Fashionista Amy Roiland wants to create a social network purely based on fashion. With FashionTap, bloggers can make an income by providing links to every aspect of their outfits, leading their followers to the exact products they use. What will the sharks think of Amy’s stylish proposal on
Shark Tank FashionTap Update
- Entrepreneur: Amy Roiland
- Business: Fashion app for social media influencers
- Ask: $100,000 for 10% equity
- Result: No deal
- Shark: None
The app had already been in use for six months, during which it earned $60,000, with over 6,000 downloads and 1,500 monthly active users.
Amy stated that she was seeking an investment to fully focus on marketing. She wanted to focus on connecting with big box retailers and attracting their interest in her platform.
Amy also explained that an investor fronted $90,000 for the app, and they owned a 38% stake, with another investor owning 29%. This meant more than half the company was already in the hands of others.
Guest shark Chris Sacca disagreed with Amy’s vision, stating that Instagram was already a fashion network. Mark Cuban agreed with Chris and noted that he didn’t see why FashionTap would appeal to users or to retailers. He went out followed by Chris.
Kevin O’Leary was next to go out, explaining that he thought Amy would be run out of business because big box retailers wouldn’t see this app as interesting enough.
Daymond John thought Amy was on the right track but also expected Instagram to appeal to her whole user base. He also went out.
Barbara Corcoran was the only shark left on the table. She admitted that she would ignore the other sharks because she achieved success with a similar company in the past. Despite this, she wanted more for her money. Barbara offered $100,000 for 25% equity.
Amy stated that her 10% equity offer was non-negotiable. Despite being urged to counter, she refused Barbara’s deal and left the tank with no deal.
Let’s take a look at our FashionTap update to find out what happened after the episode aired.
Amy continues to be a successful fashion blogger, with plenty of followers on Instagram. It looks as though Amy tried to get retailers interested in her app for several more years, but she finally shut down the platform in 2018.
This will be our final FashionTap update.
Would you like to know what happened with the other companies featured in Season 7 Episode 26? Check out our links below for our other company updates for this episode.
If you’re curious to find out even more about companies and products, stop by our Season 7 Products Page!