Shark Tank Update
Shark Tank Pitch
Gift Card Rescue Shark Tank Update
Published:
2m
Ellicott City, MD
| Name | Gift Card Rescue |
|---|---|
| Main Presenters | Kwame Kuadey |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 7/1/2015 |
| Main Location | Ellicott City, MD Loading Map |
| Order Shown in Episode | 1 |
| Final Deal | Deal was made on the show with sharks Robert Herjavec, Kevin O'Leary for $200k for 50% of company, but it fell through after the show. |
Gift Card Rescue Shark Tank Pitch
Gift Card Rescue is a gift card marketplace where people can buy and sell certain gift cards. Cards are physically mailed to Kwame, who verifies the gift card value and pays people via PayPal or ships out purchased cards.
The business does $120k revenue annually but has to buy cards before selling them, so Kwame desires money to build inventory needed to scale.
Kevin O'Leary and Robert are interested and eventually make a deal for 50% of the company.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $150k for 30% of company | |
| Sharks | Out | Daymond John | Out |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Out | Kevin Harrington | Out |
| Sharks | Offered | Kevin O'Leary | $150k for 50% of company |
| Company | Offered | $150k for 40% of company | |
| Sharks | Deal Never Closed | Robert Herjavec, Kevin O'Leary | $200k for 50% of company |
Kevin Harrington
Out
Daymond John
Out
Kevin O'Leary
Deal Never Closed
Barbara Corcoran
Out
Robert Herjavec
Deal Never Closed
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Gift Card Rescue After Shark Tank
The deal did not go through, possibly due to Kwame's hopes for an Amazon deal. Gift Card Rescue had a good run for a few years before closing up shop.
From 2012 to 2015, yearly revenue rose from $6 million to $15 million. Kwame said he didn't seek profit because he was reinvesting into a growing business. However, in 2016, Gift Card Rescue lost a lawsuit for failing to pay lenders, meanwhile having 300 complaints from sellers that never got paid. Its assets were frozen, and the business shut down.
According to Kwame's LinkedIn https://www.linkedin.com/in/kwamekuadey https://www.thrivecompany.com, in 2022 he appears to be in the entrepreneurship scene in Baltimore, Maryland, and a teacher at Johns Hopkins University. Also, Kwame runs a lead generation business called Thrive Company with the website Thrive Company with this website thrivecompany.com Link Preview
LinkedIn .Link Preview
thrivecompany.com
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