What Happened to Postcard on the Run after Shark Tank pitch?
What was Postcard on the Run?
Postcard on the Run was a photo-sharing software and printing business that debuted in 2011.
Postcard on the Run allowed users to select images from their iPhones, add a personalized message, then Postcard on the Run printed and mailed the cards to their recipients.
Additionally, the postcards included a code that recipients could scan with their phones to access video and audio content.
Who was Postcard on the Run’s Founder?
Josh Brooks created Postcard on the Run. Josh Brooks attended the University of Arizona from 1994 to 1998 with the intention of working in a technical enterprise following graduation.
He began his career at Myspace, where he spent three and a half years as the company’s head of marketing.
Josh Brooks desired to establish his own digital business following Myspace’s drop in popularity, and therefore successfully financed $1.6 million to form On The Run Tech.
He also founded his current enterprise, Postcard on the Run, in collaboration with Selena Gomez.
Brooks raised $750,000 from renowned singer Selena Gomez, who promoted the product to her over 16 million Twitter followers.
What Happened to Postcard on the Run during the Shark Tank Pitch?
Postcard on the Run participated in the first episode of Shark Tank season 5 in pursuit of $300,000 in return for a 5% share in the business. This translates to a valuation of $6 million.
It’s an audacious price for a young, innovative company. Customers may take a photo, create a postcard, and have it printed and shipped to them using the app.
The cards may have a scannable code that directs the user to a video clip on their smart device.
Josh Brooks sends postcards to each Shark.
Brooks has already secured financing from investors.
The financial burden imposed on Postcard on the Run by their ownership may deter the Sharks, but decisions are made on the basis of numbers.
While Josh Brooks states that Postcard on the Run is free software, users must spend $2.49 to send another person a postcard.
Brooks has sold $450,000 in postcards and the free software has been downloaded over 500,000 times in the preceding 21 months. He had already raised $1.3 million in venture capital based on a $6 million estimate.
According to Mark Cuban, the $6 million valuation is “insane.” He has departed.
Kevin O’Leary concurs with Mark Cuban’s assessment of value and believes the company is losing money. He has departed.
According to Barbara Corcoran, Postcard on the Run removes the emotional component of getting a postcard or an actual image since the opposite language is typed up, removing the warm and fuzzy sensation. She has departed.
Lori Greiner is not convinced that the technology is proprietary. She has departed.
Robert Herjavec expects that his children will download the app, particularly now that Selena Gomez has invested in and promoted the company.
He like the concept, but not the $6 valuation.
He gives a proposal. He offered $300,000 for a 10% stake in the business. This is Brook’s final opportunity to reach an agreement.
Brooks answers by requesting an increase of $5 million.
Herjavec is willing to entertain a $4 million deal. Brooks attempts to negotiate a settlement of up to $4.5 million, but Herjavec would not go over $4 million.
Brooks accepts and receives a Shark offer of $300,000 for a 7.5 percent stake in Postcard on the Run from Robert Herjavec.
What became to Postcard on the Run following its Shark Tank pitch?
Due to Herjavec’s financing, Postcard on the Run has been able to continue operations.
Numerous competitors have entered the market, making it more difficult for Postcard on the Run to maintain its lead.
On October 1, 2015, Postcard on the Run came to an end. The company’s website indicates that the service has been stopped.
Brooks is now the Senior Vice President of Brand Strategy and Marketing at Jam City, a mobile gaming platform created in 2010 by Chris DeWolfe and Aber Whitcomb, co-founders of MySpace, and Josh Yguado, a former 20th Century Fox executive.
Their website address has subsequently been acquired by a competitive postcard sending firm.
What was Postcard on the Run’s Net Worth?
Postcard on the Run approached Shark Tank for $300,000 in return for a 5% share in the business. This translates to a valuation of $6 million.
She accepted a $300,000 offer from Robert for 7.5 %, bringing the valuation to be $4 million.
Who are Postcard on the Run’s Competitors?
Postcard on the Run faced significant competition from the following companies in its market space: Chatbooks. ArtDeQo and Artifact Uprising cheers.
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Postcard on the Run FAQS
1. Does the Postcard on the Run app cost money?
Yes. Although the software is free, users must pay a $2.49 fee to send another user a postcard.
2. How can they contact Postcard on the Run?
They are no longer in business.
3. How was Postcard on the Run plan to make money?
The company plans to make money by selling postcards, but it charges $2.49 to send another user a postcard.
4. How can they get in touch with Postcard on the Run?
The company is no longer in business.
5. Are there plans for a Postcard on the Run app on Apple or Android?
No. The service was terminated on October 1, 2015
6. Who founded Postcard on the Run?
Josh Brooks created Postcard on the Run.
7. When was Postcard on the Run aired on Shark Tank?
Postcard on The Run was aired on September 20, 2013 on Shark Tank.
8. Where can they buy Postcard on the Run postcards?
They no longer in business.
9. Who an investor on Postcard on the Run?
Selena Gomez was an investor who invested $750,000.
10. What was Postcard on the Run doing?
Postcard on the Run was allowing users to send physical postcards using their smart devices, which are sent via USPS mail to a subscriber’s designated address.
11. How much was he seeking in the Tank?
Postcard on the Run appeared on Shark Tank season 5 episode 1 in search for $300,000 in return for a 5% stake in the business.
12. How much did he get on the Tank?
Robert offered to invest $300,000 for a 7.5 % share in the business, valuing Postcard on the Run at $4 million.
13. When was Postcard on the Run founded?
Postcard on the Run was founded in 2011.
14. Where was Postcard on the Run located?
Postcard on the Run was located in Los Angeles, United States.