Games2U Shark Tank Update |What Happened to Games2U after the Shark Tank Pitch?
What is Games2U?
Games2U is a mobile entertainment company that brings a truck full of entertainment to your child’s birthday party, workplace event, or charity event.
The firm mostly caters to the birthday party population, delivering mobile Video Game Theatres, 4D Ride Experiences, Giant Hamster Balls, and Laser Tag to your site via a huge trailer or truck.
Consider it a mobile arcade. They are well-known for their massive “Ubot,” a robot that you can climb inside and “control.”
Games2U offers a comprehensive party experience for both young and elderly.
This business provides over 20 different games or activities for both youngsters and adults.
Who are the Founder of Games2U?
Games2U is the creation of brothers Stuart and David Pikoff, who launched the company in 2006. Stuart, a University of Arizona graduate, had previously worked as a director in the real estate industry.
He will continue to serve as CEO of Games2U. David is a St Edwards University graduate. He appears to have a history and interest in real estate building and development, similar to his brother. He also continues to serve as a director of the corporation.
The brothers came up with the concept while arranging a children’s birthday party, noticing that while times have changed since they were youngsters, the process of planning a party has not.
Parents used to plan for clowns and magicians, maybe even a petting zoo, but nowadays, kids are more interested in computer games and other outside activities.
However, renting out a place with these activities may be pricey for a parent, so they saw a need and decided to develop a company that takes everything to the comfort of your own garden.
In terms of expansion, starting with one truck, the plan was always to offer it as a franchisee business.
What Happened to Games2U at the Shark Tank Pitch?
Pikoff, Stuart and David Pikoff appeared on Shark Tank season 2 episode 7 in search of $500,000 for a 10% stake in Game2U. This suggests a $5 million valuation.
Stuart informed Kevin that their sales were rather remarkable. He stated that the firm made roughly $3.5 million last year (2010), and that they were on course to generate close to $5 million this year.
They have sold 140 franchises in 28 different states as of the air date. A potential franchisee would put down around $150,000 to get a license.
They would then be given their own car as well as a plethora of officially branded equipment. Everything was thereafter in the hands of the franchisee. Games2U, on the other hand, charged a monthly royalty of 6% with a minimum of $1,000.
In the prior year, the firm profited close to $125,000 on slightly more than $3 million in sales.
Kevin was irritated by the low profit margin, and he appeared to be offended by the $5 million valuation at this stage.
Daymond, who was clearly angered by the company’s greedy evaluation, chose to withdraw from contention.
Barbara, who had been silent for the majority of the presentation, pulled out because she believed that the R&D that would eventually be required to create new items would be too expensive.
Jeff Foxworthy stepped out because the expense of a Games2U party was prohibitively expensive for the ordinary household.
According to Robert, Games2U won’t be able to generate any more money unless they produce new products. He walked away.
Kevin, on the other hand, decided to make them an offer. He stated that he would provide them with $500,000 in exchange for 51 percent ownership of the firm.
The offer instantly turned the brothers off, noting their excellent percentage of customer satisfaction as well as their sales.
Stuart and David paused for a while to mull about the offer from the tank. When they returned, they stated that, while they would love to have Kevin’s assistance in establishing their firm, they were unwilling to grant him a majority ownership.
They responded with a counter-offer of $500,000 for 25% of the firm. Kevin almost immediately denied this offer, stating that it was just not available to him.
As a result, the brothers departed the Tank with no investment.
What Happened to Games2U after the Shark Tank Pitch?
Since their appearance on Shark Tank, Games2U has expanded to over 150 franchises in the United States, a master franchise in Canada, and franchisees in seven Middle Eastern nations.
Games2U, situated in Austin, Texas, is also looking into franchise opportunities in Australia, South Africa, and Europe.
In 2012, they were ranked 24th on the Entrepreneur Magazine Franchise 500.
As of January 20, 2022, the corporation has $9 million in yearly sales and over 140 franchisees.
What is the Net Worth of Games2U?
Pikoff Stuart and David Pikoff pitched Shark Tank in search of $500,000 for a 10% stake in Game2U. This suggests a $5 million valuation.
The current valuation of the Company is evidently higher compared to one on the Shark Tank.
Who are the Competitors of Games2U?
There are no competitors identified for Games2U.
What is Games2U?
Games2U is a mobile entertainment company that is offering both children and adults alike a chance to play their favourite games in an outside environment.
Who are the CEO and CFO of Games2U?
Stuart Pikoff takes the role of the CEO of Games2U. The CFO is David Pikoff.
How much does it cost to become a Franchisee for Games2U?
The initial investment for becoming a franchisee with Games2U will be $150,000.
Who founded Games2U?
The founder of Games2U is the brothers David and Stuart Pikoff.
How much were they seeking in the Shark Tank?
The Pikoff’s were seeking $500,000 for a 10% stake in their company.
Did Games2U make a deal with the Sharks in the Shark Tank?
Games2U was not able to secure an investment from any of the Sharks because of the high valuation they were seeking.
Does Games2U have an app or online platform?
Games2U does not have a mobile application at this time. The company focuses on bringing fun and games to their door step.
Is Games2U still in business?
The firm is still in operation, with an active website and offices in Austin, Texas.
They are still the number one supplier in this business model, and their games and activities are continually expanding.
What is the website of Games2U?
The website of Games2U is www.g2u.com.
Can they buy Games2U products online?
They cannot purchase anything directly on the website, but they can place an order for a party that will be brought to their doorstep. There are no direct purchases on their website.
How much does it cost?
Their rates are determined by a variety of criteria, including the games they choose and the length of their event.
Is there an age limit?
No. Games2U has more amazing games than anybody else and can provide activities for people of all ages.
Do parents have to supervise?
No. Their Games2U activities are handled by professional Game Coaches who are there to ensure the safety of their players and the success of their event!
Do they need to plug in for electricity?
Normally, no. Their video game trucks are powered by on-board generators, and all of their other equipment is fully charged prior to the event.
If a power source is required for their event, they will be informed at the time of booking.
How many players do their games accommodate?
They can have as many as they want! They are equally at ease entertaining a group of ten or catering to an event with hundreds of participants.
They have the activities to make any event a success, regardless of its size or scope!
What video games are available on their game trucks?
They are, at heart, gamers, and their present games are always changing. They may, however, be guaranteed that they will arrive with the greatest and most recent games available.
Can they choose the video games that are used on their game trucks?
When students come for their event, their game coaches will be pleased to review the games that are currently available, and they recognize that parents may choose to only use particular games from their catalog.
Are their events always outdoors?
No. The majority of their equipment may be utilized both indoors and outside if there is enough room.
Do they need a lot of space for games like Laser Tag?
They may set up in a variety of front and backyards, cul-de-sacs, neighbourhood parks, and school yards.
They’re adept at transforming their environment into a tough battleground!
Are the laser tag guns safe? Can they hurt a player’s eyes?
Laser tag guns from Games2U are completely safe and do not affect the eyes.
What if it’s bad weather? Do they have a cancelation policy?
Games2U events take place rain or shine, and they will only cancel an event if they consider the conditions are unsafe for the players or their equipment.
What is net worth of Stuart Pikoff?
Stuart Pikoff’s net worth is unavailable.
What is net worth of David Pikoff?
David Pikoff net worth is $100,000.