Hater App Net Worth Shark Tank Update

We always prefer someone with whom we share our likeness. We trace each other likes and make a connection on that basis. However, it’s not all the time successful. Despite common likes, we end up getting separated. 

Brendan Alper, the owner of Hater, has the perfect solution for those who are looking for love. His company is based on a dating app that relates people on the basis of their dislikes. The company suggests that people with the same dislikes are more likely to end up in a relationship.

The owner is on Shark Tank to request $200K for 5% of his company. He also demonstrated how the app works based on mutual hate via the judges which created a love environment. Let’s see what he is up to.

Hater App Net Worth Shark Tank Update

Brendan was looking for an investment of $200k in exchange for 5% equity in the company. At the time of the episode, he valued his company at $4 million. Brendan successfully secured a deal with Mark Cuban for an investment of $200k for 7.5% equity and 2.5% advisory shares. The investment adjusted the company’s net worth to around $2.67 million. However, despite the deal, the company shut down in June 2019. As per my rough estimate, the current net worth of Hater in 2024 is $0 since the company is no longer operational.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Rohan Oza	Out	N\A	N\A
Lori Greiner	$200K for 5% equity	$200K for 10% equity	No
Barbara Corcoran + Robert Herjavec	$200K for 5% equity	$500K for 15% equity	No
Mark Cuban	$200K for 5% equity	$200K for 7.5% equity + 2.5% advisory shares.	Yes

The Owner’s Backstory

After college, Brendan went to Mold Street in search of money and stayed there for six years. Then he quit and became a comedy writer. Hater came across his mind as a comedy sketch but then he transformed into a social site and it worked.

The app is a very simple way to match people through their common dislikes and it opens with a set of questions to know a consumer’s dislikes and then matches the end result with someone who has chosen the same options.

Initial Pitch

Brendan came on the show to seek $200K for 5% of his company. He wants to develop his company with the help of sharks which basically matches people on the basis of common dislikes and hates. He also demonstrated how his app works by matching Rohan with Barbara through their dislikes.

Queries about the Product

Rohan was the first shark to ask a question regarding the number of people using the Hater App. Brendan answered that they launched the app during Valentine’s Day which is perfect for the event and the app has over 1.5M users already.

Cuban inquired about the cities, where the users are more into the app. The owner pointed out that it’s a tie between New York and Oslo.

Lori then asked regarding the source of income from the app. He highlighted that basically the app is free but he is planning to introduce products in between the questions in order to know how people look up to them, to give data to different companies, and in turn, make money. Thus, he has no sales up to date.

He has not a single salary drawn from the app and has been using his life savings for two years.

Cuban was curious to know the amount he raised for the company. The owner affirmed that it was about $500K, which is very impressive. His investors are from King, which is a mobile game. He gave them 12.5% equity, which is $3.5M pre-money and after their money, it is now $4M.

Corcoran wanted to know his way of introduction to the King’s founders. He replied that he first hired a PR and tried to make reports and stories for a month. Then they sent the reports to as many people as possible and it led to more interactions.

Cuban asked about the number of active users. Brendan highlighted that it’s around 8K users.

Rohan then inquired regarding the density of New York. He confirmed that a couple of thousand users are active from that city.

Shark’s Response and Final Decision

Rohan was the first shark out as he wanted more density in the user base and a specific city to work in.

Corcoran loved the paradoxical and unique name of the app and offered a deal of $250K for 5% equity in his company. She pointed out that she wanted an immediate result as her deal pitched more than he wanted.

Lori intervened as she liked the idea and wanted to develop it further than an app. She offered $200K for a 10% stake, which led Corcoran to withdraw.

Cuban then highlighted that Brendan’s company needs a bigger user base and it can be achieved through celebrities, which he can definitely provide him. Then he offered $200K for a 7.5% stake with 2.5% in advisory shares.

Herjavec then offered him $250K for 15% but with Corcoran, which will amount to $500K for 15%.

Finally, Brendan accepted Cuban’s offer and made a deal.

Product’s Availability

Even though Brendan made a deal on Shark Tank, he was unable to survive for long and ended his company in June 2019. There is no valid reason for the company shut down but it looks like it was not gaining profit.

However, Brendan didn’t stop there. He went on to make an app called Everbloom which changes videos into stories for users.

Conclusion

In conclusion, it’s not obvious to get a deal from the sharks but it’s not confirmed too that an entrepreneur will excel after getting a deal. Brendan made an impression by getting Cuban on his side but unfortunately, his company didn’t work on the wider horizon. But Brendan is still running another online app and he is still as fresh as he started.