What Happened to ValPark Mobile After Shark Tank?
What is ValPark Mobile?
ValPark Mobile was an app that helped users find, pay for, and manage valet services for their automobiles while they were parked at restaurants, garages, nightclubs, and hotels. ValPark Mobile was created by Wayne Johnson of Washington, D.C.
It’s free software that’s now only accessible on iTunes, and it offers a cash-free solution to all of your parking needs.
You can find, reserve, and pay for a parking space without using cash or a credit card. The ValPark Mobile App now includes a Valet Parking option, which requires you to submit your name as payment.
The Valet Parking Attendant remembers you and is aware that you have previously paid in full using the ValPark App.
Who is the originator of ValPark Mobile?
Wayne Johnson, a Washington, D.C. resident, founded ValPark Mobile in 2012 to help people locate parking in the Washington, D.C. area.
The idea behind ValPark is that customers may use their cellphones to look for, book, and pay for parking. ValPark makes it easy to get garage or valet parking at a restaurant or nightlife.
Hundreds of venues in the greater Washington, DC area are listed on the website. When using valet parking, you may also request your car from your phone.
The best thing is that you will never have to break a $20 note or use your credit card at the end of the night.
Wayne Johnson’s ValPark Parking App is a mobile answer to a common issue. The app was released on iTunes in 2013 and has slowly grown in popularity since then.
It has been downloaded over 5,000 times in a month, a significant rise from the few hundred users who had the app on their devices last year.
What Happened to ValPark Mobile’s Shark Tank Pitch?
Wayne Johnson hopes to seek an investment in Shark Tank episode 3 seasons 7 for ValPark Mobile, his parking payment software, so that the Sharks can help him expand outside of Washington, DC.
Wayne entered the Shark Tank seeking $300,000 offer for a 20% stake of ValPark, which valued at $1.5 million.
He tells his story while showing a video of how valuable the program is. ValPark is currently accessible at 115 sites around the country.
Wayne has a partner who owns a number of parking companies; the partner owns 48% of the company, and Wayne has put $100,000 in it.
Sales totaled $270,000 over the course of a year. ValPark made money by charging an 8.5 percent convenience fee to clients.
The new income model includes a 15% convenience charge, splits credit card fees with the venue, and costs $49 per month per location. The sharks instantly start circling.
Mark was eager to learn how to expand the firm. Kevin was curious about how a restaurant with 250 cars per night that pay cash for parking would evaluate the app’s usefulness.
Lori asks how it works, and he shows her how to create a profile in 115 various locations.
Mark was interested in knowing how much you may earn since he does not feel ValPark will be desirable to an investor.
Mark compares it to UBER, despite the fact that UBER has raised billions of dollars and has volume, but ValPark does not.
Troy was an early investor in UBER and feels that the parking sector lacks sufficient real estate.
Troy leaves, alleging that another child is “waiting to consume your food” in the garage.
Mark doesn’t see how big he can become and doubts Wayne’s ability to scale it; he’s out.
Kevin isn’t interested in global supremacy, therefore he’s out. Lori says she can’t take 30% if Wayne has a partner, and that’s what she needs; it’s not right, therefore she’s out.
Daymond was enamored with it and asks whether Mark or Troy will follow him, but they decline—Daymond was also out.
Wayne ultimately walks away from the pitch without a deal.
What Happened to ValPark Mobile After Shark Tank?
The social media accounts stopped publishing in May of 2016, after the show aired and Wayne left the pitch without a deal.
The website is no longer operational as of 2021, and the app is no longer available in the app store. Wayne closed the company in May of 2015, according to his Linkedin profile.
He sees himself as a “hospitality entrepreneur” and is presently a co-owner of three pubs and nightclubs in the Washington, DC, area.
ValPark Mobile’s Competitors
SpotHero and ParkWhiz are ValPark Mobile’s main competitors.
ValPark Mobile’s Net Worth
During and after the pitch, the firm was valued at $1.5 million. The firm closed its doors in 2015; hence the net worth of the company is unknown.
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ValPark Mobile FAQs
How do I download ValPark Mobile?
The app is no longer operational. To download it, users will need to look for it on iTunes store.
What was ValPark Mobile?
ValPark was a parking software that helps users find and pay for parking at venues. It was launched in 2012 by Wayne Johnson of Washington, D.C. People can check out ValPark’s prices before they leave their homes and reserve a spot by car make, model, and license plate number without any cash or credit card.
Who created ValPark Mobile?
Wayne Johnson, a resident of Washington, D.C., founded ValPark in 2012 with the idea to locate parking spaces without using cash or credit card.
How much funding did ValPark Mobile seek in Shark Tank?
Wayne Johnson sought a $300,000 investment for a 20% or $1.5 million valuations.
How much money did ValPark Mobile make per year?
ValPark made $270,000 in a year; the firm takes home $49 per month per location.
Does ValPark Mobile have competitors?
Actually, yes! SpotHero and ParkWhiz are the competition for ValPark Mobile.
Was ValPark Mobile a scam?
No, ValPark was legitimate software that helped people locate parking spots.
Is it possible to contact ValPark Mobile?
Unfortunately, no. The company is not active on social media and the website is no longer functional.
How did ValPark Mobile make money?
ValPark took home a percentage of the cost of parking at venues.
Was ValPark Mobile available outside Washington, DC?
ValPark was accessible at 115 sites around all 50 states and in Canada, Puerto Rico and the U.S. Virgin Islands.
Did ValPark Mobile take credit card payments?
Yes, the company takes credit card payments into account when calculating valet fees.
How was the business model of ValPark Mobile?
The app has a $49 subscription fee that guarantees ValPark to get access to your credit card.
How was the business model of ValPark Mobile different from UBER?
ValPark used a combination of customer tickets and membership fees to earn money. It has similar features as UBER, but the company does not have the volume to match UBER.
How did ValPark Mobile make money?
The company takes an 8.5% convenience fee for each customer’s ride.
