Shark Tank deal: The founders of the prenup company land cash from Mr. Wonderful and the Nextdoor founder

HelloPrenup founders Julia Rodgers (left) and Sarabeth Jaffe. (Photo courtesy of Sarah Coppinger)

Sarabeth Jaffe and Julia Rodgers chose a hell of a way to meet each other for the first time in person.

After the co-founders of HelloPrenup launched their startup earlier this year virtually, they finally had a chance to meet face to face. Coincidentally, it was only a day before the entrepreneurs pitched their idea on ABC’s Shark Tank in July.

And if their first personal experience is an indication of what’s to come, Jaffe and Rodgers have a promising future together as startup co-founders.

Their appearance on the hit show aired Friday night as part of episode 6, season 13. After asking their pitch and asking questions from investors – also called “Sharks” – the entrepreneurs ended up landing $ 150,000 for their software platform, which has intended to help married. couples get a marriage contract.

Jaffe (left) and Rodgers make their pitch on the Shark Tank stage. (Photo courtesy of HelloPrenup / ABC / Christopher Willard)

Dressed in white wedding attire and equipped with bouquets, the HelloPrenup founders talked about how their solution saves time and money compared to the traditional way couples get a marriage.

“Who wants to hire a divorce lawyer before they get married?” said Rodgers, a Boston family law attorney who began working on the idea for HelloPrenup last year.

Jaffe, a former Microsoft engineer based in the Seattle area, came across the site earlier this year when she was looking for opportunities to get engaged after being engaged. She called Rodgers and quickly became a co-founder.

HelloPrenup revealed on Shark Tank that it only has lifetime sales to date of $ 20,000. Some sharks did not bite, citing high customer acquisition costs or being “premature.”

But Nirav Tolia, founder of Nextdoor, who is guest “Shark” this season, liked what he saw. The series entrepreneur offered $ 150,000 for a 30% stake. It was much higher than the 10% of the shares that HelloPrenup originally wanted to waive for that amount.

Jaffe and Rodgers matched: $ 150,000 for a 20% bet. Tolia said he would meet in the middle for a 25% stake.

That was when Kevin O’Leary – also known as Mr. Wonderful – came back into the mix and said he would team up with Tolia. Each of them would take a 15% stake for a total investment of $ 150,000.

It was a bigger chunk of equity than the founders wanted to give up, but having Tolia and O’Leary – a veteran of the wedding industry – on the table is certainly worth more than just a check.

“You have to do it,” said Mark Cuban, Dallas Mavericks owner and longtime “Shark.”

Jaffe and Rodgers for their Shark Tank watch party. (Photo courtesy of Jaffe)

The founders agreed. They had an appointment.

“This is going to generate so much money without spending,” Tolia told the other investors after the negotiations. “You have no idea. That’s how people become millionaires.”

The experience was nerve-wracking, Jaffe told GeekWire, but ultimately funny.

“The sharks appear so scary in the show, but we actually had a very pleasant time discussing our business with them,” she said. “We were in the tank for over an hour and it flew by.”

Following the Shark Tank agreement, the startup has no plans to raise additional capital. It expects $ 4.1 million in revenue next year. The service costs $ 599, while a traditional pre-up deal costs around $ 5,000, according to the company.

HelloPrenup is the latest legal tech startup to gain traction and attention. The pandemic triggered growth for the sector as hearings, lawsuits and other work were conducted virtually.

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