Goalsetter Savings Platform Update | Shark Tank Season 10
Tanya Van Court came on Season 10 of
Shark Tank Goalsetter Update
- Entrepreneurs: Tanya Van Court
- Business: Financial Savings Accounts
- Ask: $200,000 for 4% equity
- Result: No deal
- Sharks: None
Tanya’s company is designed to help parents and kids set up bank accounts that are designed to conserve money for the future. The sharks had concerns about the complications that are generally involved with setting up a bank account for kids. Mark Cuban raised the concern that banking fees could be a problem, but Tanya told the sharks that ACH bank fees of just five cents aren’t a problem at all.
For every gift card that is acquired, the company collects a $1 fee upon releasing the gift card. These are a primary source of income for Goalsetter and help fund the ‘gift-giving’ portion of the company independently. Kevin O’Leary had concerns about the customer acquisition costs, but Tanya quickly responded and told him that the cost to acquire a customer for her platform is about $10.
Lori Greiner didn’t believe that Tanya’s company was at a stage that would make it an ideal investment for her portfolio, so she decided to drop out of the negotiations first. Daymond John dropped out for a similar reason, leaving only Kevin and Mark remaining to negotiate with. Kevin seemed interested but Mark decided to drop out because he felt that the company’s business model was too complicated.
Kevin decided to offer $200,000 for 25% equity. Tanya didn’t like the initial offer and decided to offer Kevin 9% equity for the $200,000, but he didn’t accept. Tanya would leave
The Goalsetter update is an interesting one. The company has slowly grown since its appearance and continues to bring new users onto the platform. While neither of the sharks made an offer to Tanya or her company, she has managed to grow Goalsetter into an impressive platform that helps parents and kids set up savings accounts for the future. The company recently closed in on $5 million in gross sales annually.
You can find the other company updates from Season 10 Episode 15 here:
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