VerbalizeIt Shark Tank Update | What Happened to VerbalizeIt after the Shark Tank Pitch?
What is VerbalizeIt?
VerbalizeIt is a company that provides language translation services through a mobile app or website.
They connect users to a network of freelance translators who can assist with verbal or written communication.
The company emphasizes the use of human translators, as they are better equipped to handle nuances such as dialect, accents, and regional slang.
Users are charged on a per-minute or per-word basis for the service.
Who are the Founder of VerbalizeIt?
Ryan Frankel and Kunal Sarda, alumni of Wharton Business School, developed and launched VerbalizeIt, a mobile app that connects travelers with live human translators worldwide.
The entrepreneurs, who met at Wharton, identified a need for this service after experiencing difficulties communicating while traveling abroad.
They believed that real human translators, rather than voice recognition technology, were necessary to accurately convey the nuances of dialect and regional slang.
VerbalizeIt serves as a central hub for this network of human translators and aims to make communication easy and accessible for all. Kunal Sarda, who has lived in over 25 countries and is fluent in multiple languages, was motivated to break down language barriers and enable easy communication while traveling.
Ryan Frankel, who previously worked as a private equity investor at Goldman Sachs and is an endurance athlete and sports enthusiast, joined him in this venture.
What happen to VerbalizeIt at the Shark Tank Pitch
Ryan Frankel and Kunal Sarda appeared on Shark Tank seeking $250,000 in exchange for 15% ownership of their company, which they valued at $1,666,666.67.
They presented their app, which connects customers with live translators via speakerphone, and explained that they have 2,000 multilingual translators and can link a customer with a translator in 15 seconds.
The app is free to download and use, but costs between 50 cents and $1.00 per minute. They reported a 70% profit margin and $10,000 in sales in two weeks.
The Sharks were impressed by their Wharton backgrounds but wanted more details. Kevin O’Leary, Mark Cuban, and Robert Herjavec all made offers, with O’Leary offering $250,000 for 20% ownership, Cuban offering $250,000 for 25%, and Herjavec accepting Cuban’s offer.
The duo asked for time to consider their options and ultimately accepted O’Leary’s offer.
VerbalizeIt after the Shark Tank Pitch
The entrepreneurs rejected the demands of Mr. Wonderful and instead sought outside investment, which they successfully obtained.
VerbalizeIt then expanded its services to include translation for documents, video, internet content, and apps.
Following advice from Mark Cuban, the company shifted its focus from targeting individual consumers to providing services for businesses.
As a result, the company experienced growth and was eventually purchased by Smartling in December 2016 for an undisclosed amount.
VerbalizeIt Net Worth
Ryan Frankel and Kunal Sarda appeared on Shark Tank seeking $250,000 in exchange for a 15% stake in their company, indicating a valuation of $1,666,666.67.
They ultimately accepted an offer from Kevin of $250,000 for a 20% stake, resulting in a valuation of $1,250,000.
VerbalizeIt Competitors
One Hour Translation, Gengo, and Transfluent are among its main rivals.
VerbalizeIt FAQS
What is VerbalizeIt?
VerbalizeIt is a firm that helps translate languages using an app on their phone or a website, and its translators then interact on their behalf.
Who is the founder of VerbalizeIt?
Ryan and Kunal met while they were both studying at Wharton Business School and went on to launch the business in 2013.
How much was they seeking in the Shark Tank?
They needed $250,000 in exchange of 15% stake in the business.
Did they get the deal from the Shark?
They accepted Kevin O’Leary’s offer of $250,000 for a 25% stake in the business.
Did they closed the deal?
They ultimately did not close the deal, as Mr. Wonderful’s demands were eventually rejected by the entrepreneurs, who sought outside investment, which they secured.
Is VerbalizeIt still in business?
Smartling, a translation software company, has acquired VerbalizeIt, a start-up that operates an on-demand, remote translation platform.
The specifics of the deal between the two New York City firms were not disclosed.
When was VerbalizeIt established?
The firm was established February 1, 2011.
Who are their competitors?
One Hour Translation, Gengo, and Transfluent are among its main rivals.
What are the Products and Services of VerbalizeIt?
The firm offers a translation app that can translate voice, text, audio, image, and video from one language to another.
Where is VerbalizeIt located?
VerbalizeIt, like Smartling, is based in New York City.
When was VerbalizeIt aired on Shark Tank?
It was aired on May 17, 2013.
What episode was VerbalizeIt featured?
They were featured on season 4 episode 25.
Is VerbalizeIt downloadable?
Yes and it is free
How much was VerbalizeIt acquired?
It was acquired by Smartling for an undisclosed sum on December 7, 2016.
What was VerbalizeIt’s revenue?
They say the sales were $10,000 in two weeks.
How much does VerbalizeIt cost to download?
The program is free to download and.
How much does VerbalizeIt cost to use per minute?
The firm charges a minute at rates between 50 cents and $1.
When was Smartling founded?
The year 2009.
What became of VerbalizeIt after the Shark Tank?
In May 2016, three years after the Shark Tank episode aired, Smartling, another translation software start-up, purchased VerbalizeIt.
Smartling CEO Jack Welde is a Wharton graduate who also knows Frankel from Shark Tank.
What is net worth of Ryan Frankel?
Ryan Frankel’s net worth is unavailable.
What is net worth of Kunal Sarda?
Kunal Sarda’s net worth is unavailable.
