WaiveCar Shark Tank Update

WaiveCar Shark Tank Pitch

Zoli Honig and Isaac Deutsch appeared on Shark Tank Season 9, Episode 7, which aired on October 29, 2017, with free electric car ride sharing service.

WaiveCar is listed in the Services category. In plain terms, the business is described as free electric car ride sharing service.

WaiveCar asked the Sharks for $500,000 for 2%, implying a valuation of about $25 million.

On the show, WaiveCar made a listed deal with Kevin O'Leary for $500,000 loan at 12% interest for 2.25% equity + 80% discount on unsold ad space.

If treated as straight equity, the listed deal works out to about $22.2 million implied valuation, down from the original $25 million implied valuation.

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

WaiveCar After Shark Tank

WaiveCar accepted an on-air Shark Tank deal for $500,000 loan at 12% interest for 2.25% equity + 80% discount on unsold ad space. The on-air deal closed. The business later shut down. (WaiveCar Shark Tank Update

Just after airing, the company deployed 19 vehicles to Cal State LA for use on campus and around the community. (WaiveCar Shark Tank Update

In October, 2019, they ceased posting on social media. (WaiveCar Shark Tank Update

In January, 2020, an insurance issue caused Cal State LA to cease the WaiveCar program on its campus. (WaiveCar Shark Tank Update

Sources

Sources used for this page: Shark Tank API pitches