CoinOut appeared on Shark Tank in Season 9, Episode 22, which aired on February 25, 2018 . The founder, Jeff Witten, presented his app, which allows users to scan receipts from any retailer to earn cash back.
Here’s a summary of CoinOut’s Shark Tank appearance:
- Pitch: Witten initially sought $250,000 for a 7.5% equity stake in his company, valuing it at approximately $3.33M.
- Negotiation: The Sharks expressed some reservations about CoinOut’s business model and its ability to compete with larger companies. However, Robert Herjavec recognized the potential of the concept and Witten’s background.
- Deal: Herjavec offered $250,000 for a 15% equity stake, contingent on a successful pilot program with a large retailer. Witten accepted this revised offer.
- The deal with Robert Herjavec did not materialize after the show.
- Despite this, CoinOut continued to grow and thrive, accumulating 1.5 million users by 2021.
- CoinOut was acquired by IRI Worldwide, a large data analytics company, in March 2021.
- According to the founder, they had to pivot their business model and marketing multiple times to achieve this success, [according to his Medium post].
Is CoinOut successful after Shark Tank?
Yes, CoinOut has been quite successful after its appearance on Shark Tank. It gained significant exposure from the show and has since grown its user base and revenue.
Who acquired CoinOut?
From my experience, CoinOut’s acquisition details
CoinOut got acquired by IRI on May 05, 2021.