Cheek'd a company created by Lori Cheek is being pitched in Shark Tank. She is an architect turned online Matchmaker. The company is online dating in reverse. Lori created the Cheek'd card, that has a pickup line and a profile code allowing the prospect to see more about the person you just met.
Cheek'd Dating App gives you a deck of cards
You create a profile in Cheek's, and you order a deck of cards that run $20, after the initial purchase, you pay $9.95 a month for the service. Lori launched in 2010 and had 4,500 active members, who have not all paid, but 1,125 have paid.
Her company made $56,000 in three years. She worked for Christian Dior as an architect and sold her wardrobe, putting $120,000 of her own money in Cheek'd.
Her website subscription model was broke and is now fixed.
Entrepreneur: Lori Cheek
Ask: $100k for 10% equity
From: New York City
Season: Season 5 Episode 518
Sharks: Mark Cuban, Barbara Corcoran, Kevin O'Leary, Lori Greiner, Robert Herjavec
Other companies: Zipit Bedding, Bambooee, Buzzy, KissTixx
First Aired: 2/28/2014
What do the Shark Tank Investors say about Cheek'd
Mark Cuban has a rule, when people come in that are delusional, he is out.
Barbara Corcoran loves her passion, and when she started her flower of the week club she killed herself for two years, but she wasn't listening to the universe that the business wasn't working. She needed to let it go. Barbara thinks Lori is the right entrepreneur, but you have to shoot the business. She is out.
Kevin O'Leary believes that her deal is a rabid dog. He thinks she should shoot it, but since he can't, he's out.
Lori Greiner thinks that the business is not working and it is more than just the website, so she is out.
Robert Herjavec says it is the same business model that is not working and does not work. It is a flawed business, and he is out.
Cheek'd after Shark Tank?
Cheek'd had over 100,000 visitors after the first airing of Shark Tank, but how many turned into clients? We don't know.
Cheek'd changed the business model and now uses smartphones to send a notification when other compatible Cheek'd users are within a 30′ radius of you. That's interesting, but, I am not sure that this is a better model? What do you think?