Highlights
- Wayne Johnson pitches ValPark Mobile, a parking payment app for the Washington DC area, in Shark Tank episode 703.
- Despite $270K in sales and a presence in 115 locations, Wayne fails to secure a deal due to concerns about scalability and competition.
- ValPark Mobile ultimately shutters in 2015, and Wayne transitions to becoming a hospitality entrepreneur.
Overview
| Category | Details |
|---|---|
| Name | ValPark Mobile |
| Founder | Wayne Johnson |
| Industry | Mobile Apps, Parking Services |
| Product | Parking Payment App |
| Funding | Self-funded ($100K investment) |
| Investment Ask | $300,000 |
| Equity Offered | 20% |
| Valuation | $1.5 million |
Wayne Johnson hopes to secure an investment for ValPark Mobile, his parking payment app, in Shark Tank episode 703. Johnson, a Washington, DC area native, created the app in 2012 to help people find parking in the Washington DC area.
The idea behing ValPark is customers can find, book and pay for parking right from their smart phone. Whether you need to find a garage or valet parking at a restaurant or night club, ValPark makes it easy. There are dozens of venues listed on the website in the greater Washington, DC area. When valet parking, you can request your car right from your phone, too.
Johnson likely wants to expand from Washington, DC to other metropolitan areas. Will a Shark see the value in Valpark?
ValPark Mobile Shark Tank Recap
Wayne enters the Shark Tank seeking $300K for 20% of ValPark. He tells his story while showing a video of how convenient the app is. ValPark is currently in 115 locations. Wayne has a partner who owns a lot of parking companies; the partner owns 48% of the business; Wayne’s put $100K into the business himself. There were $270K in sales last year. ValPark made its money by adding an 8.5% convenience fee to the consumer. The new revenue model adds a 15% convenience fee, splits the credit card fee with the venue, and charges each venue $49 per month. Immediately, the Sharks start circling.
Mark wants to know how to scale the business. Kevin wants to know how a restaurant with 250 cars a night, paying CA$H for parking would see the value of the app. Lori asks how it works – he shows her how you create a profile.
in 115 locations
Mark wants to know how much you can make – doesn’t think you can make enough for ValPark to be valuable to an investor. Mark compares it to UBER, but they’ve raised billions and have volume; ValPark doesn’t have it.
Troy invested in UBER at the beginning, and doesn’t think there’s enough real estate in the parking market.
Troy says there will be some other kid in a garage “waiting to eat your lunch,” he goes out. Mark doesn’t see how big he can get and doesn’t think Wayne can scale it; he’s out. Kevin doesn’t see world domination – he’s out. Lori says she can’t take 30% if Wayne has a partner, and that’s what she needs; it isn’t the right thing to do; she’s out.
Daymond likes it and asks if Mark or Troy will come in with him, they wont- Daymond’s out too.
RESULT: NO DEAL
ValPark Mobile Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The social media stopped posting in May, 2016. As of 2021, the website is malfunctioning and the app is no longer in the app store. Wayne’s Linkedin profile says he shuttered the business in May, 2015. He is now co-owner of three Washington DC area bars and nightclubs and calls himself a “hospitality entrepreneur.”
Posts About ValPark Mobile on Shark Tank Blog
ValPark Mobile Company Information
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