Jon Hayes made his way onto
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
The 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 any referral revenue that the company generates 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.
A few of the sharks immediately felt uncomfortable with the idea of investing in Rewardstock’s mobile app company because of the lack of sales and revenue. Lori Greiner and Barbara Corcoran were the first to drop out, while Mark Cuban and Kevin O’Leary had remained quiet up to this point in the negotiations.
Kevin decided to make an offer of $200,000 for 10%, but Mark came in with an ultra-sneaky offer of $320,000 for 10% and 1% advisory shares. Jon accepted Mark’s offer almost immediately and left the tank with a deal. With a deal in place with Mark Cuban, let’s see how the company has faired after
It turns out that the company has done well and has since been bought out by Experian. The price of the sale was never revealed, but it appears that Mark and Jon decided that this was the best course of action. With the sale of Rewardstock announced in November of 2020, all online social media and website links were taken down and most of them ultimately redirected to Experian’s webpage.
While we don’t know exactly how things worked out, it’s safe to say that our Rewardstock update is looking good for Mark and Jon.
You can find the other company updates from Season 10 Episode 5 here:
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