Spare Shark Tank Update: What Is The Status After Its Appearance On Shark Tank
D’ontra Hughes, the founder of Spare, designed an ideal mobile ATM app that changed the fintech world. The company is developed to give more people access to cash through its platform. This allows users to withdraw cash anywhere from retailers with their debit cards.
So, what is Spare Shark Tank update now? The Spare Shark Tank update reveals that D’ontra Hughes appeared in Shark Tank Season 10, Episode 20. He pitched his mobile bank app to the Sharks, hoping to secure a $500,000 deal with 3.5% equity. Mark Cuban showed an interest in investing but with 12% equity and 2% advisory shares.
Read on as we discuss more on the Spare Shark Tank episode and Spare Today, looking at their net worth and sales data since its appearance on Spare Shark.
Spare Shark Tank Profile
Was Spare on Shark Tank? Yes. Below is a brief overview of Spare on Shark Tank show and its current status in the market.
| Name of the company | Spare |
| Founded | 2013 |
| Founder | D’ontra Hughes |
| Product | ATM mobile app that enables users to withdraw cash from any retailers |
| Asked for | $500,000 for 3.5% equity |
| Final deal | $500,000 for 12% equity with 2% advisory shares |
| Shark | Mark Cuban |
| Episode | Season 10, Episode 20 |
| Air date | April 21, 2019 |
| Business status | Active |
| Website | Sparelabs.com |
| Headquarters | Los Angeles, California |
| Annual sales | $22.6 million per year |
| Buy product | Download the app on the Apple Store or Google Play Store |
| Watch on | Amazon prime |
| Net worth | $19 million |
| Annual revenue (2023) | $4 million |
Spare Shark Tank Update
Spare is a mobile banking app that was featured on Shark Tank season 10, episode 20, on 21st April 2019. Spare’s founder, D’ontra Hughes, made a deal with Mark Cuban on Shark Tank. He proposed $500,000 for 3.5% equity, but Mark Cuban offered to invest $500,000 for 15% equity.
Finally, they closed the deal for $500,000 for 12% equity with 2% advisory shares. D’ontra accepted the offer, but the deal was never finalized by July 2019.
Although he didn’t receive the investment he proposed initially, he was still able to continue running the business effectively and it has grown massively.
What Happened To Spare After Its Appearance on Shark Tank?
After Spare’s appearance on the Shark Tank, the agreement with Mark Cuban was never finalized. In fact, Spare’s business isn’t listed on his website among his companies. Nevertheless, Spare has maintained its operations and remains active. It operates in a unique market without any competitors.
The app is still available on both Google Play and Apple Store, with over 1k downloads on Google Play Store. They also have a strong rating of 4.8 stars on the Apple Store based on more than 280 reviews.
Spare has collaborated with some organizations like the Urban League owned by Essex County in New Jersey. They helped to expedite stimulus check delivery for residents. Also, they’re in partnership with LiteLike Technology Inc., MasterCard and others.
The Spare Network facilitates quicker transactions and has expanded significantly, covering 32,000 locations nationwide. Research shows that they have about 106 employees, which is a 43% growth.
This tech company actively maintains multiple social media accounts, with Instagram being the largest, boasting over 3,700 followers. Based in California, Spare generates a revenue of $4,000,000 annually. The company remains dedicated to providing cost-effective and innovative money.
Spare Net Worth
Spare’s net worth is not explicitly stated. However, the company was worth $19 million in 2022.
Spare Sales Data
Spare’s yearly sales data after its appearance on the Shark Tank is shown below:
| Year | Estimated revenue |
|---|---|
| 2022 | $22.6 million |
| 2023 | $4 million |
| 2022 | Total funding was $22.6 million |
| 2022 | estimated revenue per employee is $213,623 |
It is worth noting that the revenue figure for 2022 is $22.6 million and it is unclear whether this represents net or gross revenue. Additionally, the revenue figure for 2023 is lower than the previous years.
Also, Spare’s estimated revenue per employee is $213,623 and their total funding in 2023 is about $22.6 million.
Is Spare Still Profitable
It’s unclear whether Spare is currently profitable. However, even though they didn’t get investment from Mark Cuban, they’re still in business today and made $4 million in revenue by late 2022.
Conclusion
Spare, a mobile ATM application, appeared on Shark Tank season 10 episode 20. The founder, D’ontra Hughes, pitched his company to the Sharks, hoping to receive a $500,000 investment for 3.5% equity. But Mark Cuban offered to invest $500,000 for 12% equity with 2% advisory shares.
Although D’ontra Hughes made a deal with Mark Cuban, the deal was never finalized. Spare didn’t receive the initial investment they initially proposed, but they secured funding from other companies and continued to operate successfully. As of the end of 2022, Spare had a revenue of $4 million.
