Spare Mobile ATM Update | Shark Tank Season 10

D’ontra Hughes came onto Shark Tank Season 10 to highlight his mobile ATM business, Spare. The company is designed to give consumers more ways to access cash through its platform by partnering with others to offer cheaper rates to access cash. While the company’s concept and business model might be ideal, the $500,000 investment that D’ontra was seeking in exchange for just 3.5% equity is surely not going to rest well with the sharks. Let’s see if he was able to earn a deal before we get our Spare update.

Shark Tank Spare Update

• Entrepreneurs: D’ontra Hughes
• Business: Financial App
• Ask: $500,000 for 3.5% equity
• Result: $500,000 for 12% equity and 2% advisory shares
• Sharks: Mark Cuban

Spare’s platform has managed to partner with more than 2,500 merchants that are willing to dispense cash for a better rate than a third-party ATM machine. Kevin O’Leary said that a lot of people wouldn’t care about a few cents extra on their cash withdrawal and accused D’Ontra’s company of being relatively useless for some people.

As negotiations heated up, it was time to find out if Spare would earn a deal with any of the sharks. Kevin wasn’t convinced and rejected the opportunity to invest in Spare, so he ultimately became the first shark to drop out. Other sharks shared similar feelings, including Lori Greiner and Barbara Corcoran, so they dropped out quickly after Kevin.

The final two sharks also struggled to see the company’s vision of growth and prosperity, so Daymond John dropped out as well. Despite his concerns, Mark Cuban decided to make an offer and ultimately agreed to $500,000 in exchange for 12% equity and 2% advisory shares.

Now that we know that Spare partnered with Mark Cuban, let’s get a Spare update to see what the company’s been up to since appearing on Shark Tank.

Mark Cuban’s portfolio ultimately never included Spare as one of the companies, so presumably, the deal never got finalized after Episode 20 of Season 10 aired. The company’s financial revenue numbers have been improving since 2020, and nearly tripled in 2021 to a milestone of $4.1 million.

So, it looks like despite not getting a deal, D’ontra’s company will be alright.

You can find the other company updates from Season 10 Episode 20 here:

• Mavens Creamery Update
• Somnifix Update
• Swoveralls Update

Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from Shark Tank Season 10.