on Shark Tank, seeking $1M
for 3% of the company.
2022: Cupbop receives offers from all five Sharks and
accepts Mark Cuban’s offer for 5% equity.
End of 2022: Cupbop opens 42 stores across six U.S. states
and begins franchising.
Late 2022: Cupbop expands internationally, opening over 130
locations in Indonesia.
2023 and beyond: Cupbop continues to grow both in the U.S.
and globally, backed by Mark Cuban
