Franchising

Korean barbeque concept raises $10M for expansion

November 29, 2022

Cupbop, a fast casual Korean barbeque concept founded in 2013 as a food truck in Salt Lake City, is ready to expand its American footprint. It has 130 locations in Indonesia and 42 in the U.S. and has raised $10 million to accelerate openings in the U.S., according to a company press release.

The chain has named Dok Kwon, who previously held positions at Goldman Sachs and Citadel in New York City, as chief operating officer.

"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," he said in the release. "We look forward to building on the momentum we have seen so far and continue to bring delicious Korean barbeque to more cities."

Cupbop will open at least five locations by year's end and is seeking multi-unit franchisees. Including the franchise fee, the initial investment for a Cupbop franchise is $300,000-650,000.