Rewardstock Travel App Update | Shark Tank Season 10
Entrepreneur Jon Hayes pitched his mobile app during
If you’re short on time, here’s a quick overview of what happened to Rewardstock after
John Hayes appeared on
| Shark: | Result: |
| Mark Cuban | Accepted deal for $320,000 for 10% equity + 1% advisory shares |
| Kevin O’Leary | $200,000 for 10% equity |
| Sara Blakely | No offer |
| Lori Greiner | No offer |
| Barbara Corcoran | No offer |
Shark Tank Rewardstock Update
- Entrepreneurs: Jon Hayes
- Business: Travel advisor mobile app
- Ask: $200,000 for 5% equity
- Result: $320,000 for 10% equity + 1% advisory shares
- Sharks: Mark Cuban
Founder of Rewardstock, Jon Hayes, starts off his pitch by sharing that he and his wife, just took a very expensive honeymoon. However, what should have cost several thousands of dollars, only cost them a couple hundred.
That’s because they used his app, Rewardstock, which ultimately helps users track and use their frequent flyer miles, and other travel related reward points. Because these programs are often hard to keep track of, and not always user friendly, he decided to solve this will a simplified program.
The app is basically an automated travel adviser, and you plan your trip on the platform. Additionally, you add the points that you already have, into your profile, and the app plugs these in on your behalf.
Further, Rewardstock app is designed to make money in two primary ways according to Jon. He says that his app collects $29 membership fees.
In addition to the fees, there is also referral revenue. Basically, the company generates this from encouraging users to sign up through various rewards programs.
While the business model sparked some concerns with the sharks, it wasn’t a deal-breaker for a few of them. Although, some of the sharks immediately felt uncomfortable with the idea of investing, because of the lack of sales, which altogether only totals $50,000.
Further, he invested $20,000, and raised another $700,000 for Rewardstock.
At this point in the pitch, guest shark, and founder of Spanx, Sara Blakely, speaks up. She says that she has to be passionate about everything that she invests in, and this doesn’t do it for her, so she’s out.
Next up, Lori Greiner, thinks that Jon’s program is super smart, however it’s too early for her to invest. For this reason, she’s also out.
Likewise, Barbara Corcoran feels that Jon still hasn’t found the perfect business model. Because she thinks it will take him to figure it out, she ultimately goes out.
Kevin decided to make an offer of $200,000 for 10%. Although, Mark came in with an ultra-sneaky offer of $320,000 for 10% and 1% advisory shares.
In the end, Jon eventually accepted Mark’s offer, and ultimately left the tank with a deal!
Let’s see how things faired for Jon following
We have great news to share in our Rewardstock update. In November of 2020, Jon sold the company to Experian.
Although the sale was a 100% cash deal, the amount of the sale has not been made public. However, it appears that Mark and Jon decided that this was ultimately the best course of action for Rewardstock.
With the sale of the company, social media ceased to be updated, and no website can be found.
While we don’t know exactly how things worked out, it’s safe to say that Jon has been able to move on to other passions for now. However, this will be our final Rewardstock update.
You can find the other company updates from Season 10 Episode 5 here:
For even more on companies and products, be sure to stop by our Season 10 products page!
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!