In recent years, Shark Tank has been a platform for entrepreneurs to showcase their innovative ideas and secure life-changing investment deals. One such company that made a splash on the show is Hidrent, a handyman service that connects customers with off-duty firefighters. In this blog post, we will provide an update on Hidrent’s journey since their appearance on Shark Tank.
Hidrent Overview
Hidrent is a unique app that allows customers to hire off-duty firefighters for various handyman services. These services can range from installing light fixtures and moving furniture to hanging holiday lights. The idea behind Hidrent is to provide a reliable and trustworthy source for customers to find help with household tasks while also giving off-duty firefighters a way to earn extra income.
Pre-Shark Tank Hidrent
Before its appearance on Shark Tank, Hidrent was operating successfully in Phoenix and Tampa, providing a variety of services including yard work, gutter cleaning, and general handyman tasks.
This innovative business model of connecting customers with off-duty firefighters for these tasks ensured a level of trust and quality in the services provided.
Hidrent Shark Tank Update
When Hidrent’s founder, Dave Heimbuch, appeared on Shark Tank Season 13, he was able to secure a deal with Robert Herjavec and Lori Greiner. In exchange for 33.3% equity, Heimbuch received a $300,000 investment to help grow and expand his business.
Since their appearance on Shark Tank, Hidrent has experienced significant growth. Initially available in Phoenix and Tampa, the company has expanded its services nationwide. With over 4,000 jobs completed, Hidrent has also managed to build a strong repeat user base.
Hidrent’s growth can also be attributed to the media coverage they have received from notable outlets such as CBS, Fox, Yahoo Finance, and CNBC. Additionally, the company has formed a partnership with the International Association of Fire Fighters. This partnership grants Hidrent access to over 300,000 firefighters, further expanding their reach and customer base.
In terms of revenue, Hidrent has generated over $1 million since its inception. The company has also raised additional funds through crowdfunding and seed investments. As of April 2024, Hidrent’s annual revenue sits at around $6 million, showcasing the company’s continued growth and success.
The Hidrent Shark Tank Pitch
In a season filled with innovative ideas, Hidrent stood out with its unique concept. The company operates an app that matches customers needing handyman services with off-duty firefighters – a proposition that intrigued the Sharks. Known for their reliability, firefighters offered a unique selling point for Hidrent.
The company promised trust and quality, taking a 23% cut from each job completed through the app. This pitch was enough to secure a deal with Lori Greiner and Robert Herjavec, who saw potential in Hidrent’s unique business model.
Hidrent Shark Tank Deal
The $300,000 investment from Lori Greiner and Robert Herjavec was instrumental in Hidrent’s growth. The deal, which gave the sharks a 33.3% stake in the company, was a significant step for Hidrent.
It provided the much-needed funds for expansion and helped Hidrent gain visibility among potential customers and investors.
Post-“Shark Tank” Growth
Since the Shark Tank deal, Hidrent has seen tremendous growth. The company expanded its services beyond Phoenix and Tampa to a national level. With a repeat user rate of over 35%, Hidrent has completed over 4,000 jobs.
A strategic pact with the International Association of Firefighters gave Hidrent access to more than 300,000 firefighters, further fueling its growth. The company successfully raised additional funds through crowdfunding and angel investors, contributing to its continued expansion.
Conclusion
Hidrent’s journey since Shark Tank shows how their idea of connecting customers with off-duty firefighters for handyman services has been a big success. Starting in Phoenix and Tampa, they’ve grown across the country. Getting investment from Sharks Robert Herjavec and Lori Greiner helped them expand, completing over 4,000 jobs and hitting major revenue goals. With strong partnerships and a focus on quality, Hidrent continues to grow, proving how smart ideas and teamwork can make a business thrive.
