Hidrent Shark Tank Update

Hidrent Shark Tank Update: Did This Firefighter Innovation Succeed?

In Shark Tank, one company seized the spotlight with its groundbreaking concept. Meet Hidrent, the brainchild of Dave Heimbuch, who envisioned a platform connecting people with trustworthy helpers.

So, what is the latest Hidrent Shark Tank update? Since its appearance on Shark Tank, Hidrent has been doing well. It has garnered recognition and partnered with other investors and companies to keep growing. One of the notable partnerships is with IAFF. This means that Hidrent currently has a reach nationally rather than just regionally.

Since you know the answers to questions like, “was Hidrent on Shark Tank?”, below, we will focus on their post-Shank Tank Journey. We will also give you a recap of the deal they got, sales data, and so much more. 

Hidrent Shark Tank Profile

Hidrent Shark Tank Profile

Here is a table with details about this venture:

DetailDescription
Company NameHidrent
FounderDave Heimbuch
Founded2017
ProductAn app that connects off-duty firefighters to job opportunities
Shark Tank EpisodeSeason 14, Episode 6
Air DateNovember 11, 2022,
Asked For$300k for 8% equity
Final Deal$300k for 33.3% equity
SharksLori Greiner and Robert Herjavec
Business StatusIn Business
Websitehttps://hidrent.com/ 
HeadquartersDallas, Texas
Lifetime Worth$8.5 million
Available onApp Store, Google Play Store
WatchWatch on Amazon

Hidrent Before Shark Tank

Dave Heimbuch, a driven entrepreneur with a background in tech sales, conceptualized Hidrent. The idea took shape when Heimbuch’s brother-in-law, a firefighter, shared his experience using an app to book a contractor. This conversation sparked a realization in Heimbuch’s “marketing mind” that he could create a similar platform explicitly tailored for firefighters.

In 2017, Heimbuch founded Hidrent with a clear mission. This was to provide off-duty firefighters with a reliable avenue for earning extra income while offering the community trustworthy help. 

Unlike other gig apps that rely on online forms for vetting, Hidrent exclusively recruited active-duty firefighters. This personnel had already undergone rigorous background checks during their hiring process. This distinctive approach provided customers with the assurance that the individuals could be trusted.

Hidrent quickly gained traction as it offered a wide range of services. Some include general handyman tasks, yard work, gutter cleaning, and light fixture installations. The company’s commitment to connecting customers with skilled firefighters struck a chord with the Dallas/Fort Worth area. 

This dedication earned Hidrent recognition as one of the top companies to work for in the region. When Hidrent appeared on Shark Tank, it established a solid foundation in the area.

Hidrent on Shark Tank

During the Hidrent Shark Tank episode, Dave’s team presented their innovative concept to the Sharks. Nirav Tolia expressed his admiration for the idea but decided not to invest as he had already completed his Neighborhood Journey. 

Mark Cuban, although recognizing the potential, was unsure about the path to controlling the company’s destiny and opted out.

However, Robert Herjavec saw the brilliance of Hidrent and made an offer of $300,000 for a 20% equity stake. The unique value proposition of the business fueled his enthusiasm. 

Hidrent on Shark Tank

Kevin O’Leary, unfortunately, didn’t feel that he could join the journey and declined to invest. Lori Greiner, known for her compassion for firefighters, expressed her interest in partnering with Robert. Together, they proposed a joint offer of $300,000 for a 20% equity stake in Hidrent. 

However, Robert and Lori believed that the commitment of the two sharks deserved a larger company share. They counteroffered $300,000 for a 35% equity stake. Eventually, the two sharks and Dave agreed on $300,000 for a 33.3% equity stake. 

This partnership would not only provide the necessary capital. It was also to leverage the Sharks’ expertise, resources, and industry connections to propel Hidrent to new heights.

What Happened to Hidrent After Shark Tank?

After striking a deal with Lori Greiner and Robert Herjavec on Shark Tank, Hidrent experienced significant progress and embarked on a growth path. One notable Hidrent update was securing additional funding after their Shark Tank appearance. 

After the deal in Shark Tank with Lori and Robert, the company raised $662,000 in seed funds from nine outside investors. This infusion of capital enabled Hidrent to expand its operations and further enhance its platform.

In June 2022, Hidrent embarked on an equity crowdfunding campaign through StartEngine, valuing the company at $8.5 million. This campaign proved successful, raising a total of $149,761 from enthusiastic supporters who recognized the potential of the firefighter-focused platform.

Furthermore, Hidrent made a significant breakthrough by announcing a partnership with the International Association of Fire Fighters (IAFF) that extends until 2024. This strategic collaboration instantly gave Hidrent access to a vast network of over 300,000 firefighters nationwide. 

As part of the partnership, Hidrent pledged to donate 2% of its profits to the IAFF. This solidifies its commitment to supporting firefighters and their communities.

Hidrent Net Worth

Hidrent’s net worth has experienced significant growth since its appearance on Shark Tank and subsequent funding initiatives. According to information obtained from StartEngine, the company has raised $133,482.72 from 165 investors through its equity crowdfunding campaign. 

This influx of capital has contributed to the overall valuation of Hidrent, which is currently estimated at $8.5 million.

As Hidrent continues to expand its operations and reach, its net worth is expected to increase further. Yes, Hidrent today estimates the on-demand home services sector in the US to be worth a staggering $600 billion. Currently, the market remains fragmented. But they have positioned themselves as a trusted source for gig labor, which will likely attract more net worth.

Hidrent Sales Data

Here is a table for the sales data of this company for the available years:

YearSales
2018$850,000
2019$125,000
2020$260,000
2021$325,000

Is Hidrent Profitable Now?

Based on the available information, it is likely that Hidrent is profitable or on a path toward profitability. 

However, without specific financial statements or profit figures, it is impossible to determine the exact profitability of the company. The fact that multiple investors have shown interest and the company has generated over $1 million in sales suggests positive financial performance.

Continuing to stay updated on the journeys of businesses featured on Shark Tank offers valuable insights into the evolving landscape of entrepreneurship. If you’re intrigued by these stories, our coverage includes updates on Hidrent and Liftid, as well as the captivating journey of Beddley. Our comprehensive article on the Liftid Shark Tank update provides insights into the continued progress and growth of this unique venture. Additionally, our coverage of the Beddley Shark Tank update offers a closer look at the advancements made by this innovative company. By immersing yourself in these updates, you’ll gain a deeper understanding of the entrepreneurial landscape and the strategies that contribute to ongoing success.

Conclusion

As seen in the above Hidrent Shark Tank update, this show brought success and opportunities to this innovative home service provider. Hidrent expanded its reach nationwide, offering trusted services through off-duty firefighters. 

The trust factor associated with firefighters proved to be a winning strategy. It captured the attention of customers, particularly senior citizens and single mothers. As the company continues to flourish, its partnership with the International Association of Fire Fighters further solidifies its position in the market. 

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