Scan App Shark Tank Net Worth

Scan App was featured on Season 5 of Shark Tank, is a mobile application developed by Garrett Gee and his team that leverages smartphone technology to scan QR codes and barcodes, providing users with an efficient and easy way to access digital content or online information tied to physical objects.

This mobile application stands out due to its easy-to-use interface and quick and accurate scanning capabilities. The Scan App can scan various code types, including QR, barcodes, and UPCs. 

The user points their smartphone’s camera at the code, and the app does the rest. Once the code is scanned, the app redirects the user to the embedded URL or decodes the information within the code and displays it on the screen. 

Users can revisit previous scans within the Scan App’s history log, which is a compelling feature. Furthermore, it allows for the creation of personalized QR codes, giving users the potential to use them for their business or personal use.

Why is Scan App a good choice? For consumers, the app simplifies accessing digital content tied to physical products, eliminating the need to manually input URLs or other data. 

For businesses, the app provides a new way to engage with customers, offering a quick and seamless connection between physical products or advertisements and digital resources, such as websites, videos, or promotional materials. It can be a powerful tool for integrating offline and online marketing efforts.

Like many tech products, Scan App enjoyed initial success but faced a highly competitive market. Smartphones have integrated barcode and QR scanning into their cameras, and other apps have added scanning capabilities. Therefore, while it was innovative at the time of its Shark Tank presentation, the scanning space continues to evolve.

Company NameScan Inc
EntrepreneurGarrett Gee
Product / BusinessApp for scanning barcodes and reading QR codes
Investment Asking For$1,000,000 for 5% equity in Scan App
Final DealNo Deal
SharkNo Shark
Episode Season 5, Episode 4
Business StatusIn Business
WebsiteScan App Website
Estimated Net Worth$0

What Is Scan App?

Scan App, also known as Snapcode, is a mobile application developed by a US-based company, Scan Inc. The company was founded in 2011 by Garrett Gee and his college friends Ben Turley and Kirk Ouimet. 

Scan App allows consumers to read and scan various physical codes such as QR, NFC, and machine-recognizable images through mobile devices. Users can also create QR codes linked to web destinations such as social network profiles and websites. 

Since the launch of the Scan App, the company has expanded its services to include business solutions such as Scan to Buy, which allows users to buy products directly from their mobile devices by simply scanning a code. 

Scan Inc. has also partnered with major brands such as Nike and Target, providing them with innovative marketing solutions. The Scan team is now focused on developing new AR technology and features for Snapchat.

Scan App Shark Tank Net Worth

With their innovative approach to mobile scanning and their dedication to advancing AR technology, Scan Inc. has become a leading player in the tech industry. Scan App has gained popularity, with over 25 million downloads on iOS and Android platforms as of December 2012. 

The company’s model relies on advertising revenue from scanned 1D barcodes that lead users to affiliate links and advertising.  This means that when a user scans a barcode using the Scan App, they may be directed to a website where they can purchase the product. 

The Scan App also provides users with additional information about the product, such as reviews and prices from other retailers. The app has been praised for its easy-to-use interface and quick scanning capabilities, making it a popular choice among consumers. 

With its growing user base and revenue model, the Scan App is set to become a major player in the mobile scanning industry.

Who Is The Founder Of Scan App?

The Scan App was founded by Garrett Gee, an entrepreneur known for his technological acumen and innovative thinking. Garrett Gee was born in Utah and attended Brigham Young University (BYU), where he studied Information Systems. 

He was a resourceful problem-solver from a young age, and his interest in tech led him to develop a keen interest in the convergence of physical and digital realities.

The idea for the Scan App was conceived when Garrett was still a student at BYU. He was attending an event where he observed QR codes being used to deliver additional information to attendees.

He noted that many people had difficulty using the QR codes because they didn’t have an application on their phones to read them, and the existing applications were difficult to use. 

Seeing the gap in the market, he recognized an opportunity for a more user-friendly, intuitive QR code reader and conceived the idea of the Scan App. Garrett and his team, Ben Turley and Kirk Ouimet, developed a minimum viable product and launched it while still studying. 

The Scan App quickly gained popularity due to its simple interface and effective functionality. The team secured $1.7 million in seed funding before appearing on Shark Tank in 2013 for further investment opportunities.

Apart from Scan, Garrett is also well-known for selling another venture, Scan Inc, to Snapchat for $54 million in 2014 and using part of that money to travel the world with his family, an adventure chronicled on his blog and social media platforms. 

His entrepreneurial spirit, technical skills, and unique approach to life and business make him a fascinating figure in tech startups.

Before appearing on Shark Tank, the Scan app had already gained significant traction and made a name for itself in the tech world. While studying at Brigham Young University, Garrett Gee and his co-founders Ben Turley and Kirk Ouimet launched the app.

The team initially developed a minimum viable product and released it onto the market to gauge interest and gather feedback. It was an immediate hit, with users appreciating the straightforward, intuitive interface and the app’s ability to quickly and accurately scan various code types.

The Scan app quickly climbed the charts and became one of the most popular apps for scanning QR codes and barcodes, even making it to the top utility category in the Apple App Store. This was quite an achievement, given the competitive landscape of the mobile app market.

Recognizing the potential of their product, the team sought investment to develop the app further and expand its capabilities. Before their Shark Tank appearance, they managed to secure $1.7 million in seed funding from various venture capital firms and angel investors, demonstrating a strong belief in the viability and future success of the Scan app.

The team’s appearance on Shark Tank in 2013 aimed to secure further investment to continue growing and developing the Scan app. They hoped the sharks would see the same potential that earlier investors had seen in their product. 

Their time on Shark Tank offered increased visibility and publicity for the Scan app, introducing it to a broader audience and boosting its profile.

How Was The Shark Tank Pitch Of Scan App?

The Shark Tank pitch of the Scan app by Garrett Gee was met with mixed reviews from the Sharks. Garrett entered the Tank seeking a $1,000,000 investment for 5% equity in his company, valuing Scan App at $20 million. 

He presented his app as a way to scan QR codes and provide additional product information easily. Garrett showcased impressive numbers, including over 51,000,000 downloads and 27,000,000 scans the previous year.

The Sharks raised concerns about competition and the viability of QR codes as technology advances. Some questioned the uniqueness of Garrett’s business and its long-term potential. 

While Garrett emphasized the revenue potential from companies using his website to create QR codes, he had yet to generate substantial profits.

Daymond felt that Garrett did not need the Sharks’ financial help and went out, while Lori didn’t see herself fitting into the industry and also went out. 

Robert expressed interest but ultimately backed out due to concerns about competition. Kevin questioned the valuation and the lack of profits, leading him to go out.

Mark Cuban, the last remaining Shark, needed to be addressed and believed that technology was moving toward sensors rather than QR codes. Since Garrett’s business did not align with Mark’s vision of the future, Mark also went out.

Despite not securing an investment, Scan continued to grow after appearing on Shark Tank. The company now offers a free app called “QR Code Reader” and a premium paid version called “Scan.” 

The exposure from the show helped increase their user base, and the Scan website still allows companies to create QR codes. The Shark Tank pitch of the Scan app received a lukewarm response. 

While Garrett’s story and user numbers were impressive, concerns about competition, profitability, and the future of QR codes led the Sharks to pass on the opportunity. However, Scan has continued to thrive and provide a valuable service to its users.

Final Deal: No deal between Sharks and Scan App.

What Happened To Scan App After Shark Tank?

Scan Inc., the company behind the Scan App, underwent significant changes following its appearance on Shark Tank. Even though the app didn’t secure a deal on Shark Tank, the company continued to grow and attract attention in the tech industry.

In 2014, less than a year after the Shark Tank episode aired, Snapchat acquired Scan Inc. for $54 million. The Scan App team became part of Snapchat, and the Scan App’s technology was integrated into Snapchat’s platform. 

The technology helped Snapchat add innovative features that leveraged QR code scanning, such as Snapcodes, which allowed users to easily add friends, access content, and even unlock filters and lenses on Snapchat.

While it may seem like the Scan App didn’t continue as an individual product after its acquisition by Snapchat, the technology behind it lives on and continues to influence how millions of users interact with digital content.

Scan App Shark Tank Update

After appearing on Shark Tank, the Scan app and its business experienced significant growth and success. Although Garrett Gee didn’t secure a deal with the Sharks, his appearance on the show had a major impact on his business.

Initially, Garrett found a clever way to circumvent the rule of not displaying website URLs on air. He used a QR code that didn’t lead anywhere during his pitch.

However, when the episode aired for the second time, he linked the QR code to his Instagram account, allowing viewers to access more information about the company. This clever move resulted in increased downloads of the app.

Scan App Shark Tank Net Worth

Despite not gaining the confidence of the Sharks, Scan continued to thrive. Garrett’s vision was to provide businesses with a simple solution to scan QR codes using smartphone cameras and generate custom codes. 

The company’s growth caught the attention of Snapchat, which ultimately acquired Scan Inc. in late 2014 for $54 million. This successful acquisition made Garrett a millionaire and proved the Sharks wrong.

Since the acquisition, Garrett has enjoyed his life, traveling the world with his family and inspiring entrepreneurs everywhere. The Scan app has grown significantly, demonstrating the power of a great idea and unwavering dedication. 

The Sharks missed out on a lucrative opportunity to invest in Garrett’s company, while Garrett was able to realize his million-dollar dream and prove that anything is possible with the right idea and determination.

Is Scan App Still In Business?

No, the Scan app is no longer in business. Snapchat acquired it in 2014, and the Scan app was developed into Snapcode. Snapcodes are a type of QR code that Snapchat users can scan to add friends, open Snapchat lenses, or access other content.

Many other business cards scanner apps, such as CamCard, BizConnect, and CardMunch, are available. These apps allow users to scan business cards and store phone contact information. The apps can also create digital business cards to share with others.

What Is the Net Worth Of Scan App?

According to our research, Scan App was acquired by Snapchat in 2014 for $54 million. The net worth of Scan App is estimated to be over $55 million.

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