ValPark Mobile Shark Tank Net Worth 2023
During and after the pitch, the company had a valuation of $1.5 million. However, in 2015, the company ceased operations and its current net worth is unknown.
What is ValPark Mobile?
ValPark Mobile, founded by Wayne Johnson from Washington, D.C., is an application that enables users to locate, pay for, and manage valet services for their vehicles at restaurants, garages, nightclubs, and hotels. The app, which is presently only available on iTunes, offers a cash-free solution to all parking needs.
With ValPark Mobile, you can discover, reserve, and pay for parking instantly without cash or a credit card. The app now has a Valet Parking option, allowing users to enter their name as payment. The valet parking attendant recognizes the user and is aware that their account has already been paid in full using the ValPark App.
The concept behind ValPark Mobile is to provide users with a smartphone-based solution to finding parking in the Washington, D.C. area. The app makes it simple to discover a garage or valet parking at a restaurant or nightclub, and it lists hundreds of venues in the greater Washington, DC region.
The best part about ValPark Mobile is that users can request their car from their phone when using valet parking and never have to break a $20 bill or take out their credit card at the end of the night.
The app was launched on iTunes in 2013 and has been steadily growing in popularity ever since. In just one month, it has been downloaded over 5,000 times, a significant increase from the few hundred users who had the app on their devices last year.
What Happened to ValPark Mobile at Shark Tank pitch?
Wayne Johnson appeared on Season 7, Episode 3 of Shark Tank with his parking payment software, ValPark Mobile, in the hopes of securing a $300,000 investment from the Sharks to help expand the business beyond Washington, DC. He offered a 20% stake in the company, which was valued at $1.5 million.
During the pitch, Wayne showcased a video demonstrating the usefulness of ValPark, which was already available in 115 locations. He had a partner who owned 48% of the company, while Wayne had invested $100,000 of his own money. The company generated $270,000 in sales within a year, with an 8.5% convenience charge for customers.
The new income model included a 15% convenience fee, sharing credit card fees with venues, and charging $49 per location each month. Mark expressed doubts about the company’s ability to generate enough revenue to be valuable to investors, comparing it to Uber but without the same level of volume. Troy believed that there was not enough real estate in the parking industry and went out.
Lori was interested but could not accept a 30% stake due to Wayne’s partner, and Kevin was not interested in world domination, so they both went out. Daymond loved the idea but could not convince Mark or Troy to join him, so he also went out. Wayne left without securing a deal.
ValPark Mobile’s social media accounts stopped publishing after the show aired in May 2016, and as of 2021, the website was down, and the app was no longer available in the app store.
Wayne’s LinkedIn page indicates that he closed the company in May 2015 and is now a co-owner of three pubs and nightclubs in the Washington, DC area, identifying himself as a hospitality entrepreneur.
Competitors of ValPark Mobile
The ValPark Mobile primary competitors are SpotHero and ParkWhiz.
Net worth of ValPark Mobile
The company was valued at $1.5 million during and after the pitch. In 2015 the company closed its doors and hence the company net worth is unavailable.
ValPark Mobile FAQs
What is ValPark Mobile?
ValPark Mobile was an app that allowed users to find, pay for, and manage valet services for their automobiles while parked at restaurants, garages, nightclubs, and hotels.
Who is the founder?
Wayne is the founder of ValPark Mobile. Wayne Johnson, a resident of the Washington, D.C. area, founded ValPark Mobile in 2012 to assist individuals in finding parking in the Washington, D.C.
How much was asking on Shark Tank?
ValPark was asking for $300,000 offer for a 20% stake in ValPark, which was valued at $1.5 million.
Did he have the deal?
No. He exited the pitch without a deal.
Is ValPark still in business?
According to Wayne’s Linkedin page, he closed the firm in May of 2015.
Is ValPark successful?
The ValPark Mobile app is no longer available in the app store, so it does not appear to be successful.
Is it for restaurants?
It was supposed to be a way for users to find, pay for, and manage valet service at businesses in Washington, D.C.
Does ValPark have lots of competitors?
Yes, the primary competitors are SpotHero and ParkWhiz.
What is ValPark Mobile’s website?
ValPark Mobile’s website is http://www.ValParkMobile.com/
Where can I download ValPark Mobile?
The app used to be available for free in the iTunes store, but it has since been removed from the App Store and Google Play. However, users can still access a version using an emulator on the computer or tablet device.
How does it work?
Users download the app; input the information about their car, and it will tell them where to valet.
How much does it cost?
The price of the convenience fee is 8.5%.
Was ValPark legit?
ValPark Mobile was a legitimate app. It was approved by Apple in 2015 and did not have any consumer complaints.
How much money does ValPark Mobile make?
ValPark Mobile was not a paid app, and it had few users at the point of the pitch in Shark Tank.
How much money is Wayne Johnson making?
It is unknown how much Wayne is making from ValPark Mobile.
How does ValPark Mobile make its money?
The primary source of income for ValPark Mobile was charging customers a 8.5% convenience fee. But since the company only launched in 2012, it’s not clear how much revenue it generated by charging users for the service.
Was ValPark safe?
ValPark Mobile seemed to be a legitimate app and safe to use.
What happens if you need to park for the weekend?
Verify whether their favorite parking spots are available in advance and set their preferences for the closest spot. Whether they’re local or traveling for business, ValPark Mobile will find, provide and manage valet services quickly and conveniently.
Did ValPark Mobile last?
ValPark Mobile did not last. After the show aired, the app was no longer available on Google Play and the App Store. As of July 21, 2017, there is no website available for ValPark Mobile.
The app is also not listed as an approved app on iTunes.
Has Wayne Johnson been successful before?
Wayne has been successful in the past with multiple businesses, including bar and nightclub.
What is the net worth of Wayne Johnson?
Wayne Johnson net worth is unknown.
