Garret Gee claims that he developed Scan for bar codes and QR codes. They will give them all their information including competitive pricing. His mobile app is available for both Apple and Android devices. They offered their app for free, and then have up-sells on the application.
Scan has 51 million downloads with 27 million scans the previous month. Their is competition, but they built half the table, but Scan is the entire space. They are now just beginning to put the focus on monetization.
The company is making $30,000 a month over the last couple of months.
Mark Cuban asks about the death of QR codes and is that not a problem.
Scan has $8.7 million of investment already raised for the business. Daymond asks if he is there for exposure, or what else they need.
Scan Episode Data
- Company: Scan
- Entrepreneur: Garret Gee
- Ask: $1,000,000 for 5% equity
- Episode Season 5 Episode 504
- Companies in this episode:
- Mark Cuban
- Daymond John
- Kevin O'Leary
- Lori Greiner
- Robert Herjavec
- First Aired: 10/11/2013
- Deal: No Deal
What do the Shark Tank Investors say about Scan?
- Mark Cuban – Mark Cuban doesn't see any differences from the other products that are already available. He is impressed with downloads, but not the technology. Garret is giving a lot of vision but no the realities. he is out.
- Daymond John – doesn't think they need the money because they have already raised over eight million dollars. He is out.
- Kevin O'Leary – thinks that the business plan is not there and it takes a leap of faith that it is going to happen. He is out.
- Lori Greiner – thinks Garret is amazing, but she is not the best person to help with this technical arena. She is out.
- Robert Herjavec – has never had someone ask for a million dollars in flip flops. He doesn't doubt the downloads, but nothing is proprietary and he is worried about the competition. He is out.
Scan after Shark Tank
SnapChat acquired Scan after the Shark Tank episode for $54 million. Garret still hasn't touched the money that he made from the sale.