Ian Lyman, Tov Arneson, and Alex Wilhelm went into
Shark Tank Validated Update
- Entrepreneur: Ian Lyman, Tov Arneson, and Alex Wilhelm
- Business: App that lets users earn ride credits by spending in stores
- Ask: $250,000 for 8% equity
- Result: No deal
- Shark: None
As soon as the trio entered the
For those that don’t know, Validated is an app that lets diners and shoppers earn free credits that they can use for transportation. All users have to do is to hit spending targets to earn credits that can be used for services such as Uber, Lyft, PayByPhone, and Biketown. However, as the three went on with their presentation, the sharks couldn’t help but point out how confusing and vague the entire thing was.
Guest shark Chris Sacca thought the app just had too many options. He also wasn’t comfortable with the idea of using QR codes. Mark Cuban had similar thoughts and believed that the app could encounter issues because it is technically a bank. He went out, followed by Barbara Corcoran, Kevin O’Leary, and Lori Greiner. Chris was the last to go out.
After failing to secure a deal, we’re sure that you’re curious about a Validated update.
Despite not landing a shark, the trio still secured enough funding to operate in major cities across the United States like New York, San Francisco, Las Vegas, Boston, and even Chicago. The company was able to connect more services to the app and has seen massive improvements in usability and ease of access via its user-friendly interface.
Reach Now eventually acquired Validated in May 2019 as part of Daimler and BMW’s joint mobility venture. So despite not getting a deal, it sounds like things worked out for Ian, Tov, and Alex.
Interested in other company updates from Season 8 Episode 21? We’ve got them!
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