CoinOut Shark Tank Update

CoinOut Shark Tank Pitch

Jeff Witten appeared on Shark Tank Season 9, Episode 23, which aired on February 17, 2018, with Smart receipts app that lets you scan receipts for cash back.

CoinOut is listed in the Software Tech category. In plain terms, the business is described as Smart receipts app that lets you scan receipts for cash back.

CoinOut asked the Sharks for $250,000 for 7.5%, implying a valuation of about $3.3 million.

On the show, CoinOut made a listed deal with Robert Herjavec for $250,000 for 15%.

If treated as straight equity, the listed deal works out to about $1.7 million implied valuation, down from the original $3.3 million implied valuation.

This pitch is included as context for the more important question: what happened after Shark Tank.

CoinOut After Shark Tank

CoinOut accepted Robert Herjavec's on-air deal, but the deal did not close after filming. (CoinOut Shark Tank Update

The receipt-rewards app still grew meaningfully, reaching more than 3 million scanned receipts per month by 2021. (CoinOut Shark Tank Update

IRI Worldwide acquired CoinOut in March 2021 for an undisclosed amount, turning the no-close pitch into a data-and-rewards acquisition outcome. (CoinOut Shark Tank Update

By June 2021, update reporting put annual revenue around $12 million, making CoinOut one of the stronger app/business-services exits from Season 9. (CoinOut Shark Tank Update

Sources

Sources used for this page: Shark Tank API pitches