SnagaStool Shark Tank Net Worth 2023
Jamie and Adriano appeared on Shark Tank Season 6 Episode 26 with their innovative business idea, in search of $120,000 for an 18% stake in their company. This translates into a $666,666.67 valuation of the company despite Jamie’s first business endeavor SnagAStool shut down in September 2016.
What is SnagaStool?
SnagaStool is an app designed for making bar-specific reservations. With this app, users can ensure that they get the best seat, finest view, and excellent service at the bar. Additionally, they get an unobstructed view of the TV and a chance to have a friendly conversation with the bartender.
To avoid the disappointment of finding all seats taken at their favourite pub, users can reserve a seat at any partnering establishment through the app well before their visit. The cost of saving a seat varies based on the bar and the event date, with “luxury” events like the Super Bowl being more expensive.
Using SnagaStool, users can book and pay for their seats, and bar owners can attract more guests by offering incentives such as complimentary appetizers to app users. The app also allows bar owners to sell their bar chairs, earning them extra money while the app collects a share of the cost.
When SnagaStool users arrive at a crowded pub and snag a seat at the bar, they feel like VIPs.
Who is SnagaStool Founder?
Jamie Manning and Adriano Varassin founded SnagaStool. Manning, who is also the CEO of the company, was once at a crowded pub trying to watch a game with Varassin.
They saw a woman occupying a bar stool and requested her to relocate so they could sit together, but she refused, claiming she was saving the seats for her friends who didn’t show up until the second half of the game. Manning and Varassin decided to create a company that would improve this experience by designing an app that allows customers to reserve a bar stool during important or high-traffic events.
They noticed that people were already reserving seats, but the establishments weren’t making any money from it. Instead of causing a scene or leaving the pub, Manning and Varassin came up with a solution to revolutionize the experience.
What happened to SnagaStool at the Shark Tank Pitch?
Jamie and Adriano made an appearance on Shark Tank Season 6 Episode 26 seeking $120,000 for an 18% stake in their company, which would give their company a $666,666.67 valuation. During the episode, they presented their business and demonstrated the software on a large screen.
Robert inquired about the need for their product, Snag a Stool, and they explained the difference between peak and off-peak hours at bars. While Lori thought regulars would be annoyed, Mark saw the potential to generate interest.
Mr. Wonderful asked if he could reserve a seat 15 minutes before a big game, and Dean explained that if the bar had enough inventory of stools, they could accommodate such a request, but not every stool was reserved for the SnagaStool service.
Jamie noted that during busy hours, the stools would be charged by the hour. They only had three bars left to demonstrate their concept, and Mark was curious about what made their app unique. Mr. Wonderful insisted on a guarantee of cash for the bar, and Mark suggested a substantial sum of $10,000.
Mark eventually left because he didn’t feel they had created enough value. Daymond also backed out of the deal, stating that he wasn’t familiar with the bar or restaurant industry.
The fundamental problem with the SnagaStool app was that the bar seats were always full during peak hours, and they were selling a service for real estate that no one wanted, rather than scarce items such as chairs before an NFL game. As a result, Robert also decided to step back.
Although Lori understood the concept, she felt it was too early and declined to invest. Kevin invited Jamie and Adriano to return after resolving the issues with their product, but he also declined to invest at the moment. With no offers on the table, Jamie and Adriano left Shark Tank without a deal. This company went out of business in September of 2016.
SnagaStool Net Worth
Jamie and Adriano appear on Shark Tank Season 6 Episode 26 in search of $120,000 for an 18% stake in their company. This translates into a $666,666.67 valuation.
SnagaStool Competitors
There is no competitor identified for SnagaStool.
SnagaStool FAQS
What is SnagaStool?
“SnagaStool is a free app that helps people reserve bar stools. Rather than wait in line for an hour at a crowded pub, SnagaStool users get priority seating at the bar, good drinks and food, and an unobstructed view of the television.”
Who founded SnagaStool?
Jamie Manning and Adriano Varassin are the two founders of SnagaStool.
How much were they seeking in the Tank?
Jamie and Adriano appear on Shark Tank Season 6 Episode 26 in search of $120,000 for an 18% stake in their company.
Did they get the deal from the Sharks?
No, the Sharks declined their offer.
Are they still operating as a business?
No, this business is no longer in operation.
What episode of Shark Tank was SnagaStool featured?
They were on Season 6 Episode 26.
What became of SnagaStool after the shark tank?
Following the closure of his previous business venture, SnagaStool, in September 2016, the MBA graduate from Suffolk University started a new start-up named BaggaBox.
Where was SnagaStool located?
SnagaStool was located in Boston, Massachusetts.
What is the net worth of Dean Whitney?
Dean Whitney’s net worth is unavailable.
What is the net worth of Jamie Manning?
Jamie Manning’s net worth is unavailable.
How was SnagaStool charging?
SnagaStool was charging by the hour, or by the game, depending on the bar’s preferences.
How many bars did SnagaStool have?
As of Shark Tank they were already partnered with 3 bars in the Boston area.
Was SnagaStool successful?
No, they shut down the business since it wasn’t profitable.
