Scan App Shark Tank Net Worth 2023
In December 2014, Snapchat acquired Scan Inc. for a total of $54 million, with $30 million paid in cash and the remaining amount in Snapchat stock.
This purchase of the facial-recognition software company was seen as an investment in future technologies that can be used to improve current features within the Snapchat platform such as filters and lenses.
The acquisition also enabled Snapchat to continue developing its voice recognition capabilities, allowing users to search for topics related to their interests more easily.
The move is seen as a strategic move toward enhanced customization options for its users, thus enabling them to better express themselves through use of their favorite app.
What is Scan App?
Scan is a firm in Provo, Utah that specializes in developing mobile applications. They focus on creating products and services that can be used to scan physical codes, such as QR codes, NFC, and machine-readable photos using computer vision.
Scan’s mobile apps enable users to scan various types of physical codes, and their website provides tools for generating QR codes and targeted codes that link to web destinations such as social media accounts, websites, and personal pages hosted by Scan.
Who is the Founder of Scan App?
In January 2011, Garrett Gee teamed up with his fellow undergraduate students, Ben Turley and Kirk Ouimet, to establish the company. The idea for the company, called Scan, originated when Gee obtained a smartphone for Christmas in 2009 and scanned a QR code.
Gee recognized the need for better web and mobile tools for working with QR codes, and therefore, enlisted the help of his colleagues to launch the first iOS app in a student competition at Brigham Young University (BYU), where they secured second place.
While still a student at BYU, Gee met with investors, and together, the trio solicited funding. Three months after the app’s release, it had surpassed one million iOS installs, and by March 2012, it had gained over ten million downloads across iOS and Android devices in 77 countries. By the end of 2012, the Scan app had been downloaded 25 million times, averaging 27 million scans each month.
According to Gee, the app had its peak of 85,000 downloads per day, while a bad day still saw 35,000 downloads. As of March 2012, Scan had nine employees.
What Happened to Scan App at the Shark Tank Pitch?
In season 5, episode 4 of Shark Tank, Garrett presented his company and requested $1 million in exchange for a 5% stake, giving his company a $20 million valuation.
Garrett’s company, Scan, provides a straightforward QR code scanning technique. During his presentation, Garrett demonstrated the app’s capabilities by quickly accessing various resources through the Mission Belt QR code. While the app was free during the show, it will cost $1.99 on performance night.
Garrett stated that over 51 million apps are downloaded every month, with millions of scans performed using the app. However, to make the app more profitable, the plan is to keep it low-cost while charging businesses to put their QR code data on the app.
While some Sharks raised concerns about the long-term viability of QR codes, Garrett showed how Google Glass interacts with the Scan app.
Despite his impressive experience and success raising $8.7 million, Daymond and Lori left without making a deal. Daymond believed that Garrett did not need the Sharks and that the show was for those who required financial assistance. Lori was unable to find a way to collaborate with Garrett in this area.
While Robert appreciated Garrett’s story and download numbers, he was worried about competition and decided to leave.
Kevin was the only Shark who questioned the valuation, asking to see profits instead of downloads, and left without a deal.
Mark went out because he believed that technology was heading toward sensors, which do not require consumer participation, while QR codes and Google glasses do. Garrett made an impassioned pitch, but ultimately, he did not receive a deal.
Daymond mentioned that he was pleased that Shark Tank motivated new entrepreneurs like Garrett, even if they did not receive a deal.
What Happened to Scan App after the Shark Tank Pitch?
One of the restrictions for entrepreneurs participating in the show is that they are not allowed to display a website link on TV.
However, in Gee’s presentation, he used a scan code instead of a website link. The viewers can scan the code directly from their television screen, which led them to a “dummy” code that did not have any function during the airing of the show. Nevertheless, Gee later utilized the same code to connect to his Instagram account.
After the show was re-aired, Gee’s Instagram account received more than 3,000 hits, with some viewers downloading the app and scanning the code while watching.
It’s worth noting that Snapchat acquired Scan, Inc. for $54 million in December 2014, with $30 million in cash and the remaining in Snapchat stock. This transaction was usually kept confidential, but the details were uncovered after Sony Pictures was hacked.
Garret and his family, who are referred to as The Bucket List Family, have been traveling the world since August 2021.
What is Net Worth of Scan App?
Snapchat paid $54 million for Scan, Inc. in December 2014, with $30 million in cash and the rest in Snapchat stock.
Who are the Competitors of Scan App?
There are competitors identified for Scan App.
Scan App FAQS
What is Scan App?
Scan is a mobile app development firm based in Provo, Utah, in the United States. Scan creates products and services for ‘scannable’ objects like QR codes.
What are their distinguishing Features?
Scan App allows users to scan a variety of physical codes, including QR codes, NFC, and machine readable photos (Computer Vision).
Who founded Scan App?
Garrett Gee, together with his undergraduate pals Ben Turley and Kirk Ouimet, started the company in January 2011.
How much was Garrett Gee seeking in the Shark Tank?
Garrett was asking for $1 million for a 5% stake in the company.
Did Garrett Gee get the deal from the Sharks?
No, Sharks were unable to invest in Scan App due to different reasons.
Is Scan App still in business?
The company got acquired by Snapchat in December 2014 with a 30 million-dollar cash and stock deal.
Where is Scan App located?
Scan App is located in Provo, Utah.
How to use Scan App?
Scan is free and available in three ways: QR code scanning through the camera, through a third-party QR code reader app (such as the popular Barcode Scanner for Android or i-nigma for iOS), or by taking a photo of the code from within the Scan app.
What app did the bucket list family sell?
Traveling the world costs a lot of money, but the Gees have plenty. Garrett created an app while in school that he later sold to Snapchat for $54 million.
Was Garrett Gee on Shark Tank?
Gee is the creator of Scan, a mobile app that scans QR codes that he pitched on “Shark Tank” in 2013. He showed up on the show with just a hoodie and flip-flops, the same outfit he wears while pitching investors.
What’s wrong with the bucket list family?
The Bucket List Family is being chastised for using an injury to gain video views. The Gee family has amassed millions of followers over the course of a few years while recording their seemingly idyllic lives.
Jessica Gee, the mother of The Bucket List Family, was recently involved in a serious skiing accident.
When was Scan App aired on Shark Tank?
Scan App was aired on Shark Tank in October 11, 2013.
When was Garrett Gee born?
He was born on November 6, 1989, in Provo, Utah, USA.
What is net worth of Garrett Gee?
Garrett Gee’s net worth is estimated to be $20 Million as of February 2022.