Shark Tank: Pearachute Accepts $500,000 Offer from Mark Cuban

By Erica Abbott

Pearachute

Next up is Desiree Vargas Wrigley of Pearachute, seeking $500,000 for six percent equity.

Pearachute connects parents and caregivers to thousands of affordable family classes and activities. Their monthly membership, which is open to more than a dozen cities across the country, shows various music, sports and learning opportunities that are occurring in nearby neighborhoods. Different membership options allow for dozens of activities to be booked every month. Their plans range from $39 to $199 per month and can be filtered by age, activity and neighborhood. According to their website, their mission “is to inspire children’s curiosity and passion by empowering parents and caregivers through convenience and choice.”

In 126 days, they have done $50,000 in sales. They launched with 30 partners that offer a variety of classes and activities. When they appeared on “Shark Tank,” they were only present in Chicago and had hoped to expand to other cities. According to their website, they are now in about a dozen cities across the U.S. O’Leary goes out after Wrigley fails to explain how she plans to expand.

Barbara Corcoran worries that Wrigley isn’t a true entrepreneur after Wrigley reveals an entrepreneurial venture from her past and goes out, followed by Lori Greiner and guest shark Chris Sacca. Mark Cuban likes the idea and offers $500,000 for 20 percent. Cuban then changes the valuation to 15 percent, which Wrigley accepts.

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.

Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.

Would you use Pearachute? Sound off in the comments section below!

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Source:: Business 2 Community

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