CoinOut was a digital receipt tracking platform with a unique app that allows users to scan receipts and claim rewards. The company was represented by Jeff Witten during
Shark Tank CoinOut Update
- Entrepreneurs: Jeff Witten
- Business: Digital Receipt Tracking Platform
- Ask: $250,000 for 7.5% equity
- Result: $250,000 for 15% equity
- Sharks: Robert Herjavec
Jeff respectfully demonstrated CoinOut’s platform and explained to the sharks how everything worked. He discussed the retailer fees of $20 per month and explained how his company generates and receives revenue. Kevin O’Leary believed that this particular industry was very competitive and that it would not take a whole lot of effort to nullify the purpose of Jeff’s company.
Mark Cuban and Lori Greiner dropped out quickly but Barbara Corcoran and Kevin O’Leary were prepared to make competitive offers. Barbara told Jeff that she would make a contingent offer of $250,000 in exchange for 15% equity.
The requirement was that Jeff would have to get 700 new retail locations partnered within the next six months by the end of the calendar year. Kevin decided to offer $250,000 in exchange for a quarter of the company’s equity. Robert Herjavec decided to offer $250,000 dollars for 15% equity which Jeff accepted after considering all of his offers.
Our CoinOut update is exciting because Jeff’s business is still booming. There were millions of scanned receipts during the 2021 calendar year, which helped generate more than $10 million in gross revenue. All of this success happened without the help of Robert, who never finalized his agreement with CoinOut after the
So despite the deal falling through, it looks like the future is bring for our next CoinOut update.
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!