Hidrent connects off-duty firefighters with people who need help with handyman tasks. After their appearance on Shark Tank, the company has experienced some changes. In this blog post, we’ll look at the deal they made on the show, how the company has grown, and why it recently closed. Join us as we explore what’s new with Hidrent since their time on Shark Tank.
Background Of Hidrent
Hidrent was founded by Dave Heimbuch with a unique twist on the typical handyman service model. The app connected customers with off-duty firefighters to handle tasks like installing light fixtures, moving furniture, and cleaning gutters.
The firefighters went through extensive background checks, providing a level of trust and reliability that set Hidrent apart. The company quickly expanded nationwide and even partnered with the International Association of Fire Fighters.
Hidrent’s Shark Tank Appearance
When Heimbuch appeared on Shark Tank, he was seeking $300,000 for 8% equity in his company. His pitch impressed the Sharks, highlighting Hidrent’s rapid growth and over $1 million in revenue since launching.
Heimbuch also shared that Hidrent had already completed over 4,000 jobs nationwide, with an impressive 35% repeat customer rate. The Sharks saw the potential in Hidrent’s unique model and growth.
Deal Secured
After some negotiation, Heimbuch accepted a deal from Lori Greiner and Robert Herjavec for $300,000 in exchange for 33.3% equity. It seemed Hidrent was poised for even greater success with the Sharks’ funding and expertise.
However, despite the handshake deal, it appears the investment from Greiner and Herjavec never actually closed. Hidrent still managed to raise $662,000 in seed funding from 9 investors though, as well as over $133,000 through a “Start Engine” crowdfunding campaign.
Hidrent’s Growth & Press
Hidrent continued to grow after their Shark Tank appearance, expanding their services across the country. The company also garnered attention from major media outlets like CBS, Fox, Yahoo Finance and CNBC.
This positive press helped boost Hidrent’s reputation and reach even further. At its height, Hidrent had impressive revenue numbers and a loyal customer base.
Post-Shark Tank Funding
While Dave Heimbuch, Hidrent’s founder, accepted a deal on the show from Lori Greiner and Robert Herjavec, that deal didn’t end up closing after filming wrapped. But don’t worry – Hidrent still managed to secure funding elsewhere.
The company raised an impressive $662,000 in seed money from 9 different investors. On top of that, they pulled in an additional $133,482.72 through a crowdfunding campaign on Start Engine. This influx of capital allowed Hidrent to keep growing even without the Shark Tank deal.
Post-Shark Tank Progress
Armed with their new funding, Hidrent has made major strides since appearing on the show. The app is still going strong and has now expanded its services nationwide.
Hidrent has completed over 4,000 jobs so far and generated more than $1 million in revenue. They’ve also partnered with major organizations like the International Association of Fire Fighters. This gives them access to a network of over 300,000 firefighters to work with.
The company continues to get great media coverage too, with features on CBS, Fox, Yahoo Finance, and CNBC. The press is taking note of Hidrent’s success story.
Current Status Of Hidrent
As of 2024, Hidrent is still in business and thriving. They’ve expanded beyond just handyman services to also offer yard work, gutter cleaning, and more.
Hidrent even launched phone booking to accommodate seniors and others who prefer not to use apps. It’s great to see them making their services accessible to everyone.
Experts currently value the company at around $8.5 million. Hidrent has proven its potential for growth and profitability in the gig economy home services space.
Conclusion
Despite the deal with Lori Greiner and Robert Herjavec falling through, Hidrent has thrived since its Shark Tank appearance. The company successfully secured alternative funding and continued to grow, expanding its services and reaching a valuation of around $8.5 million. With strong media coverage, strategic partnerships, and a commitment to making its services accessible, Hidrent has proven its resilience and potential in the gig economy home services market.
