Shark Tank Recap: “Tinder for Tennis” app networks deal with Glen Richards, but it wasn’t meant to be


Come face to face with the sharks in last night’s episode of Channel Ten Shark aquarium were the creators of a hassle-free weedkiller, ten-way collar, and hair thickener.

The first two companies came out of the tank with a deal in hand, as did “Smiley” Sam Begg and his social tennis app Hit With Me, which shark Naomi Simson called “Tinder for tennis”.

The principle is very similar to that of the popular dating app: users can meet other tennis enthusiasts in the area and organize occasional games or even tournaments.

Begg is the founder of the company, and entered the tank he requested an investment of $ 50,000 for 20% of his business.

“I think the whole experience has been fantastic, sharks are like a sounding board for ideas,” Begg said. SmartCompany.

After four of the sharks gave up, concerned about the app’s potential to generate revenue, pet care visionary Glen Richards stepped in with an offer of $ 50,000 for 50% of the business.

Begg traded Richards down a whole percent, settling on 49% equity in return for his investment.

But months after filming the pitch, Begg said SmartCompany that after speaking with his advisers, he chose not to close the deal with Richards.

“Glen’s offer was a vote of confidence for my company, which was great, but in the end I wasn’t comfortable with the capital structure,” says Begg.

“I’ve had a number of meetings with Glen, he provides great mentorship and we have a great relationship. “

Begg is currently suing clients for Hit With Me in the United States, where he says there has been “significant interest”.

“I have met a lot of tennis clubs and I am currently in talks with some country clubs in Nashville,” Begg said.

Hit With Me was also featured at a recent tennis coaching conference, where Begg says he had some great ideas on how to approach the North American market.

Hit With Me has grown to 3,000 monthly users, half of whom, according to Begg, are based in the United States.

“The app has seen organic growth month over month,” he says.

“I found out that a lot of people found out through our presence on social media, like our Instagram.”

The company’s Instagram account, @hitwithme, has more than 22,000 followers.

Begg is hopeful the app will gain popularity in Australia, claiming it received an increase in downloads even after the trailer for its episode of Shark aquarium has been diffused.

However, Beggs says Australia is not directly in his sights for the coming months, when he travels to the unlikely countries of Russia and the Czech Republic to publicize Hit With Me.

“I want to be very mobile and build the app everywhere at the same time,” says Begg.

“I’m looking to expand in Russia and I’m really focused on expanding the European market. “

In her post-tank blog, Shark Janine Allis praised Begg, saying he “had great energy and was very, very smiley.”

“For business travelers who often travel alone and struggle to stay in shape, this is a great concept for them,” said Allis.

Shark Steve Baxter also liked Begg’s idea, but worried the company didn’t have real tech background.

Begg says Steve’s reviews were helpful and he has since focused on getting in-house technology for his business.

For other entrepreneurs, Begg says it can be a long journey to get there on your own, but it’s best to stick with it.

“If you have a good idea, do your best and stick to it,” he says.

Other companies that came through the mouths of sharks were modular jewelry company 10 Way Necklace, which secured a $ 75,000 investment from Naomi Simson for 40% equity.

Intelliweed weed control also scored points, with a deal struck with Glen Richards for $ 175,000 in exchange for 15% equity.

Source link


Leave A Reply