Parents often struggle to find relevant activities for their children that cater to their hectic schedules, resulting in exasperating time for classes. Caregivers encounter locating classes that provide flexibility, last-minute booking, and cancellation choices without punishments.
Pearachute Kids Classes are inspired to design a subscription network service. It makes it easy for parents to showcase their selection of children’s classes. Desiree Vargas Wrigley pitched the Pearachute Kids Classes in season 9, episode 7 of Shark Tank. She asked for $500k in exchange for 6% equity for her company. Will she become successful in making a deal with the sharks? Regarding the company’s update, check the website of Shark Tank.
Pearachute Net Worth 2024 Shark Tank Update
Desiree was looking for an investment of $500k in exchange for 6% equity in Pearachute Kids Classes. At the time of the episode, she valued her company at $8.33 million. Desiree successfully secured a deal with Mark Cuban for an investment of $500k for 15% equity in the company. The investment adjusted the company’s net worth to around $3.33 million. After the show was aired, the company faced several challenges, including the impact of the COVID-19 pandemic. Despite expanding into new cities and raising $3.1 million in funding by 2020, the company ceased operations in June 2022. As per my rough estimate, the current net worth of Pearachute Kids Classes in 2024 is $0, as the company is no longer in business.
Shark(s)
Offer and Demand
Counteroffer
Accepted?
Chris Sacca
Out
N/A
No
Lori Greiner
Out
N/A
No
Kevin O’Leary
Out
N/A
No
Barbara Corcoran
Out
N/A
No
Mark Cuban
In
$500K for 15% equity
Yes
Founders Backstory And Their Initial Pitch
Founder, Desiree Vargas Wrigley encountered the strategic plan of launching the company. During her pitch, she gave a brief story of the startup of Pearachute Kids Classes. She elucidated that the company is new and hover to disintegrate the children’s pursuits. The passion that ignited her was the GiveForward platform. It is one of the best forums for raising funding space.
In the interval, Desiree explained her business idea in front of sharks. Contrary to Groupon which offers coupons, cashback on purchases and group deals to customers in purchasing the products. While Pearachute Kids Class works on a monthly subscription. It gives access to moderate children’s interests in Chicago. One of the main advantages of the product is workability.
Furthermore, parents can select children’s classes or mainstream activities beyond dedication. It also has an option of cancellation an hour beforehand thus, terminating the pressure of last-minute alternatives. Pearachute Kids Classes provides two subscription options; a $79 monthly five-class scheme and a $99 monthly limitless scheme.
Desiree postulated being a parent, she knows the stigmas of searching for relevant activities for children. The old-fashioned alternatives need timeless devotion and have cancellation rules. However, Pearachute directs the straightforward solution for parents by stimulating several options of discounted tasks, ranging from karate sessions to summer pitches.
Additionally, with the help of Pearachute parents can easily regulate and search healthy activities for kids to suit the timetable. They can also cancel it at the last moment. The product is a user-oriented forum for parents and children. It encompasses the best time slots, interests, pursuits, and other categories of children.
Queries, Shark’s Responses, And Final Deal
Desiree uttered the company has produced $50k in retail in 4 months. Moreover, the company is in partnership with 30 regional providers in Chicago. It gives multiple preferences for parents. After sharing the numbers, sharks were interested in knowing the growth of the company. The sharks seem confused regarding the business. For this reason, Barbara went out. She thought the founder knew nothing about the qualities of an entrepreneur.
The guest shark, Chris was not engrossed by the product. He has no interest in the business idea of Pearachute Kids Classes. Thus, he went out.
Likewise, Lori also quit the deal and was not interested in making a deal with the sharks.
While Mark was fascinated by Desiree’s business plan. He offered her $500k for 20% equity. Desiree counterclaimed with a 15% stake so, Mark decided to make a deal with her.
What Happened With MuteMe Illuminated Button After Shark Tank
In terms of the company’s update, the deal with Mark dropped before the broadcasting of an episode on Shark Tank in November 2017. Desiree said, “The terms were terrible and there was a lot of back-and-forths over what ultimately wasn’t that big of a check from his team”.
Furthermore, she claimed, “I am really glad we didn’t end up taking the deal because we are worth a lot more as a company now.”
Desiree expanded her business to 4 cities including Dallas, Kansas City, San Francisco, and Washington. According to an update, the company crossed $3.1 million in funding from 2019 to 2020.
During 2019, the outburst of COVID-19, the methodology shifted to virtual sessions and it was an onerous problem for the company.
Although the company achieved certain milestones in the United States in 4 different cities. In June 2021, the company entailed $1.3 million in annual revenue.
Unfortunately, in June 2022, Pearachute Kids Classes was no longer in business and didn’t update their websites. All the social media platforms are not yet streamlined.
Product Availability
According to the June 2022 update, the social media platforms of Pearechute Kids Classes are not updated. They closed the business and have never operated yet. Although the company was in successful sales and entering new markets. The company was modifying alternatives for the COVID-19 pandemic by providing virtual sessions. Despite the initial triumph, the company unpredictably halted operations by June 2022. The unexpected cease of Desiree’s business revealed the end of the voyage of Pearechute Kids Classes.
Desiree pitched the Pearaachute Kids Classes on Shark Tank. She asked for $500k in exchange for a 6% stake in her company. She explained her business idea in front of sharks. After the pitch, some of the sharks decided not to make a deal with Desiree. However, Mark offered $500k for 20% equity but Desiree counterclaimed the equity to 15%. Meanwhile, Mark agreed to invest in Desiree’s company.
When the episode was aired the company encountered several challenges in the form of a pandemic. In 2019, Desiree revised the strategy of shifting the in-person sessions to virtual classes. But in 2022, the company was no longer in business. It shattered the strategies and projects and resulted in a huge loss.
Hi! I’m Maleeha Alam, a content writer, English poet, and MPhil Linguistics Scholar. I love watching Shark Tank episodes because it helps me extract business-related ideas. The thrilling series of the Shark Tank fosters competent market analysis, presentation skills, and pitching.
