There’s nothing quite like unplugging, getting away, and camping out for a few nights. This is the idea that Pete Davis and John Staff brought to the tank during
Shark Tank GetAway Update
- Entrepreneur: Pete Davis and John Staff
- Business: Tiny home rentals in the woods
- Ask: $500,000 for 5% equity
- Result: No deal
- Shark: None
GetAway built tiny houses about two hours outside of major cities. The goal was to offer vacation rentals with a true ‘glamping’ flair, but with a tiny house instead of an RV. It was a sound concept that was intriguing to some of the sharks. The houses paid for themselves after 18 months, especially since they were near 100% accuracy for $99 a night.
At Getaway, we believe in making space for more free time. Just two hours outside major cities, Getaway’s cozy cabins provide restorative stays in nature where you can take a break from work, wifi, and routines, and enjoy the company of those who matter most.
Pete and John’s goal was to expand the company across the United States, providing more tiny home rentals in more locations.
Though the logistics of the business were a bit muddy, Kevin O’Leary made an offer. He didn’t like the valuation, but he offered a $500,000 loan over 3 years at 11% interest, plus a 2.5% stake in the business.
Barbara Corcoran was concerned about their valuation and bottom line, so she dropped out. Mark Cuban had similar concerns about the scale and the fact that Pete and John would be fundraising forever to raise more capital. He went out because there wasn’t enough of a benefit for him.
Lori Greiner was just creeped out by the idea of being in the woods, so it wasn’t for her. She dropped out, too. This left guest shark Chris Sacca, who broke down their equity problem and worried about dilution. They went back and forth with Chris for a few minutes, after which Kevin stated they had 10 seconds to take his deal or it would be lost.
Pete and John continued to talk to Chris, so Kevin dropped out of the deal. Chris, on the other hand, offered them the same deal as their former investors: $500,000 for 7.14% equity. They foresaw some issues with other investors, so they declined.
GetAway walked out of the tank without a deal. Where does the business stand now? Can you get your own tiny home vacation rental? We’ll tell you more in our GetAway update.
During the research for our GetAway update, we were able to some great news. Unlike some other companies, the pandemic increased their business dramatically as people sought ways to get away from everyone. Now, you can find GetAway in 16 locations in addition to Boston and they are doing more than $30 million dollars in annual sales. As the company continues to expand, the revenue will likely continue to skyrocket.
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