Finding a therapist can be a difficult task. That’s why Bea Arthur created a platform for women, to help find accessible and affordable psychotherapy. Will it earn her a deal on
Shark Tank Pretty Padded Room Update
- Entrepreneur: Bea Arthur
- Business: Online psychotherapy platform
- Ask: $100,000 for 30% equity
- Result: No deal
- Shark: None
Bea brought her subscription-based online platform, Pretty Padded Room, to the tank. She shared that it gave access to users for video chats with qualified therapists, as well as the option to share digital diary entries for their review.
Kicking things off, Kevin O’Leary and Robert Herjavec asked how much the services cos. Bea said that a 30-minute trial session cost approximately $20 to the user, $16 of which would go to the therapist.
Floored by these low figures, Kevin asked why a good therapist, capable of charging $150 per hour at a private practice, would want to come aboard and work at a discount. Bea responded that her mission was to make therapy more affordable and more approachable, and that it was great for new therapists starting out.
When Robert asked about sales, Bea shared that the company was in the midst of its third year. In the first year, she had grossed $7,500. That year, she was projected to make $21,000. This is where the pitch began falling apart.
Curious to learn more, Mark Cuban asked what the “lifetime revenue” of a customer was. Bea replied that it fell between $300 and $600. He was not pleased, and said that there was too wide of a gap between those two hypothetical numbers. Robert agreed that something was not adding up. When he multiplied the cost of a membership by the alleged number of users, he said Bea should be making $60,000 a year.
It wasn’t long before all of the sharks went out, due to Bea’s inability to answer the number related questions to their satisfaction. Unfortunately, she walked away without a deal. Despite this, did her company succeed anyway? Keep reading our Pretty Padded Room update to find out!
In 2014, Bea rebranded, naming her company Your Corner. The changes and the business were short-lived however, as she shut down in 2016. The next year, Bea would give it another go, now naming her operation The Difference. As of December 2023, The Difference has yet to launch, but you can follow Bea Arthur on her website. This will be our final Pretty Padded Room update.
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