Highlights
- Val Brennen pitched Three Day Rule, an exclusive online dating site, on Shark Tank.
- The site is invitation-only, targeting busy professionals who seek a more serious dating experience.
- Despite no deal from the Sharks, Brennen partnered with Match.com to expand their matchmaking services.
Overview
| Category | Details |
|---|---|
| Name | Three Day Rule |
| Founder | Val Brennen |
| Industry | Online Dating, Matchmaking |
| Product | Exclusive online dating site |
| Funding | No deal on Shark Tank |
| Investment Ask | $200,000 |
| Equity Offered | 10% |
| Valuation | $2 million (at the time of Shark Tank pitch) |
Three Day Rule is a new, exclusive online dating site that entrepreneur Val Brennen pitches in Shark Tank episode 424. The name of the business is a slightly sarcastic dig at one of the dating rules professed in the popular book, The Rules, in which there is a rule published that states you should wait three days before calling someone you just met that you’re interested in dating. Brennen wanted to create a dating experience that transcends the “game playing” most online dating platforms encourage.
Busy professionals, she realized, don’t have the time for games or for the traditional “bar scene.” Current statistics indicate 20 percent of people in a new, committed relationship met on a dating site and Three Day Rule thinks its methods are better than the rest. Three Day Rule is invitation only and members must pass a screening process to be accepted into the program. The goal is to create an “exceptional pool of hand-picked singles, rather than a shopping cart of complete strangers.”
Three Day Rule Shark Tank Recap
Val Brennen comes to the tank hoping to secure a $200,000 for 10% of her Three Day Rule business. She explains that “busy professionals deserve a better experience,” detailing how potential customers go through a process to join the site, filtering “fake” profiles, and creating a site that is marketed to higher-income users.
The business is “pre-revenue,” which means that the site has been online for a month, but has not implemented their subscription fee model yet- which will be $100 a month, pricey for an online dating service, even with the claims of exclusivity. It comes out that Brennen has already been running a successful offline dating service, which cleared $70,000 the previous year. The Three Day Rule site is a scaling of her already-functioning business.
As often happens when information is brought in late, the Sharks are skeptical. Robert Herjavec tells Brennen, “You have the perfect answers, but they’re all based on theory.”
Mark Cuban wants to know what sets Three Day Rule apart. Brennen explains that the vetting process sets her business apart. Cuban doesn’t believe the difference is strong enough. He’s out.
Kevin O’Leary believes the market is far too competitive, and the risk is too big. He’s out.
Daymond John goes out, saying “Never invest in a single matchmaker.”
Robert Herjavec agrees with Mark Cuban, that the company just isn’t different enough from the offerings that are already in the market. He’s out.
Barbara Cocoran hates the name, and agrees with the other Sharks’ evaluations. She goes out, and Three Day Rule gets no deal from the Sharks.
Three Day Rule Shark Tank Update
In spite of the lack of interest from the Sharks, Brennen was able to land a deal with Match.com, to handle their match making capabilities. The deal was strong enough that Three Day Rule was switched to a more traditional model, with a free membership option, while the owners switched their focus back to the offline dating service that was already in place. By partnering with Match, Brennen and her partners were able to expand the matchmaking business while scaling back the online offering. It took more than three days, but Three Day Rule may have found its foothold in the dating industry.
As of December, 2021, the company is still in business and has $5 million in annual revenue.
Posts about Three Day Rule on Shark Tank Blog
Company Information
I thought the subscription pricing was HORRENDOUS!
After watching last nights repeat, I decided to check her pricing, and it looks like they’ve come down to a monthly fee that pretty much inline with the big sites.
You’ll get more people to join your premium site if you offer fairly value pricing. Hope they are doing well.