Pearachute Shark Tank Update

Pearachute Shark Tank Update: Desiree’s Entrepreneurial Journey

Pearachute is a monthly subscription service that helps parents find kid-friendly activities at a discount. The idea is to eliminate the frustration of having to scramble for activities and last-minute cancellations.

Desiree Wrigley Vargas, the owner of Pearachute, pitched her business on the Shark Tank Show. Her aim was to get funding to expand her business to more cities.

So, what became of the Pearachute after the Shark Tank Show? Join us for the Pearachute Shark Tank update. We’ll highlight Parachute’s journey over the years, including how the pitch played out on Shark Tank and its current status.

Pearachute Shark Tank Profile

Here is the Pearachute company profile at a glance to understand the company’s status. 

Name of Company Pearachute
Founded On February 2016
Founded By (CEO)Desiree Wrigley Vargas
IdeaSubscription service for kids-friendly activities
Episode No On Shark Tank USASeason 9, Episode 7
Air DateNovember 5, 2017
Investment Asked For$500,000 for a 6% stake in Pearachute
Final Deal$500,000 for a 15% stake in Pearachute
SharkMark Cuban
Current Business StatusIn Business
Company’s WebsitePearachutekids
HeadquartersChicago, Illinois
Net Worth 2023 (Estimated)$2 million
Watch onAmazon Prime

Pearachute Before Shark Tank:

Before Shark Tank, Desiree had already established herself as an entrepreneur with a track record of success. For one, she co-founded GiveForward in 2008 with Ethan Austin. 

In 2016, Desiree embarked on a new venture and founded Pearachute. Her mission behind this kid-centric business was to help busy parents. Primarily, Pearachute offers a convenient platform for parents to discover a range of fun and safe activities tailored to their child’s age and available slots.

Pearachute Before Shark Tank

Desiree designed the subscription model for Pearachute to be flexible and affordable. Parents have the option to choose a $79 monthly subscription, granting access to five classes. An alternative is a $99 monthly subscription for unlimited classes.

This setup, similar to the Groupon model, allows kids to explore activities without commitments. For instance, they can bail out at any time, making it convenient for kids and parents alike.

Apparently, Pearachute showed great success. In fact, according to a report by the Chicago Tribune, even the kids’ parents joined in as investors.

When Was Pearachute On Shark Tank? Desiree’s Shark Tank Pitch?

Desiree made her appearance on Pearachute Shark Tank Episode 7 of season 9 of Shark Tank in November 2017. In this show, Desiree seeks $500,000 in investment for a 6% stake in the Company.

She presents impressive early numbers, with $50,000 in sales within just four months of launching Pearachute. She adds that Pearachute has secured 30 partners to provide a diverse range of activities for kids. 

When Was Pearachute On Shark Tank

Primarily, her objective in seeking funding is to expand Pearachute beyond Chicago and venture into other cities.

However, during the pitch, Desiree faced challenges in articulating a clear expansion strategy. This makes the Sharks apprehensive about investing. Kevin O’Leary, Barbara Corcoran, Lori Greiner, and Chris Sacca opted out. It leaves Desiree’s hopes pinned on Mark Cuban.

In the end, Mark offers $500,000 for a 20% stake in Pearachute. After negotiations, Desiree agreed to give up a 15% stake, and they struck a deal.

What Happened To Pearachute After Shark Tank?

Despite the initial deal with Mark Cuban falling through due to unfavorable terms. So far, the specifics of the deal not working out are not clear. 

Nevertheless, as a study by Forbes reveals, it’s quite common for deals made on Shark Tank to not materialize. In fact, 43% of deals on the Show never come to fruition.

Despite all odds, Pearachute experienced a significant boost, primarily due to exposure to a wider audience. Within just 24 hours of the episode airing, the platform saw a surge in signups. In fact, it surpassed the previous three month’s numbers combined.

What Happened To Pearachute After Shark Tank

The surge in interest allowed Pearachute to expand rapidly. The service reached new cities like Washington, Kansas, San Francisco, and Dallas.

Over time, Pearachute continued to thrive. According to Crunchbase, between 2019 and 2020, Pearachute secured $3.1 million in funding, fueling its expansion efforts. It enabled Pearachute to establish a presence in cities across all states in the USA.

Pearachute today generates an impressive $1.3 million in annual revenues. Plus, the Company’s success has attracted more than 14 major investors, cementing its position in the market.

Pearachute Net Worth:

We don’t have official estimates for the Company’s current net worth or valuation. Nevertheless, a rough estimate from most sources puts Parachute’s net worth at $2 million.

We think the real figure is slightly higher than $2 million, hence the estimate. This is especially true given the Company’s annual revenue of $1.3 million. But exactly how much higher depends on many internal factors that are not publicly available.

Pearachute Sales Data

Unfortunately, there’s very little publicly available sales data for Pearachute. So far, what we can tell is that Pearachute generated $50,000 in sales in its first 4 months and now brings in an estimated $1.3 million annually.

Having said that, we don’t have a specific growth trajectory over the years. So, yearly sales data remains unclear without more details.

Is Pearachute Profitable Now?

Our Pearachute update shows a large gap in sales data since its launch. Essentially, Pearachute moved from making $50,000 to making $1.3 million in sales.

So, it’s true that Pearachute is growing its revenue. However, many factors impact whether a business is profitable or not – not just revenues. For this, we need more details on Pearachute’s financials, cost structure, margins, and cash flow.

Is Pearachute Profitable Now

However, an influx of interest and investors suggests there’s more value in the company. Also, with more recent expansions, we can safely say that Pearachute is profitable.

Discover more inspiring Shark Tank successes like Pink Picasso and Foam Party Hats. Our Pink Picasso update explores the world of accessible art kits, while Foam Party Hats brings fun and creativity to the forefront. These stories exemplify the dynamic impact of Shark Tank ventures.

Wrapping Up

From our Pearachute Shark Tank update, we can see that Desiree’s journey is one of resilience and a genuine desire to make a positive impact on the lives of families. 

She demonstrates that with determination and willingness to accept challenges, you can transform setbacks into stepping stones toward success. And as her Company, Pearachute, continues to expand, she remains a testament to the power of entrepreneurship.

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