ValPark Mobile Shark Tank Update | What Happened to ValPark Mobile after Shark Tank
What is ValPark Mobile?
ValPark Mobile was an app that allowed users to locate, pay for, and manage valet services for their vehicles when they were parked at restaurants, garages, nightclubs, and hotels.
Wayne Johnson of Washington, D.C., is the creator of ValPark Mobile.
It’s a free app that’s only available on iTunes right now, and it provides a cash-free answer for all of your parking requirements.
Without using cash or a credit card, you can instantly discover, reserve, and pay for a parking place. The ValPark Mobile App now has a Valet Parking option, where you simply enter your name as payment.
The Valet Parking Attendant recognizes you and is aware that your account has already been paid in full using the ValPark App.
Who is the founder of ValPark Mobile?
Wayne Johnson, a resident of the Washington, D.C. region, founded ValPark Mobile in 2012 to assist individuals in finding parking in the Washington, D.C. area.
The concept behind ValPark is that users can search, reserve, and pay for parking using their smartphones. ValPark makes it simple to discover a garage or valet parking at a restaurant or nightclub.
The website lists hundreds of venues in the greater Washington, DC region. You may also request your car from your phone when using valet parking. The best part is you never have to break a $20 bill or take out your credit card at the end of the night.
Wayne Johnson’s ValPark Parking App provides the mobile solution to a daily problem. The app was launched on iTunes in 2013 and has been steadily growing in popularity ever since.
In a month, it has been downloaded more than 5,000 times, which is a huge increase from the few hundred people who had the app on their devices last year.
What Happened to ValPark Mobile at Shark Tank pitch?
Wayne Johnson aspires to get an investment for ValPark Mobile, his parking payment software, in Shark Tank episode 3 seasons 7 so that the Sharks can help him expand outside Washington, DC.
Wayne enters the Shark Tank asking for $300,000 offer for a 20% stake in ValPark, which is valued at $1.5 million.
He explains his narrative while displaying a video of how useful the software is. ValPark is now available in 115 locations.
Wayne has a partner who owns a number of parking firms; the partner owns 48% of the company; Wayne has invested $100,000 in the company.
In a year, sales totaled $270,000. ValPark generated money by charging customers an 8.5% convenience charge.
The new income model includes a 15% convenience fee, divides credit card fees with the venue, and costs each location $49 each month. The sharks immediately begin to circle.
Mark is interested in learning how to grow the company. Kevin wants to know how a restaurant with 250 vehicles per night that pay cash for parking would view the app’s worth.
Lori inquires as to how it works, and he demonstrates how to build a profile in 115 different locales.
Mark wants to know how much you can make since he doesn’t believe they can generate enough for ValPark to be valuable to an investor.
Mark compares it to UBER, although UBER has raised billions of dollars and has volume, but ValPark does not.
Troy was an early investor in UBER and believes there is insufficient real estate in the parking industry. Troy goes out, claiming that there would be another youngster in the garage “waiting to devour your food.”
Mark doesn’t see how large he can grow and doubts Wayne can scale it; he’s out. Kevin isn’t interested in world dominance, therefore he’s out. Lori says she can’t accept 30% if Wayne has a partner, and that’s what she needs; it’s not the proper thing to do, so she’s out.
Daymond loves it and asks if Mark or Troy will accompany him, but they refuse—Daymond is also out. Wayne finally exits the pitch without a deal.
What Happened to ValPark Mobile after Shark Tank?
In May of 2016, after the program aired and Wayne left the pitch without a deal, the social media accounts ceased publishing.
As of 2021, the website is down and the app is no longer available in the app store. According to Wayne’s Linkedin page, he closed the firm in May of 2015.
He is currently a co-owner of three pubs and nightclubs in the Washington, DC, region, and describes 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.