Hidrent is an innovative platform that connects off-duty firefighters to people who need help with various tasks. Hidrent debuted in Season 13 of Shark Tank, bringing a unique approach to gig economy services.
The platform is designed to offer a wide range of services. This includes everything from home safety inspections, fire safety talks, and CPR training to handyman jobs, personal training, and even setting up Christmas lights.
Firefighters are known for their bravery, resourcefulness, and problem-solving skills, making them perfect for tackling these tasks. Hidrent places a great deal of emphasis on community and safety.
As it primarily employs off-duty firefighters, it ensures that the person coming to your home is trustworthy, skilled, and knowledgeable. In addition, it provides off-duty firefighters with an opportunity to earn extra income.
Hidrent is a good choice for several reasons. It offers many services, from minor tasks to significant projects, providing a one-stop solution for many household needs. More importantly, it gives homeowners peace of mind.
Knowing that a trusted figure in the community is handling their needs can be quite reassuring. In addition, it supports local firefighters by providing them with extra income opportunities.
Hidrent is, therefore, both practical and beneficial to use Hidrent to support the local community. It combines trust, convenience, and community support, making it a very appealing option for many people.
|Product / Business||An app for connecting off-duty firefighters with those looking for extra work|
|Investment Asking For||$300,000 for an 8% equity in Hidrent|
|Final Deal||$300,000 for 33.3% equity in Hidrent|
|Shark||Robert Herjavec and Lori Greiner|
|Hidrent Episode||Season 13, Episode 6|
|Hidrent Business Status||In Business|
|Hidrent Website||Visit Website|
|Hidrent Net Worth||$1.5 Million|
What Is Hidrent?
Hidrent is a platform that connects off-duty firefighters with individuals who need help with various tasks and services. The platform offers a wide range of services that can be requested, such as household tasks, repairs, installations, safety inspections, personal training, and more.
The primary function of Hidrent is to provide a convenient and reliable way for individuals to access the skills and expertise of off-duty firefighters. Hidrent aims to offer a unique service to the community by leveraging the trust and reliability associated with firefighters.
Users of Hidrent can list the specific tasks or services they need assistance with, and off-duty firefighters registered with the platform can browse and accept these jobs based on their skills and availability. Once a firefighter accepts a job, they will go to the customer’s location and provide the requested service.
Hidrent serves as a bridge between customers requiring assistance and off-duty firefighters looking to utilize their skills and earn additional income. The platform handles the payment process, ensuring a secure and convenient transaction for customers and firefighters.
Hidrent’s main purpose is to connect individuals with off-duty firefighters for various tasks and services, providing a reliable and trusted option for those needing assistance while supporting local firefighters and their communities.
Who Is The Founder Of Hidrent?
Dave Heimbuch is indeed the founder of Hidrent. He is a firefighter who has served for many years and has a first-hand understanding of the needs and challenges of this noble profession.
Heimbuch conceived the idea for Hidrent based on his experiences as a firefighter. Firefighters typically have a schedule allowing free time, and many take second jobs or side gigs during this time.
Heimbuch saw an opportunity to formalize this system, providing a platform that connects off-duty firefighters to people who need various services.
Before appearing on Shark Tank, Hidrent was already making strides. It was operational, with many firefighters offering their skills to needy people. The public response was largely positive, with many appreciating the trust and reliability of hiring a firefighter.
The platform was steadily expanding its reach, but the Shark Tank appearance presented an opportunity to introduce Hidrent to a wider audience and potentially secure further investment.
How Was The Shark Tank Pitch Of Hidrent?
The founder of Hidrent, Dave Heimbuch, walked into the Shark Tank seeking an investment of $200,000 for a 10% stake in his company, valuing Hidrent at $2 million.
Hidrent, born out of Heimbuch’s experience with hiring a contractor and his understanding of the firefighting profession through his brother-in-law, is a platform that connects off-duty firefighters to people needing help with household tasks.
During the pitch, Heimbuch explained that Hidrent allows users to list jobs such as moving furniture and hanging pictures. Firefighters, being trusted community members, can accept these jobs and be paid through the app.
He revealed that Hidrent had made $850,000 since its launch in 2018, with $320,000 being year-to-date sales. The platform generated revenue by taking a 23% cut from each job. Hidrent was only available in Phoenix and Tampa at the time of the pitch.
The Sharks had varying views on the product. Lori Greiner praised the concept as brilliant. Software mogul Nirav Tolia, despite seeing similarities with his app Nextdoor, opted out due to the challenges he knew came with starting in the field.
On the other hand, Mark Cuban expressed doubts about the business’ potential for the entrepreneur to control his destiny and decided not to invest.
Despite loving the idea, Kevin O’Leary chose not to take the journey and dropped out.
Robert Herjavec saw potential and offered $300,000 for a 20% stake in the business, believing he could help reach the target audience. However, he was unsure about the company name, not identifying it as a contractor service.
Lori Greiner then decided that she would like to partner with Robert, but she wanted a name change for the company. Together, they offered $300,000 for 35% of the business.
Heimbuch countered with Robert’s original offer of 20%, but Lori and Robert insisted they needed more. The lowest they were willing to go was 33.3%.
After some hesitation, Heimbuch accepted their offer. Since the show, Hidrent has gained nationwide exposure and continues to grow, despite not changing the name as Lori had suggested.
The company has been featured in multiple publications, and as long as there’s a registered firefighter in an area, the app can be used to hire them.
What Happened To Hidrent After Shark Tank?
After securing a deal on Shark Tank with Lori Greiner and Robert Herjavec, who invested $300,000 for a 33.3% equity stake in the company, Hidrent experienced significant growth and expansion.
Despite discussing a potential name change on Shark Tank, the company has retained its original name.
Before its appearance on Shark Tank, Hidrent had already raised $662.5k from 9 investors in a seed round and had run an equity-based funding campaign on StartEngine at an $8.5 million valuation, raising a total of $143,080.02.
Post Shark Tank, the company initially provided services in only a few states and expanded to offer its services nationwide, making the platform accessible to a wider audience, including senior citizens and single mothers.
Hidrent also announced a partnership with the International Association of Fire Fighters until 2024, allowing the company to connect with over 300,000 firefighters. As of December 2022, the company’s annual revenue was approximately $1.4 million.
The platform, trusted because it exclusively employs firefighters, continues to operate successfully with its headquarters in Dallas, Texas, and a small team of 2-10 employees.
Hidrent is still in business and continues to provide its services nationwide. The company’s net worth at the time of the Shark Tank pitch was valued at $3.7 million, but the deal they signed was worth $937,000.
Hidrent has also received extensive media coverage, featured in numerous publications, including CBC, Fox, Yahoo Finance, and CNBC.
The company’s future looks promising as it continues to grow and serve its target customers, who include a significant percentage of senior citizens in the United States.
Hidrent Shark Tank Update
After its appearance on Shark Tank, Hidrent saw a significant boost in visibility and recognition. The company was featured on many prominent platforms, including Yahoo Finance, Fox, and CNBC, enhancing its awareness among potential users and partners.
However, it’s worth noting that the deal with Lori Greiner and Robert Herjavec, who agreed to invest $300,000 for a 33.3% stake in the company, is still pending final agreement. Interestingly, despite Lori’s suggestion for a name change, Hidrent retained its original name.
The company has continued its growth trajectory since the show. Founder Dave Heimbuch projected a substantial increase in Hidrent’s revenue, expected to reach $750,000 in 2022, up from $430,000 generated in 2021. Furthermore, the company anticipates sales exceeding $1 million in 2023.
Hidrent has also forged strategic collaborations with key players in diverse industries, such as property damage restoration, solar energy, and relocation services. These partnerships have contributed to Hidrent’s ongoing success and ability to expand its range of services further.
As of the latest available data, Hidrent’s net worth is $1.9 million, indicating steady growth in the company’s value. Despite facing competition from other firefighter-related services like Station 42, Engine Company 33, Firehouse 51, Hook and Ladder, Ladder 49, and Battalion Chief, Hidrent continues to operate successfully.
In summary, Hidrent is still very much in business after its Shark Tank appearance and is making considerable strides in its growth and expansion, backed by strategic partnerships and a steady increase in revenue.
Is Hidrent Still In Business?
Yes, Hidrent is still in business. After its successful pitch on Shark Tank, where it secured an investment from Robert Herjavec and Lori Greiner, Hidrent has seen significant expansion and growth.
Originally, Hidrent only provided services in a few states, but it has since expanded its reach to offer services nationwide. This expansion has allowed a broader audience, including senior citizens and single mothers, to access the platform and hire trusted firefighters for various tasks.
In addition to its expansion, Hidrent announced a partnership with the International Association of Fire Fighters that will last until 2024. This partnership allows the company to connect with over 300,000 firefighters, further enhancing its service capabilities.
Financially, the company has shown strong performance as well. By December 2022, the company’s annual revenue was approximately $1.4 million. It also successfully raised funds through a seed round and an equity-based funding campaign before its Shark Tank appearance.
Hidrent operates out of its headquarters in Dallas, Texas, with 2-10 employees managing the platform. The company has also gained considerable media attention, with features in several publications, including CBC, Fox, Yahoo Finance, and CNBC.
In summary, Hidrent is still in business and experiencing growth and expansion across the United States, making its trusted platform available to more people who need various tasks accomplished by reliable professionals.
What Is the Net Worth Of Hidrent?
According to our research, the net worth of Hidrent is estimated to be $1.5 million. The valuation of Hidrent was $900,000 after securing an investment from Lori Greiner and Robert Herjavec on Shark Tank.
Also, read other similar businesses that appeared on Season 13 of Shark Tank:
- Curie Deodorant Shark Tank Update | Curie Deodorant Net Worth
- Plunge Shark Tank Update | Plunge Net Worth
- TheMagic5 Shark Tank Update | TheMagic5 Net Worth
- Proper Good Shark Tank Update | Proper Good Net Worth
- Cupbop Shark Tank Update | Cupbob Net Worth
- Incredible Eats Net Worth | Incredible Eats Before & Shark Tank