Waivecar Shark Tank Net Worth 2023
As of 2023, there are varying estimates of WaiveCar’s net worth. One source states that it is worth an estimated $5 million, while another source reports a net worth of over $10.2 million as of the end of 2022.
However, one source notes that the company’s valuation was $25 million when it appeared on Shark Tank. It is unclear what WaiveCar’s current net worth is as of 2023.
What is Waivecar? Who is the founder of Waivecar?
Waivecar is a company that offers a ride-sharing and vehicle-pooling service, allowing drivers to lease a Self-driving Electric Vehicle (SEDV) for their daily commute. The SEDVs are stored when not in use and charged on an hourly basis, similar to Uber’s business model.
Founded in 2014 by Zoli Honig and Issac Deutsch, Waivecar offers the industry’s lowest prices, which are made possible by generating income through advertising displayed on the digital billboards mounted on the roof of its electric vehicle fleet.
Zoli Honig, an experienced entrepreneur who has founded multiple companies in the past, co-founded Waivecar with Issac Deutsch.
In 2016, Waivecar launched its service in partnership with Hyundai to help the manufacturer introduce the IONIQ electric vehicle to the market.
Hyundai provides electric vehicles to Waivecar, and the company offers the first two hours of driving for free, followed by a fee of $5.99 per hour.
The company generates revenue by selling advertising space on the roof-mounted electronic billboard, which delivers ads based on the user’s location through a network of rooftop 4G towers and an onboard GPS.
Waivecar is currently conducting a trial program in Santa Monica, where it is easy to store the vehicles due to the city’s abundance of free parking spaces with electric charging facilities.
To use the service, drivers must be at least 21 years old, and have a valid driver’s license, and have a credit card. They can reserve and pay for electric vehicles using the Waivecar app.
The pilot program in Santa Monica drew nearly 3000 users in its first month, and it is being conducted with both Hyundai and Chevrolet vehicles.
Waivecar Shark Tank Pitch
Zoli Honig and Issac Deutsch sought funding to expand their business to more locations by presenting their idea to investors on Shark Tank. They were seeking $500,000 for a 2% stake in their firm, which was valued at $25 million.
During their pitch, they explained their business and its story, and the investors asked questions. Lori Greiner noticed their automobiles and asked about them.
Zoli and Isaac clarified that the cars must be returned to a city-owned electric charging station and cost around $1000 per month, with a breakeven point of about $1500 per month.
The two entrepreneurs had already raised $1.3 million and needed to sell all 20 cars at $5000 each per month to break even on the pilot.
They generated $300,000 in revenue annually and needed more cars on the road to earning more money. They received a discount on the advertising display units from the manufacturer.
Mark Cuban exited the deal, claiming that the advertising industry was saturated, and Lori Greiner believed that anyone could replicate it. Robert Herjavec and Chris also exited the agreement, citing a scarcity of advertising.
Kevin offered a $500,000 36-month loan at 12% interest in exchange for 4% equity in the company and an 80% discount on unsold advertising space. Zoli and Isaac proposed the same deal with 2% equity, and Kevin accepted it.
They agreed to a deal, and Kevin advertised the brand on his website. After the broadcast, the business sent 19 cars to Cal State LA for use on campus and in the surrounding area.
The Waivecar program at Cal State LA was discontinued in January 2020 due to an insurance issue, and the cars were never restored to service.
Zoli and Isaac founded a new company called WaiveWork, which rented electric cars for $280 per week. They continued to use the same inactive social media platforms, and Zoli joined REEF in March 2020, with Isaac following in December 2020.
As of June 2021, the social media platforms remained inactive, and the Waive website displayed only the corporate logo on a dark page.
The company recently partnered with a developer to offer its services exclusively to tenants of Level, a Williamsburg waterfront apartment complex. The cars will be stored in a complex of over 500 residences, and only Level residents will have access to them.
Waivecar Shark Tank Updates
WaiveCar is a mobile app that allows users to book and pay for electric rental cars with paid advertisements on the car. The company was founded by Isaac Deutsch and Zoli Honig and appeared on Shark Tank in 2017.
During their pitch, they asked for $500,000 for 2% equity. Kevin O’Leary offered them a $500,000 loan for 12% interest with 2% equity and 80% off of any unused advertising space.
The company quickly added 19 cars to its fleet and began securing customers from Cal State LA. Advertisers began using this to their advantage by distributing commercials directly to the cars via a shared interface, and the business began to take off in stride.
As of October 2019, WaiveCar had not posted an update on Facebook or Twitter, and its homepage just showed the company logo. However, in May 2021, the company teased something happening in Santa Monica, California, in the summer.
In an Instagram post, WaiveCar said it was “super excited to start the next chapter of urban mobility”. The company has not provided any further updates as of April 2023.
Waivecar Shark Tank Net Worth 2023
| TOPIC | INFORMATION |
| Waivecar Shark Tank Net Worth | – Estimated net worth of $5 million and $10.2 million reported by different sources |
| – Valuation of $25 million during the Shark Tank pitch, but current net worth is unknown as of 2023 | |
| What is Waivecar? | – Offers ride-sharing and vehicle-pooling service |
| – Provides Self-driving Electric Vehicles for lease | |
| – Generates revenue through advertising displayed on digital billboards | |
| Founder of Waivecar | – Zoli Honig and Issac Deutsch |
| – Honig is an experienced entrepreneur who co-founded multiple companies | |
| Waivecar Shark Tank Pitch | – Sought $500,000 for 2% equity at a $25 million valuation during Shark Tank |
| – Kevin O’Leary offered a $500,000 loan for 12% interest with 2% equity and 80% off advertising | |
| Waivecar Updates | – Social media inactive as of June 2021 |
| – Partnership with Level, a Williamsburg waterfront apartment complex |
Competitors of Waivecar
Waivecar is competing with many opponents in the market space. These are; Helpware, ComboFix, Kabbage, ShortKlips, Stratusforce, Opus Mitel MiCollab, XO Communications, and BlueVine.
Net Worth of Waivecar
The company was valued at$25 million during the pitch; in 2021 the firm has an estimated net value of over $10 million which is expected to increase significantly.
Waivecar FAQs
What Is Naturally Waivecar Shark Tank?
WaiveCar is an all-electric car-sharing company that offers drivers free car rentals for the first two hours. After the first two hours, drivers pay an hourly rate of $5.99.
WaiveCar earns money by selling advertising space on the vehicle’s electronic billboard mounted on the roof. Ad content is delivered based on location through a proprietary algorithm.
WaiveCar appeared on Shark Tank in 2017 and secured a deal with Kevin O’Leary for a $500,000 loan at 12.5% interest for 2% equity.
After the Shark Tank appearance, WaiveCar expanded its car fleet with the inclusion of 19 Chevrolet and Hyundai electric cars in Los Angeles and another 3 in New York. However, the Covid outbreak brought the business to a standstill, and WaiveCar has gone into a hiatus.
In December 2021, WaiveCar was acquired by REEF for an undisclosed amount. It is unclear if WaiveCar will resume operations under the new ownership.
How Does Waivecar Shark Tank Work
WaiveCar is a car-sharing service that provides free electric rental cars with paid advertisements on the car. The company was founded by Zoli Honig and Isaac Deutsch and is based in Santa Monica, California.
The cars are parked in paid parking, which is free for electric cars, and users can access them through an app.
The first two hours of driving are free, and then it costs $5.99 an hour after that. WaiveCar earns its money by selling advertising space on the vehicle’s electronic billboard mounted on the roof.
In their Shark Tank pitch, Honig and Deutsch asked for $500,000 for 2% equity in their business. Kevin O’Leary offered them a $500,000 loan at 12.5% interest for 2% equity and 80% off of any unused advertising space.
The deal closed, and O’Leary promoted the company on his website. After the Shark Tank appearance, WaiveCar expanded its car fleet with the inclusion of 19 Chevrolet and Hyundai electric cars in Los Angeles and another 3 in New York.
However, in October 2019, the company ceased posting on social media, and in January 2020, an insurance issue caused Cal State LA to stop using cars. The company was acquired by REEF in December 2021 for an undisclosed amount.
WaiveCar also has a service called WaiveWork, which is geared towards people who rely on driving for work but don’t have or want their own car.
For $40 a day, users can rent a car that includes gas, insurance, and maintenance. However, the Covid outbreak brought the business to a standstill, and WaiveCar is currently on hiatus.
What Happened To Waivecar After Shark Tank?
WaiveCar is a free car-sharing service sponsored by advertisements. The company appeared on Shark Tank in October 2017, where founders Zoli Honig and Isaac Deutsch pitched their business venture.
They asked for $500,000 for 2% equity and secured a deal with Kevin O’Leary for a $500,000 loan at 12.5% interest for 2% equity.
After the show, WaiveCar expanded its car fleet with the inclusion of 19 Chevrolet and Hyundai electric cars in Los Angeles and another 3 in New York. By the end of 2021, WaiveCar had a net worth of over $10.2 million.
However, WaiveCar did not go on to become the next Uber or Lyft. The company started offering rideshare services in select cities, but it is no longer in business.
The founders, Honig and Deutsch, have joined ReefDrive and are renting out “fun utility vehicles”. WaiveCar has gone into hiatus, and the founders are working on a new project called REEF, which transforms static parking spaces into dynamic urban hubs.
Is Waivecar Shark Tank Still In Business?
WaiveCar, a company that appeared on Shark Tank, is no longer in business. The company offered free electric rental cars with paid advertisements on the car.
Although WaiveCar did not secure a deal with any of the Sharks, the company continued to operate and expand its services to different locations. However, as of 2023, the company is out of business.
In December 2021, WaiveCar was acquired by REEF for an undisclosed amount. REEF is an electric vehicle-sharing program similar to WaiveCar. Isaac and Zoli, the co-founders of WaiveCar, still work at REEF. The WaiveCar domain now redirects to REEFDRIVE.com.
What Is The Current Valuation Of Waivecar After Shark Tank?
WaiveCar appeared on Shark Tank in 2017, and although it did not secure a deal with any of the Sharks, the company continued to operate and expand its services to different locations.
Since its inception in 2016, WaiveCar has raised about $3.5 million in investment funding and had a current valuation of $6.7 million in 2020. The company’s revenues are entirely dependent on what they earn from the digital ads displayed on top of the vehicles.
WaiveCar is an all-electric free car-sharing service that allows its customers to drive their cars free of cost for the initial two hours and $5.99 for every hour after.
The company expanded its car fleet with the inclusion of 19 Chevrolet and Hyundai electric cars in Los Angeles and another 3 in New York after appearing on Shark Tank. WaiveCar faces intense competition from Zipcar and Car2Go.
How much was asking on Shark Tank?
They were asking for $500,000 for 2% equity in their firm.
Did they get the deal?
Yes, and they exited the agreement with Kevin O’Leary for $500,000 as a 36-month loan at 12% interest in exchange for 2% shares in the firm, and an 80% discount on unsold advertising space.
How does this plan work?
They offer transportation services to commuters and those seeking to test SEDVs by charging a fee of $280 per week for each car.
The cars are stored in parking lots and are charged hourly, similar to Uber’s pricing model.
How much money have they raised?
They have risen over $1.3 million.
What are the monthly expenses?
The company estimated $1500 per vehicle. They will still experience losses for the first year, but if their utilization of vehicles is high enough, then it is possible that the firm would break even by the second year of operation.
What are the cars made by?
Waive is a certified car manufacturer that specializes in electric vehicles, and their vehicle fleet consists of the Chaotic Systems SEDV, a standard model that can accommodate up to six people. Waivecar is designed to be used for short trips.
How does Waivecar work?
Drivers can pre-order a SEDV from Waivecar and pay for it via debit card.
Where is Waivecar available?
The company is planning to expand its service to other colleges in Southern California, including the University of Southern California, and the University of California, Riverside.
What is Waivecar’s competitive advantage?
The firm offers a unique fleet of vehicles that serve niche markets at a very low price point. This allows them to compete with other ride-sharing services since they have another thing that they can offer customers.
What is the net worth of Zoli Honig?
Zoli Hong’s net worth is unknown.
What is the net worth of Isaac Deutsch?
Isaac Deutsch’s net worth is unknown.
