Valet parking is an old industry that hasn’t changed much over the years. ValPark Mobile wants to change that. Wayne Johnson brought this mobile book-and-pay valet app to S
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
ValPark Mobile started with a great pitch that showed off how the app worked. According to Wayne, ValPark was in 115 locations at the time of filming. He had a great partner who owned 46% of the business – someone who owned a lot of parking companies and could offer his advice. In the year before filming, ValPark did $270,000 in sales.
The company made its money by adding convenience fees to the consumer, as well as charging venues for the use of their service. Mark Cuban wondered about scaling, while Kevin O’Leary wanted to know how Wayne saw ValPark breaking into the industry.
Guest shark Troy Carter went out first. He didn’t think there was enough room in the parking market. Mark went out too, stating that the company might not be valuable for an investor and that scaling would be impossible. Kevin followed, unable to see the value that Wayne does.
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.
Daymond John said he wanted to invest, but only if Mark or Troy came back in with him. Both refused, so Daymond went out too. Let’s see how things panned out for this company in our ValPark Mobile update.
Unfortunately, Wayne did not find success with ValPark Mobile. While researching the company, we were unable to find anything about the company past 2015.
Wayne closed the company and now owns a few bars and nightclubs in the Washington area. 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:
For more on companies and products, make sure to stop by our Season 7 products page.