ValPark Mobile Update

ValPark Mobile Update | Shark Tank Season 7

ByAndrew Smith

Wayne Johnson spent years working at restaurants and nightclubs in Washington, DC, where he saw how frustrating it was for people to find parking and pay for valet. To fix this, he created ValPark Mobile, an app that lets users book and pay for parking right from their phones. This makes parking simple and fast while helping businesses run valet services more smoothly. Will the sharks back his idea? Let’s get into our ValPark Mobile update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to ValPark Mobile after Shark Tank.

Wayne entered Shark Tank Season 7, seeking $300,000 for 20% equity in his parking booking and payment app, ValPark Mobile. Sadly, after his pitch, he left without a deal from any of the sharks.

In terms of a ValPark Mobile update, the company failed to expand beyond Washington, DC and stopped updating its social media after appearing on Shark Tank.

SharkResult
Lori GreinerNo offer
Kevin O’Leary No offer
Mark CubanNo offer
Troy CarterNo offer
Daymond JohnNo offer

Shark Tank ValPark Mobile Pitch

Shark Tank ValPark Mobile Update
  • Entrepreneur: Wayne Johnson
  • Business: Parking booking and payment app
  • Ask: $300,000 for 20% equity
  • Result: No deal
  • Shark: None

Wayne began his pitch by presenting a video that showcased how ValPark Mobile simplifies parking with just a few taps on a phone.

He’s asked for an investment to expand beyond Washington, DC, and improve the app’s revenue model, making it more profitable for both users and venues.

ValPark Mobile allowed customers to find and pay for valet services at restaurants, hotels, nightclubs, and even sporting events.

Additionally, when ready to leave, users could request their car through the app, ensuring it was waiting for them outside.

At the time of filming, ValPark Mobile was already in 115 locations.

Furthermore, Wayne had a great partner who owned 46% of the business; someone who owned a lot of parking companies and could offer his advice.

Wayne shared that he had invested $100,000 into the company, and the business had generated $270,000 in sales the year before filming.

The company made its money by adding an 8.5% convenience fee to the consumer, as well as charging venues for the use of their service.

The new revenue model adds a 15% convenience fee, splits the credit card fee with the venue, and charges each venue $49 per month.

Mark Cuban questioned the scalability of the business, while Kevin O’Leary wanted to understand how Wayne planned to break into the industry.

As discussions continued, guest shark Troy Carter was the first to drop out, doubting that the parking market had enough room for ValPark Mobile to grow.

Mark followed, stating that the company wouldn’t provide enough value for an investor and scaling would be difficult. Kevin followed, unable to see the long-term potential of the app.

On the other hand, Lori Greiner didn’t feel right asking for 30% equity. This is how much she would need to get invested, so she went out.

Meanwhile, Daymond John showed interest but wanted Mark or Troy to partner with him. When both declined, he dropped out as well.

Without a deal, Wayne left empty-handed.

Let’s see how things panned out for his company in our ValPark Mobile update.

Shark Tank ValPark Mobile Update

Our ValPark Mobile update revealed that the sharks seem to have been right about the app.

Following its appearance on the show, the company stopped updating its social media accounts.

While the app remained on the app store for a while, it never expanded beyond Washington, DC.

Within a few months, ValPark Mobile shut down, closing operations in late 2016.

As of today, Wayne Johnson has moved on to a new venture. He is now the co-owner of three bars in Washington, DC: Saint Yves, Kitsuen, and Abigail Nightclub.

With the company no longer in business, this will be our final ValPark Mobile update.

Curious about the other companies featured in Season 7 Episode 3? You can find our company updates below:

Before you go, be sure to check out our list of all the Shark Tank Season 7 products.

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Andrew is a lifelong fan of Shark Tank and an entrepreneur at heart. He started Shark Tank Recap because he wanted a single place to track what happens to the companies, founders, and deals after they air on TV. With a sharp eye for business insights and a passion for all things Shark Tank, Andrew makes sure every recap is accurate, engaging, and fun.