Owners and entrepreneurs, Isaac and Zoni, came to
Shark Tank WaiveCar Update
- Entrepreneur: Zoni Honig and Isaac Deutsch
- Business: Free electric rental cars with paid advertisements on the car
- Ask: $500,000 for 2% equity
- Result: $500,000 as a loan for 12% interest with 2% equity and 80% off of any unused advertising space
- Shark: Kevin O’Leary
WaiveCar is based out of Santa Monica, CA, where shark Lori Greiner had seen it in the short five months it had been in business. The business works by the cars being parked in paid parking, which is free for electric cars. Through an app, users answer a few different questions and get on their way.
Mark Cuban felt that the advertising space was saturated and he dropped out. Lori thought the model would be very easy to copy and knock off, so she dropped out. Guest shark and Uber investor, Chris Sacca, didn’t think anything they were doing was better than Uber or anyone else, so he dropped out as well.
Kevin O’Leary liked the business, and in true Mr. Wonderful fashion offered a loan of $500,000 for 12% interest plus 4% equity in the company with a contingency that he would be able to use any advertising that hasn’t been sold.
Barbara Corcoran offered $500,000 for 10%, and said she wouldn’t budge on that equity offer. Zoni countered with $500,000 for 5%, she declined. He then countered Kevin’s offer with $500,000 as a loan for 12% interest with 1% equity and 80% off of any unused advertising space.
Kevin came back with 2.5% interest, Isaac said 2%, Kevin said 2.25%, Isaac said 2% and they made a deal.
Since the appearance on
It looks like this will be our final
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