What’s happened to WaiveCar since Shark Tank?

Electric cars are expensive, but Zoli Honig and Isaac Deutsch created a way for people to drive electric cars for free for a limited time. Their ride-sharing startup WaiveCar makes it possible. Advertisers pay for the rides because their ads are displayed on the vehicles. The founders pitched the company on Shark Tank and landed a deal with Kevin O’Leary. WaiveCar is valued at $5 million by 2024.

About the Founder

Zoli Honig is an entrepreneur from Miami, Florida, who studied Mechanical Engineering at NYU Polytechnic Institute and Economics at Queens College. To support his studies, he works as an IT consultant at KJ Technology Consulting.

While in college, he founded two startups, Berrylicious Yogurt and ZZ Tech. Both companies were active for more than three years. Since then, Zoli has focused on two new companies, Chalkable and VISR. He is very open about his background, but his partner Isaac Deutsch is not.

establish a company

As electric cars become more and more popular, the two gentlemen came up with the idea of ​​creating a car-sharing service. Zoli and Isaac planned to open the first car-sharing service that would use only electric cars.

What’s more, they let customers drive for free for two hours. The cost is paid by the company that puts the ads on the car. If users exceed the time limit, they will have to pay $5.99 per hour.

WaiveCar launched in 2016, with more than 3,000 people signing up for their app in Santa Monica, and shortly thereafter they struck a one-year partnership with Hyundai to put 180 new cars in Los Angeles.

Shark Tank Appearance

The startup gained strong traction within five months of its launch. Zoli Honig and Isaac Deutsch thought that was enough to convince some investors to fund their expansion. They appeared on Shark Tank Season 9, seeking $500,000 in funding for a 2% stake.

The Sharks were split on this. Mark Cuban and Lori Greiner thought the business model wasn’t solid enough. Guest Shark Chris Sacca thought it wasn’t anything new compared to what other companies were already doing.

Barbara Corcoran and Kevin O’Leary both made offers, but the latter was more insistent on WaiveCar. O’Leary offered a $500,000 loan at 12% interest, 2% equity, and an 80% discount on unused advertising space.

After Shark Tank

After Shark Tank, WaiveCar began expanding outside of California and put new cars into testing in New York. They also established a partnership program with California State University, but the program was unfortunately discontinued in 2020.

Since then, the company has faced many challenges. They eventually shut down the app and website. They hinted on social media that they might return one day, but it seems unlikely.

The founders later launched Waive Work, a variation on their old business model. Waive Work rented out cheap electric cars to people who wanted to make money driving for Uber and Lyft. The venture failed to gain a foothold in the market and eventually failed. The ride-sharing industry is highly competitive, and even Uber has struggled to make a profit.

WaiveCar was acquired by REEF Technology for an undisclosed amount when it was not profitable and had only 250 cars on the road, according to Crunchbase. Both co-founders now work at REEF, a real estate startup that repurposes parking facilities.

Categories: Shark Tank
Source: svlsf.edu.vn