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
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 doesn’t believe that enough people would be interested in the app, however, the entrepreneur cites other spaces to get involved, including speeding tickets. Sacca doubts his potential growth rate and Kevin O’Leary questions the premise as well. Robert Herjavec is the first to go 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?
Read more: Shark Tank: PiperWai Natural Charcoal Deodorant Earns Investment From Barbara Corcoran for $50,000
The parking ticket portion of the fixed app has already been shutdown due to the city blocking their process. Does this mean the deal is not going through?
I am also unable to find the download site.
I’m in Orange county, CA
Pleeeeeeeese bring this service to the ticket capital of the world, that revenue city of chicago in the corrupt state of Illness!!!