Falling in love and getting married is a wonderful journey, but there is a tricky part in the middle: prenuptial agreements. Legal tech company Hello Prenup was founded to make things easier. Founders Julia Rodgers and Sarabeth Jaffe took it to Shark Tank and struck a deal with Nirav Tolia and Kevin O’Leary. As of 2024, Hello Prenup is valued at $1.5 million.
Founder
Julia Rodgers is the CEO and comes from a family of lawyers in Boston, Mass. Rodgers received her law degree from Suffolk University Law School and took entrepreneurship courses at Simmons University.
Sarabeth Jaffe is responsible for the technical side of the business. Jaffe is a software engineer from Seattle, Washington, with a degree in computer science from Rensselaer Polytechnic Institute.
Jaffe has worked at companies including Microsoft, Unloop and Karat. Rogers worked as a paralegal during college. After graduation, she worked as a divorce attorney at Mavrides Law Boston.
Create a prenuptial agreement
Over the years, Julia has spoken with thousands of clients about what they want from a prenuptial agreement, as well as their worries and concerns. The insights she gained inspired her to create an affordable and fast online platform.
She teamed up with Sarabeth to launch Hello Prenup in 2021, planning to disrupt the $550 million market. According to Business Insider, a typical prenup can cost between $2,500 and $10,000. With Hello Prenup, clients pay just $599 and get a prenup in hours, not months.
Unfortunately, the startup had software issues early on. Because of this, they had only signed 25 prenuptial agreements and had only $20,000 in lifetime sales. It was clear that the founders needed help.
Shark Tank Appearance
In late 2021, Julia and Sarabeth entered the Tank in Season 13. The two female entrepreneurs arrived in wedding dresses and asked for $150,000 in exchange for 10% equity. The two predicted that although the company was not profitable, it would reach $4.1 million in revenue in 2021.
The Sharks couldn’t help but laugh because the business was still in its infancy. This led to Kevin O’Leary’s early exit, and others followed suit.
Guest investor Nirav Tolia was the only one left. He offered $150,000 for 30% of the equity, but the founders thought that was too high. So, they asked if anyone was willing to split the deal. Mr. Wonderful stepped in again, and the $150,000 for 30% was split between the two sharks.
After Shark Tank
Since appearing on Shark Tank, Hello Prenup has seen sales increase by more than 600%, and they have become the top source of prenup information online. The startup has also been featured in publications like CNN and Forbes, and is slowly expanding to more states.
HelloPrenup offers services in 32 states, has created over 2,000 prenuptial agreements, and has saved couples $2,140,000 (and counting). Lifetime sales have reached $3 million as of March 2024. They began posting updates on HelloPrenup.com, which features a podcast of relationship and life advice. In addition to Sharks, LegalZoom founder Brian Liu is also an investor.
As of March 2024, the company has accumulated sales of $3 million and is valued at $1.5 million. Although millennials will inherit millions from their parents, some may prefer to spend more money to hire a lawyer to ensure that the prenuptial agreement is 100% safe.
Categories: Shark Tank
Source: svlsf.edu.vn