Brightwheel is a childcare, preschool, and early education smartphone application. You can participate in your child’s day with Dave Vasen’s app. Teachers can quickly check in, communicate updates, and share images through the app.
They utilize Brightwheel to track and manage their business’s activities. Teachers save time using the app, allowing them to spend more time with the children daily.
The Brightwheel app is now free but will require a premium subscription charge once the whole product is launched.
This group controls a sizable market that is not served by software. They operate around 2,500 schools throughout the country. They will charge between $40 and $200 every month.
Brightwheel secured $2.2 million in a seed round based on their pilot. He is seeking a strategic collaboration with the Sharks.
What is Brightwheel?
Brightwheel is a daycare management application that enables childcare providers to run their businesses while providing parents with daily updates on their children.
Brightwheel has been utilized in preschools, daycares, nursery schools, and camps with populations ranging from a few to hundreds of children since its inception.
Brightwheel daycare management software lets you keep track of attendance and room ratios, exchange images and videos, measure learning milestones, interact with parents, issue paperless bills and payments, and manage personnel.
Brightwheel Premium is available for an additional monthly charge. It includes everything in the Brightwheel Basic plan, plus check-in for students and staff, room ratios, videos, messages, calendars, unlimited staff and students, and access to email, chats, and phone support.
|Product||Brigthwheel: Childcare Management Application|
|Investment Seeking||$400,000 for 4% equity in Brightwheel|
|Final Deal||$600,000 At $9 Million Valuation of Brightwheel|
|Shark||Mark Cuban and Chris Sacca|
|Episode||Season 7, Episode 26|
Who is the Founder of Brightwheel?
Dave Vasen is the founder of Brightwheel, which initially launched KidCasa as a preschool management software provider in 2014.
Brightwheel developed and marketed itself for more than a year after raising $2.2 million from a series of investors.
Brightwheel Before Shark Tank
Dave Vassen began his pre-roll tape with a personal introduction to himself and his family. He and his wife held their three-year-old daughter in their arms as they strolled past an idyllic-looking lake filled with ducks.
Dave explained to the audience that he was a first-generation American and that his South American ancestors arrived in the United States with nothing but a work ethic.
They also taught him the significance of education, he stated. The scene changed to an office environment.
While Dave was conversing with an employee, the narrator, Dave, stated that he began working in education technology following graduation. He developed software systems for multinational corporations such as Cisco and Amazon.
Everything changed when his daughter Serena was born. Dave realized that he would instead be involved in his daughter’s life and impart knowledge to her than work. He was able to make this a reality for himself by using his educational background.
Brightwheel, the device he designed, is focused on early schooling specifically. He asserted that it enables preschool and daycare teachers to interact with their kids and their parents.
Dave stated that investing in early childhood education is critical because 85 percent of brain development begins before three. He concluded the video by stating that children are our future and that we must invest in them.
How Was The Shark Tank Pitch of Brightwheel?
Dave appeared on Shark Tank and made his way to the stage. He introduced himself and informed the Sharks that he was looking to raise $400,000 in exchange for a 4% ownership in his company, Brightwheel.
Daymond grumbled, and it was clear he was already mentally drained by that ludicrous valuation. Dave brushed it aside and continued stating that Brightwheel was a daycare, preschool, and family app.
He asserted that he was changing early childhood teaching. He addressed the Sharks as fellow parents and inquired whether their small children also struggled to explain what they did that day at school.
Dave demonstrated this by playing a film of a parent asking his preschooler what she did at school, to which the little girl responded, “I did everything.”
Dave stated that millions of parents have this experience daily, particularly with younger children.
He stated that it was difficult to leave your “small human being” for an extended time each day if it was the only indication of how they spent their days.
He stated that the situation was no better at the classroom level, with instructors juggling paperwork, parents, and company operations.
He claimed that the system was malfunctioning and that his application provided the fix.
Brightwheel works by allowing teachers to check children in via the mobile application and logging updates, tests, and changes to activities and playtime throughout the day.
Additionally, the app enables them to manage their business. Dave added that they saw a massive volume of images being shared daily on the app. The teacher takes a photograph and tags it, concluding the procedure.
The stage’s giant screen displayed the app’s teacher interface. There was a list of students, and Dave selected the activities button at the bottom.
He explained to the Sharks that each action was already being monitored on paper, and they’ve converted it to an app for the teacher and parent’s convenience.
Dave pressed the nap button, which prompted the display of a list of students. He then labeled three as having “gone down for asleep.”
Dave claimed that the Brightwheel app’s value proposition saved teachers time quantifiably.
He shifted the onstage screen to the app’s parent side. It featured his daughter, Serena, and included a list of tasks she accomplished throughout the day.
Dave claimed that it enabled him to converse with Serena when she returned home from school, as he was already aware of her activities. Dave’s relationship with his daughter has significantly improved since he created the app.
Dave concluded his presentation by informing the Sharks that the firm had the potential to become large while also making a positive difference in the lives of children, parents, and teachers.
He invited them to join him and Serena in creating a positive change in every preschool, family, and childcare worldwide. Kevin inquired as if attempting to sell the Sharks through the software platform.
Dave confirmed this, and Kevin inquired how much the app cost the consumer.
Dave informed him that while the initial free app, teachers, and administrators would be charged a monthly fee to use it once it was published.
Kevin inquired whether parents will ever be required to pay for the app’s use. Dave informed him that he did not believe they would be required to do so unless and until they enhanced the app’s value for parents in the future.
Kevin advised him that he could not advertise on the Brightwheel platform, which Dave confirmed.
Chris Sacca interjected, stating that Brightwheel has the capacity and ability to market to parents indefinitely, but Dave stated that they did not believe that was required.
Dave continued by stating that he began a BrightWheel pilot program in 2014. Barbara inquired how many schools he could enroll in, and Dave stated that they began with ten.
They took advantage of this chance to learn about the needs of the schools. A year later, they rebranded as Brightwheel and signed up 2,500 schools.
Kevin inquired how he intended to monetize Brightwheel, and Dave evaded the subject by stating that other businesses had specialized software similar to this, but education did not. Dave recognized this as an enormous untapped market.
Mark explained that it was primarily because daycare and early education facilities lacked the funding and infrastructure necessary to produce the program.
Chris stated that these items were frequently mismanaged. He continued, stating that he believed Brightwheel was a little scattered, making pitching to the Sharks difficult.
Dave informed him that Brightwheel was used by everyone from nannies to major early childhood centers, ranging from $40 to $200.
Kevin inquired whether the $200 monthly fee would apply to centers with 50 children, and Dave responded that larger centers may have up to 200 children and still be $200 per month.
Kevin inquired whether they had raised investor capital, and Dave said that Brightwheel had raised 2.2 million dollars at an $8 million valuation.
Daymond inquired as to what he desired from a Sharks investment. Dave stated that he was primarily interested in a Shark collaboration’s public PR side.
Kevin noted that while he found the concept intriguing, he was unsure what Brightwheel might do in revenue. Dave stated they were earning a million dollars the following year.
Kevin offered $400,000 in exchange for a 10% stake in the company, stating that he brought a great deal to the table.
Dave expressed gratitude for the offer but stated that his investors had his back. Mark asked whether he entered the Shark Tank, aware that he would be required to negotiate, and Dave said he did.
Daymond informed him that he did not believe he would be able to provide value and hence left.
Chris inquired about the number of schools he would have this month, and Dave stated that they were averaging around 40 to 50 per day.
Chris expressed his admiration for the firm and cautioned him from altogether abandoning advertising to parents since this may assist Brightwheel in the long run.
Chris desired to make an offer but was hesitant to pay more for the same firm than another investor.
He offered them $400,000 at a 5% equity stake, the same as the previous round of funding. Dave congratulated him for the generous gift and inquired whether Chris desired to join the other Sharks.
Chris informed him that he was skeptical that the other Sharks could provide value above and beyond what Chris brought to the table. The other Sharks chuckled inconveniently.
Chris pressed Dave to explain the added value that another Shark would provide. Mark inquired as to his seriousness and whether Chris was indeed so naive.
He sounded irritated and frustrated. Daymond immediately began chanting, “Shark fight!” Shark battle! ” As Chris and Mark argued.
Dave attempted to interject, stating that he desired to accept the offer but was curious whether they would pair up with another Shark.
Daymond inquired whether Dave intended to reject any other offer he received. Dave informed him that this was not true.
Chris intervened before Dave could finish his sentence, stating that he had not heard any other Sharks nominate themselves to participate in the trade.
Mark declared angrily that he was not required to appoint or persuade Chris of anything.
Mark stated that Chris has “street cred” solely in Silicon Valley and that it means nothing outside of that bubble, or, as Mark put it frankly, it means sh*t.
He asserted that he was capable of establishing brand value in other states, not only California.
Kevin interjected to remark that he was the only individual in the education field with a multimillion-dollar company. Kevin stated that he would match Chris’ offer.
Mark desired to conclude a transaction. He stated that he would complete the transaction at a rate of 4%, even if it meant partnering with Chris.
Dave suggested they go for $300,000 at 4% each. Chris pointed out that it would pay a premium over what the previous investors received.
Mark and Chris both agreed to the arrangement. Dave insisted that Brightwheel was worthwhile, making Daymond cringe.
Chris indicated that he would consider offers between $300,000 and $300,000 on a $9 million valuation. Let’s see how well that went for everyone.
Did Birghtwheel Get Any Deal on Shark Tank?
Brightwheel received a $600,000 for 6.66 percent offer from Chris Sacca and Mark Cuban in Season 7, Episode 26 of Shark Tank.
Since then, Brightwheel has become the top platform for early education and childcare administration and the leading software solution for preschools, child care, daycare, camps, and after-school programs.
How does Birghtwheel Make Money?
Brightwheel operates freemium to keep the software inexpensive for low-income areas.
Anyone can utilize their basic plan, including attendance, daily reports, photographs, teacher and parent apps, invoicing and bill payment, and support for up to one staff member and twenty children. It’s ideal for people in search of free daycare software.
What is the Net Worth of Brightwheel?
Brightwheel raised $10 million in February 2017 with a Series A funding round led by Mark Cuban Companies and Lowercase Capital, and the investment firm co-founded by guest shark Chris Sacca.
In October 2018, the company raised an additional $21 million in Series B funding from several renowned investors, including the Chan Zuckerberg Initiative, the capital management organization created by Mark Zuckerberg and his wife Priscilla Chan of Facebook.
Brightwheel completed another round of funding in February 2021, raising $55 million, valuing the company at $600 million.
What Happened To Brightwheel After Shark Tank?
Brightwheel has improved its app and increased its visibility due to its appearance on Shark Tank.
Brightwheel attended the NAEYC Annual Conference and Expo in Los Angeles in late October 2016 to demonstrate their product live.
Brightwheel raised $10 million in February 2017 in a round of fundraising led by the Chan Zuckerberg Initiative and other investors, including Mark Cuban Companies.
Chan Zuckerberg Initiative is spearheaded by Mark Zuckerberg and his wife, Priscilla Chan of Facebook.
Brightwheel now offers its customers a premium product (not for free) with innovative solutions. This year, they intend to double the team and invest heavily in the product. Vasen explained, “The investment primarily focuses on expanding the team.”
What Is the Net Worth of BrightWheel?
The valuation of BrightWheel was $10 million when it appeared on Shark Tank. The net worth of BrightWheel is above $600 million as of 2022.