Wedfuly Virtual Weddings Update | Shark Tank Season 13
The average wedding in the U.S. costs about $30,000. Inviting people from outside your local area can get pricey, formal wear is required, and it can be very stressful. Entrepreneur and software engineer Caroline Creidenberg combined these issues with the pandemic problem and created a virtual wedding solution. Will the sharks say ‘I do’ to her business? Keep reading our Wedfuly update and recap to find out.
Shark Tank Wedfuly Update
- Entrepreneur: Caroline Creidenberg
- Business: Virtual wedding planning and live streaming
- Ask: $200,000 for 5% equity
- Result: $200,000 for 10% equity
- Shark: Robert Herjavec
Caroline Creidenberg, a software engineer, saw an opportunity when the pandemic started. Weddings are huge, expensive gatherings, and there was simply no way to carry on with them once everyone went into lockdown. Enter Wedfuly – a virtual wedding live stream that helps broadcast your wedding to friends and family members all over the world.
It’s a simple setup that utilizes Zoom, tripods, and cell phones to create a multi-angle, front-row experience. There are interactive elements that allow for audience participation as well. Caroline’s upbeat pitch seems to cover all of the bases.
However, Daymond John is out immediately. He says that people are going to want to have in-person weddings after the pandemic, and he isn’t a fan of the valuation. At $4 million, it’s a bit rich for his tastes.
Mark Cuban, on the other hand, gives a fun fact — his brother Brian’s wedding was the first that was streamed online through Mark’s streaming service. Robert Herjavec loves weddings, but he doesn’t know who would want to have a virtual wedding now that it’s safer to have group gatherings again.
To this point, Caroline answers that they’ve performed 700 weddings since March of 2020. About 40% of those weddings were convenience only — virtual was the option that worked best for the couple, regardless of the pandemic.
Kevin O’Leary cites his wedding experience, as he does with every wedding-related product, and seems interested. Daymond, despite being out, asks for sales. Since March of 2020, they’ve done $1 million in sales. On most of their packages, they are profiting at about 75%. They haven’t raised any funds, and Caroline owns 100% of the company.
Kevin comes back around, after threatening to eviscerate the entrepreneur earlier. The sales have changed his tune. Since’s in the wedding business with several other companies, he sees this one as a valuable data-feeding operation to identify customer demographics and fuel his other companies. He offers Caroline $200,000 for a 20% stake in the company. She counters at 10%, but Lori Greinier interrupts to drop out before he can turn her down.
Mark thinks that there’s a scaling issue with the business and that it will continue to be an issue. He also doesn’t have the other companies to justify the investment either, so he’s out as well.
Robert, who was initially skeptical, thinks that Caroline will figure it out. He makes her an offer of $200,000 for 10%, snatching it right away from Kevin. She accepts this deal. Was this a great deal for Robert? We were determined to find out in our Wedfuly update.
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