First into the tank is Fixed seeking $700,000 for five percent equity.
Fixed is an app that fights back against parking tickets by finding errors in the ticket through an algorithm. With a shark’s investment, they hope to expand into more cities that can cover violations such as speeding, red lights, stop signs and more.
The app is free but does come with a “success rate” charge. The ticket can be dismissed for erroneous information once the ticket is contested by an attorney that is contacted by Fixed.
They have made $80,000 this year, which quickly turns off the sharks. $5 to $6 can be made from a ticket that is successfully contested.
Social reactions from Fixed’s appearance on “Shark Tank”:
It's getting political in the #sharktank. I didn't think I could possibly love this show more.
— ♀️Mom The Builder (@reallifecamille) January 16, 2016
https://twitter.com/bcuban/status/688182491161612290
This #Fixed apps scale doesn't make sense. Also, how often does someone get a ticket? It's been years since my last ticket #SharkTank
— Michael Huh (@MichaelHuh3) January 16, 2016
Guest shark Chris Sacca thinks not many people would be interested in the app, but he mentions other areas to explore, like speeding tickets. Sacca is unsure about the possible growth, and Kevin O’Leary also questions the idea. Robert Herjavec is the first to drop out for the same reason as Sacca.
Taking away government revenue worries O’Leary, so goes out. Lori Greiner goes out as well, for not being able to see where the app could be taken.
Given that he believes car ownership is going away and his investments in Uber, Sacca goes out. Mark Cuban, in traditional fashion, waits until the last moment to strike and offers $700,000 for seven percent. The extra two percent comes into play for advisory fees. Ultimately, he accepts.
Final deal: Mark Cuban for $700,000 for seven percent.
Would you use the Fixed app?