When brothers Jared and Sean Bingham stepped into the Shark Tank, they had a vision to share their passion for adventure with the world. Their company, Adventure Hunt, had already made waves in the scavenger hunt industry, but they needed the Sharks’ expertise and investment to take it to new heights. In this blog post, we’ll dive into Adventure Hunt’s journey on Shark Tank, their deal with Robert Herjavec, and the impact they’ve made on the industry since their appearance.
The Adventure Hunt Pitch and Deal at Shark Tank
Adventure Hunt is an athletics and scavenger hunt company that was formed just 18 months before their Shark Tank appearance. Despite being a relatively new venture, the Bingham brothers had already generated an impressive $769,000 in sales. Their unique business model offered a tiered registration pricing structure for events, ranging from $30 to $100, with a complimentary welcome bundle included for all participants.
During their pitch, Jared and Sean explained that their scavenger hunt app does most of the work, making it easy for groups to participate. To win, teams need to complete 10 out of 50 challenges. The brothers were seeking $150,000 for a 10% equity stake in their company.
The Sharks were intrigued by the concept and the brothers’ enthusiasm. Bethenny Frankel offered $150,000 for a 25% equity stake but with certain conditions attached. Robert Herjavec matched Bethenny’s offer, proposing $150,000 for a 20% equity stake. Adventure Hunt accepted the offer of Robert Herjavec. Mark Cuban, Lori Greiner, and Daymond John ultimately decided to drop out of the negotiations.
Is Adventure Hunt Still in Business?
Yes, Adventure Hunt is still going strong! After their appearance on Shark Tank, the Bingham brothers finalized a deal with Robert Herjavec. This partnership has allowed them to expand their business and explore new opportunities.
Adventure Hunt has since ventured into corporate events, scavenger hunts, and team-building exercises. One notable example is their collaboration with the United States Air Force Academy, which used Adventure Hunt’s services for team-building activities. This demonstrates the versatility and appeal of their unique scavenger hunt experiences.
What Was Adventure Hunt’s Net Worth?
While the exact net worth of Adventure Hunt is not publicly disclosed, we can make some estimates based on the information provided during their Shark Tank appearance. With $769,000 in sales after just 18 months, the company was valued at $1.5 million when the Bingham brothers pitched their business to the Sharks.
Given their successful deal with Robert Herjavec and their expansion into new markets, it’s likely that Adventure Hunt’s net worth has grown significantly since their time on the show. The scavenger hunt industry has seen a surge in popularity, and Adventure Hunt’s innovative approach has positioned them as a leader in the field.
Impact of Adventure Hunt on the Industry
Adventure Hunt has made a significant impact on the scavenger hunt and team-building industry. Their unique blend of athletics, problem-solving, and fun has resonated with participants of all ages and backgrounds.
By leveraging technology through their app, Adventure Hunt has streamlined the scavenger hunt experience, making it more accessible and enjoyable for everyone involved. Their success has inspired other companies to innovate and push the boundaries of what’s possible in the world of interactive entertainment.
Moreover, Adventure Hunt’s focus on corporate events and team-building exercises has highlighted the value of engaging, hands-on activities in fostering collaboration and camaraderie among colleagues. Their work with the United States Air Force Academy is a testament to the effectiveness of their approach to building strong, cohesive teams.
Business Overview
Adventure Hunt’s business model revolves around organizing thrilling scavenger hunts and adventure experiences for individuals, groups, and corporations. By offering a tiered pricing structure and a user-friendly app, they’ve made their events accessible to a wide range of participants.
The company’s success is a direct result of these essential elements:
- Innovative approach: Adventure Hunt has reimagined the traditional scavenger hunt, infusing it with elements of athletics, problem-solving, and technology.
- Versatility: Their events cater to various audiences, from casual participants to corporate teams seeking unique team-building experiences.
- Scalability: The Adventure Hunt app streamlines the scavenger hunt process, allowing the company to organize events on a larger scale without compromising quality.
- Strong leadership: The Bingham brothers’ passion, expertise, and entrepreneurial spirit have been instrumental in driving the company’s growth and success.
Conclusion
Adventure Hunt’s journey on Shark Tank is a testament to the power of innovation, passion, and perseverance. By securing a deal with Robert Herjavec and expanding their business, Jared and Sean Bingham have shown that with the right vision and execution, even the most unconventional ideas can thrive.
As Adventure Hunt continues to grow and make its mark on the industry, one thing is clear: the future is full of exciting possibilities. So, if you’re ready for an unforgettable adventure, keep an eye out for an Adventure Hunt event in your city. Who knows? You might just discover a new passion for the thrill of the hunt.
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