Pearachute Shark Tank Net Worth 2023
Pearachute Shark Tank Net Worth
Pearachute is still in business and is now available nationwide in both urban and rural areas. It is estimated to be worth over $2 million as of February 2023 and classes can be scheduled on their website.
Pearachute, a monthly subscription service founded by Desiree Vargas Wrigley, appeared on Shark Tank in November 2017. At the time of filming, the company was only four months old and had made $50,000.
Wrigley asked for a $500,000 investment for 6% of her business, but the Sharks were wary due to the company’s age.
Mark Cuban offered her $500,000 for 15% of the business, which she accepted, but the deal did not go through following the show’s airing.
Despite collecting 15 investors, seeing a successful crowdfunding campaign, and expanding to other cities, Pearachute has not been especially active in recent years.
What is Pearachute? Who Founded Pearachute?
Pearachute is a monthly subscription service designed to help parents and instructors find enjoyable activities for children.
The service streamlines the process of enrolling in these programs, and allows for cancellations free of charge up to an hour before the lesson start time.
The range of lessons offered is diverse and caters to a wide variety of interests, including farm excursions, stingray feeding, and dance classes.
Pearachute partners with universities and organizations to offer a limited number of slots, which parents can reserve for their child at a specific time and date.
In response to the impact of Covid-19 on in-person classrooms, Pearachute has expanded its offerings to include virtual educational programs and online activities such as Dungeons & Dragons.
Desiree Vargas Wrigley began her career in business at the age of 25 when she co-founded GiveForward, a crowdfunding platform that helps people cover unforeseen medical expenses.
After leaving GiveForward, she founded Pearachute to help busy parents keep their children engaged in safe and enjoyable activities. As a busy mom herself, Vargas Wrigley is personally and professionally invested in the success of Pearachute.
Currently, Vargas Wrigley is focusing her efforts on her new venture, P33, which helps marginalized individuals secure the capital they need to start their own businesses. She founded P33 in response to her own experiences struggling to attend or cancel events at the last minute.
Parents using Pearachute can choose activities based on their child’s age, the length of the activity, and categories such as art, dance, and sports.
Pearachute Shark Tank Pitch
Pearachute is a Chicago-based company that offers subscription-based discounts on children’s activities, similar to Groupon but with a different model.
With Pearachute, customers can choose different classes, activities, or camps for a single event or day, and can also cancel or reschedule up to an hour in advance. The company charges $79 for five lessons or $99 for unlimited classes per month.
Desiree, the founder of Pearachute, appeared on the show “Shark Tank” seeking $500,000 in exchange for a 6% stake in her company, which implied a $8,333,333.33 valuation.
The company had made $50,000 in sales in its first 126 days and had partnered with 30 companies to provide activities on its platform. Desiree intended to expand to other locations, but did not provide a clear plan for doing so.
During the show, Kevin left due to Desiree’s unclear expansion plans, while Barbara expressed concern about Desiree’s background as an entrepreneur.
Sacca was interested in using the service but did not invest, while Lori also passed. Mark made an offer of $500,000 for a 20% stake, but Desiree countered with 15% and the deal was done.
However, the deal with Mark fell through just before the episode aired, with his crew citing concerns about the newness of the business.
Despite this setback, Pearachute received a surge in sign-ups after the show aired and subsequently expanded to several new cities.
The company also raised $3.1 million in growth capital from five venture capital firms between 2019 and 2020 and generated an annual revenue of $1 million as of November 2021.
Pearachute Net Worth
Pearachute has an estimated net worth of $2 Million.
Pearachute Competitors
Pearachute main competitors is KidPass.
Pearachute FAQS
What is Pearachute Company?
Pearachute is a monthly membership club that enables parents and caregivers to easily locate, schedule, and drop into the greatest child programs in town.
Consumer Services Industries Company size ranges from one to ten employees. Headquarters are located in Chicago, Illinois.
Where is Pearachute today?
She claims that Pearachute has expanded to five areas following its appearance on Shark Tank (Chicago, Dallas, Kansas City, San Francisco, and Washington) and has raised around $2 million in investment.
What is Pearachute app?
Pearachute is a new fitness tracker app located in Chicago that was created to provide their family with simple, on-demand class alternatives that will eventually save them time and money.
Who is the owner of Pearachute?
Pearachute was founded and is led by Desiree Vargas Wrigley. She founded GiveForward.
Prior to establishing GiveForward, she worked at the Kauffman Foundation as an expert in college entrepreneurship and as an independent consultant for Arabella Philanthropic Investment Advisors. Studies of Latin America.
How old is Desiree Vargas Wrigley?
She is 39 years old as of 2021
When did Desiree Vargas Wrigley start Pearachute?
The idea came to her in 2006, and that took her about 18 months to really get up the courage to just leap and start the business.
When was Pearachute featured on Shark Tank?
The founder of Pearachute, Desiree Vargas Wrigley of Chicago, Illinois, pitched on Shark Tank in October 2017. S
He went into the Tank seeking a $500,000 investment in exchange for 6 percent equity
What is Pearachute’s mission statement?
Pearachute aspires to be the go-to source for parent’s looking for a safe and fun activity for their kids.
They assist busy parents in keeping their children engaged with safe and engaging activities.
What platform does Pearachute use?
Pearachute serves as a mobile app that connects parents with a variety of child-friendly activities.
How does it makes money?
Parents are charged a monthly fee ranging from $79 to $99 depending on the package that they choose.
The more activities that they select, the cheaper their monthly rate.
Additionally, they charge the providers of the activity packages that they have agreed to work with for each member who signs up for their programs through their platform.
Does Pearachute accept debit or credit cards?
Parents can pay using either a credit card or PayPal account. For now, they don’t accept debit cards.
Do they need to check children in?
YES. Children must be checked in or recorded as a no show in order for Pearachute to know how much to pay them each month.
If a family fails to appear, they will be marked as a No Show in their portal.
How do they list a new activity?
To begin, navigate to their Menu — Add New Listing. Complete all required fields. Save and publish their work. They will then be able to create a timetable on the Pearachute website for their activity.
How do they add a Birthday Party Listing?
To add a birthday party to their menu, navigate to Menu — Add Birthday Party.
Complete all required fields. Save and publish their work. They will then be able to add schedules for all of their available dates for booking by families.
Can they add a link to their Waiver?
Yes, they can provide instructions on how to complete their waiver in the Special Instructions portion of their activity description.
What is the net worth of Desiree Vargas Wrigley?
Unknown.
