ValPark Shark Tank Update

ValPark Shark Tank Update: What Happened to ValPark

Wayne Johnson made waves in the entrepreneurial world by pitching his innovative valet parking app, ValPark Mobile. He pitched the app to the esteemed panel of investors on the hit television show Shark Tank. 

What is the ValPark Shark Tank Update? Johnson’s app aims to offer a convenient solution to the common problem of finding parking in busy cities and to eliminate the inconvenience of carrying cash for tipping. He asked for $300K for 20% equity in the show. But the Sharks did not take the bait. 

So, what became of ValPark Mobile after ABC’s Shark Tank Show? Join us in our ValPark Shark Tank update. We’ll highlight ValPark’s journey before Shark Tank, how the pitch played out on Shark Tank, and the Company’s current status.

ValPark Shark Tank Profile

Name Of CompanyValPark Mobile
Year Founded2012
Founded ByWayne Johnson
Product/IdeaCash Free Valet Parking App
Asked For$300K for 20% stake
Deal SpecificsNo deal
SharksNo Sharks
Episode On Shark Tank USASeason 7 Episode 3
Air dateOctober 9, 2015
Net worth$1.5 million (in 2015)
Business StatusClosed
Company’s HeadquartersWashington D.C
Watch OnAmazon Prime Video

ValPark Mobile Before Shark Tank 

Wayne started ValPark Mobile back in 2012. ValPark was an awesome valet parking app based in Washington, D.C. Ben Tesfaye joined the business shortly, owning 48% of ValPark Mobile. Together, the duo invested $100k of their own cash into getting things going. 

ValPark Mobile Before Shark Tank

Even though they were still getting started, ValPark Mobile had already scored a bunch of users in Washington, D.C.  It served about 100 valet locations and had around 750 user signups before Wayne got on Shark Tank.

So, ValPark was already established and self-funded before Shark Tank’s appearance. Wayne reached out to the Shark Tank producers for what turned out to be a long wait. In fact, after six months, which felt like forever, he finally heard back, leading to the big opportunity.

When Was ValPark On Shark Tank? Wayne’s Pitch On Shark Tank

In October 2015, Wayne rolled up on ValPark Shark Tank Episode 3, looking to score a $300k investment for 20% equity. Wayne confidently pitched the app, showing its convenience in a video. 

When Was ValPark On Shark Tank

But the Sharks had concerns about competition from two other valet parking startups, Zirk and Luxe. Guest Shark Troy Carter decided it wasn’t for him because he thought the parking market was limited. Then, the rest of the Sharks backed out one by one too. 

  • Mark Cuban felt ValPark wouldn’t make enough money
  • Kevin saw limits to how big it could get 
  • Lori was interested but couldn’t invest because of Wayne’s partner
  • Daymond wanted to team up with Mark or Troy, but they declined.

In the end, Wayne left the Shark Tank empty-handed. He didn’t get the capital he needed to scale ValPark Mobile to the next level.

What Happened To ValPark After Shark Tank?

ValPark Mobile app isn’t around anymore. But that doesn’t mean their time on Shark Tank was for nothing. Wayne said he was flooded with emails from investors, with over 200 resumes just a few weeks after the episode aired. 

They went from around 750 users before Shark Tank to approximately 3,700 new folks joining after. Plus, their competitors, Zirx and Luxe, also shut down their valet services in 2016 and 2017. This gave ValPark a chance to pretty much take over the valet parking service. 

What Happened To ValPark After Shark Tank

Wayne’s goal was to dominate 70% of the market before expanding to bigger cities like Atlanta, Los Angeles, and Dallas. But ValPark only made it to Maryland and Virginia before closing up. 

It’s not really clear exactly what led to them shutting down or when. Most folks point to them closing around 2016 and 2017. 

ValPark Net Worth

ValPark was worth $1.5 million when they were on Shark Tank. But figuring out their actual net worth is impossible now.

This is because ValPark Mobile went under and shut down somewhere around 2016 or 2017. Since the business isn’t around any more, there’s no way to know exactly how much it was really worth.

ValPark Sales Data

As Wayne put it, ValPark did about $270,000 in sales back in 2014. But there isn’t much info known about how they were doing sales-wise from 2015 until they shut their doors. 

So we’ve got no idea what their sales numbers looked like for the years they were in business. 

Is ValPark Profitable Now?

ValPark today isn’t in business. So they’re definitely not making money nowadays. But back when they were in business, they were actually turning a decent profit. 

Daymond on Shark Tank estimated they were doing around $230,000 in sales. This means ValPark Mobile was probably making a profit of around $40,000.

Is ValPark Profitable Now
If you’re fascinated by the transformations that happen on Shark Tank, don’t miss out on the journey of The Mad Optimist and DrainWig. Our article on The Mad Optimist dives deep into how this brand has flourished post-show, showcasing their dedication to crafting natural personal care products. Meanwhile, the DrainWig update sheds light on how this simple yet ingenious solution for clogged drains has evolved into a household name, providing hassle-free maintenance. It’s remarkable to witness how entrepreneurs seize the Shark Tank opportunity to make lasting impacts on their ventures.

Wrapping Up

Looking at ValPark’s story from Shark Tank till when they had to shut down, we can learn one thing. We learned that the Shark Tank Show can really help raise a business’s profile and get them more users. Even though they didn’t land a deal, being on the show still helped ValPark attract attention.

However, challenges in a competitive market, along with some other unknown internal issues, eventually made ValPark shut down. ValPark Shark Tank update teaches you that the business world is unpredictable. You have to be willing to change and roll with the punches when things get tough. 

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