Firefighters are true heroes who are trained to save lives in emergencies. However, they are also reliable people who can help with chores around the house. You can hire one of these firefighters when they are off duty using the Hidrent app. Dave Heimbuch struck a deal with Lori and Robert on Shark Tank, but what about the company now? As of 2024, Hidrent is valued at $8.5 million.
David Heimbuch’s Background
David Heimbuch is originally from Dallas, Texas, and studied marketing at the University of Nebraska-Lincoln. He received his bachelor’s degree in 1994 and has worked for several technology companies.
Dave has worked in digital marketing and sales at companies such as YuMe, Photobucket Inc., AT&T Mobility, and Tapad. Most notably, he was hired by the music discovery app Shazam.
Although Dave was a great worker, he knew that one day, with the right idea, he would quit and start his own business. As fate would have it, he married into a family of firefighters, and his entrepreneurial journey began.
Founding Hidrent
The Dallas marketer had used an app to hire contractors to do some home repairs. He showed it to his brother-in-law, a firefighter, who said he could do the same thing as everyone else at his local fire station.
The idea of starting a business was born in Dave’s mind. He knew the economic difficulties faced by firefighters, most of whom had to find part-time jobs to make a living.
To help his family as well as those in need, he developed the Hidrent app in 2018. Three years later, the startup has $850,000 in lifetime sales and is growing revenue every year.
Shark Tank Appearance
Dave Heimbuch built his company from scratch, but in order to grow his business, he needed more funding and employees. So in 2021, he pitched his business on Shark Tank Season 13, asking for $300,000 for an 8% stake.
The Sharks were amused by the demo and loved using Hidrent. Guest investor Nirav Tolia gave Dave some advice on how to build Nextdoor into a national brand.
However, Tolia was the first to be eliminated. Mark Cuban followed closely, but Robert Herjavec offered $300,000 for 20%. Lori Greiner expressed his desire to join forces with Robert, and the two Sharks players offered $300,000 for 33.33%, and Dave agreed.
After Shark Tank
After Shark Tank, Hidrent’s profile skyrocketed, with the company appearing on Yahoo Finance, Fox, and CNBC, among others. It appears that the deal with Lori and Robert was never completed. Similar to Mark Cuban, Lori listed every investment on her website, and Hidrent was not on the list.
As a requirement for the deal, Lori wanted the startup to change its name, but the company never did. In 2021, the company had gross revenue of $430,000, and Dave predicts that revenue for 2022 will be around $750,000.
They are also working with a large property damage restoration company, a solar company, and a relocation company. The founders believe Hidrent will achieve over $1 million in revenue by 2023. The company is thriving and is currently valued at $8.5 million according to a crowdfunding campaign on StartEngine.
Categories: Shark Tank
Source: svlsf.edu.vn