Waivecar Shark Tank Update 2021| Waivecar after Shark Tank
What is Waivecar?
Waivecar is a ride-sharing and vehicle-pooling service that allows drivers to lease a Self-driving Electric Vehicle, or SEDV, from the firm and use it for their commute.
The vehicles are kept in storage when not in use and are charged for usage on hourly basis. It’s like Uber but with cars.
Zoli Honig and Issac Deutsch founded Waivecar in 2014. Zoli is a seasoned entrepreneur who founded several companies prior to founding Waivecar.
The firm provides the industry’s lowest prices, which are supported by advertising income generated by the digital billboards affixed atop its fleet of electric autos.
Who is the founder of Waivecar?
Zoli Honig and Issac Deutsch founded Waivecar in 2014. Zoli is a seasoned entrepreneur who established multiple firms previous to founding Waivecar.
They launched the firm in 2016 and teamed with Hyundai to assist the manufacturer in introducing the IONIQ electric vehicle to the market.
Hyundai gives the automobiles to the firm, which provides free driving for the first two hours and then charges $5.99 per hour thereafter.
Waive makes money by selling advertising space on the vehicle’s roof-mounted electronic billboard. Advertisements are delivered based on a user’s location via a network of roof-top 4G towers and an onboard GPS.
A trial program is presently underway in Santa Monica, where the boys are from. Vehicle storage is made simple by the city’s abundance of free parking spaces equipped with charging facilities for electric vehicles.
To use the service, drivers must be at least 21 years old, have a valid driver’s license, and a credit card. The Waivecar app is use to reserve and pay for automobiles.
In its first month, the pilot program in Santa Monica drew nearly 3000 users. They’re conducting the pilot with both Hyundai and Chevrolet vehicles.
What Happened to Waivecar at Shark Tank pitch?
Zoli Honig and Issac Deutsch decided to pitch their idea to Shark Tank investors in order to get capital to extend their firm into further locations.
Zoli and Isaac go on Shark Tank in search of $500,000 for a 2% stake in their firm, which is valued at $25 million.
They describe their firm and their narrative, and then the questioning begins when Lori Greiner mentions seeing these automobiles.
They inform Barbara that the automobiles must be returned to any city-owned electric charging station. The automobiles are around $1000 per month, and the breakeven point is approximately $1500 per month.
And they’ve already raised $1.3 million. To break even on the pilot, they must sell all 20 automobiles at a price of $5000 each month. They generate $300,000 in revenue each year.
To earn more money, they require an increase in the number of automobiles on the road. Additionally, the guys receive a discount on the advertising display units from the manufacturer.
Mark Cuban has decided to exit the advertising industry, claiming that it is saturated. Lori Greiner is out, believing that anybody can replicate it.
Robert Herjavec was the next to exit the deal, claiming a scarcity of advertising. Chris then exits the agreement following some heated conversation.
Kevin offers $500,000 as a 36-month loan at 12% interest in exchange for 4% equity in the firm and an 80% discount on unsold advertising space.
They react with the same proposal at 2% equity, which Kevin accepts, and eventually they agree to a deal 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.
What Happened to Waivecar after Shark Tank?
Kevin’s contract was completed, and he now advertises the brand on his website. Immediately following the broadcast, the business dispatched 19 cars to Cal State LA for usage on campus and in the surrounding neighborhood.
They discontinued posting on social media in October 2019. Cal State LA discontinued the Waivecar program on its campus in January 2020 due to an insurance issue.
“ATTENTION!! WAIVECAR VEHICLES WILL BE TEMPORARILY OUT OF SERVICE DUE TO INSURANCE SWITCHING.” signs.
They were never restored to service, and the University was forced to close in mid-March owing to the Covid-19 outbreak.
They then founded a new company called WaiveWork, which hires electric automobiles for $280 per week, yet they continue to use the same social media platforms that have been inactive since October 2019.
Zoli joined REEF in March 2020. Isaac will begin working at the same firm in December 2020. As of June 2021, the social media platforms have not been updated, and the Waive website has been reduced to a dark page with the corporate logo.
Recently, the business teamed with a developer to offer its services to tenants of Level, a Williamsburg waterfront apartment complex.
Only Level inhabitants will have access to the cars, which will be stored in a complex of more than 500 residences.
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 having an estimated net value of over $10 million which is expected to increase significantly.
What is Waivecar?
Waivecar is a ride-sharing and vehicle-pooling service that allows drivers to lease a Self-driving Electric Vehicle, or SEDV, from the firm and use it for their commute. The vehicles are kept in storage when not in use and are charged for usage on hourly basis.
Who is the founder?
The founders are Zoli Honig and Issac Deutsch.
How much were 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.
Is Waivecar still in business?
Yes, the company is still operating in Orange Country and has a new name, WaiveWork. They are also active on social media, although it’s been about 10 months since they posted any updates.
How does this plan work?
They offer transportation services to commuters and those seeking to test SEDV’s 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 are 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 their service to other colleges in Southern California, including the University of Southern California, and the University of California, Riverside.
What is Waivecar 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.