Dave Vasen believes that his BrightWheel tool, developed for preschools and daycares, will be appealing to the Sharks in Shark Tank episode 724.
Brightwheel was born out of Vasen’s realization that daycare centers needed a high-quality, interactive management tool to streamline administrative tasks and increase communication with parents and families. Vasen founded Brightwheel in 2012.
The platform has been tested with some daycare facilities and schools. It has been funded by investors including Eniac Ventures, Golden Venture Partners, Red Swan Ventures, RRE Capital, Sherpa Ventures, and some notable angel investors.
Brightwheel allows nursery schools and daycare centers to share images, deliver real-time reports to parents, send school reminders, track attendance, and create invoices for students.
Parents receive paperless bills real-time information about their children’s days and can invite others to the school community (grandparents, for example) through the school site.
Vasen says the platform streamlines school or daycare management and allows parents to communicate more effectively with their children through a detailed breakdown of how they spent the day. You can accomplish all of this with a smartphone.
Brightwheel’s objective is to continue to operate as a free platform. They intend to monetize it through premium management capabilities for schools and daycares, which they will be able to select whether or not to engage in.
The platform they plan to create must be user-friendly, reliable, and quick to load. The majority of the team consists of educators and software professionals with extensive experience in their respective fields.
He has seen Vasen’s platform as a new way to manage and interact with schools and daycares, and he views his platform as the future of managing and interacting with schools and daycares. Will a Shark agree with his point of view?
What Is Brightwheel?
Brightwheel is child care software that allows providers to run their businesses and update parents throughout the day on their children.
The Brightwheel program has been used by preschools, daycares, nursery schools, and camps, with enrollments ranging from a few to hundreds since its inception.
You can manage your childcare business using childcare management software. You can track attendance and room ratios, share images and videos, monitor learning milestones, communicate with parents, issue paperless invoices, and manage your staff members.
Brightwheel Premium includes all the features in Brightwheel Basic, staff/student check-in, room ratios, videos, messaging, calendars, email, chat, and phone support.
|Product||Childcare Management for Daycare and Schools|
|Episode||Season 7 Episode 26|
|Investment Asking For||$400,000 for 4% stake in Brightwheel|
|Final Deal||$400,000 for 9% stake in Brightwheel|
|Shark||Mark Cuban and Chris Sacca|
|Business Status||In Business|
Who Is The Founder Of Brightwheel?
Dave Vasen founded Brightwheel in 2014 when it was still known as KidCasa, a preschool management service.
He spent a year developing and rebranding Brightwheel before relaunching it in 2015, a company that had previously raised $2.2 million from investors.
Brightwheel Before Shark Tank
The pre-roll tape began with Dave Vassen introducing himself and his family members, which was a nice touch.
They carried their three-year-old daughter by her arms as they strolled past an idyllic-looking lake with ducks in it.
Dave stated that he was a first-generation American from South America and that his family came to the United States with only a work ethic and the desire to succeed.
They also taught him how important it is to obtain a higher education. Afterward, they changed the setting to one of an office.
Dave (the narrator) revealed to an employee onscreen that he began working in educational technology in high school.
He developed software systems for huge corporations like Cisco and Amazon in his previous job.
Everything changed when he gave birth to his daughter Serena. Dave discovered that he did not want to go to work but wanted to be a part of his daughter’s life and teach her new skills.
He and his family realized this dream because of his educational expertise. The Brightwheel device he developed focuses on early education, he says.
He pointed out that teachers can thus communicate with the parents of their students and the children themselves.
Dave says investing in early childhood education is crucial because 85 percent of brain development happens before children turn three.
The video ended with him emphasizing the importance of investing in our children as our future.
How Was The Shark Tank Pitch Of Brightwheel?
Dave approaches the Sharks with a request for an investment of $400,000 in exchange for a 4 percent stake in Brightwheel.
The Sharks grumble at his first request but listen carefully to his presentation as he demonstrates the app’s functionality.
He began by launching it in ten schools as a trial program in 2014, perfecting it before releasing it.
Brightwheel is currently in use in 2,500 classrooms across the country, making it the most widely used educational technology.
Dave was able to raise $2.2 million in seed funding from investors. Daymond John is interested in learning what he expects from the Sharks.
Dave says he wishes to expand the company and establish the brand with the help of the Shark.
Kevin O’Leary is a fan of the film. He considers the offer a fair one; it involves $400K for 10% of the company. Dave is grateful for the offer, but he is troubled by the percentage that has been offered.
Daymond John leaves the room since he does not have much of a presence in the area Brightwheel hopes to expand into.
Chris Sacca expresses concern over Dave’s vow to “never promote” to parents on the app, stating that parents are a group that is open to well-targeted, relevant advertising and that Dave’s guarantee is misleading.
Chris has expressed an interest in making a bid, but he has “a difficulty paying more than everyone else” for his portion of the pie.
Kevin O’Leary wanted an exchange ratio of less than half of what Kevin wanted in exchange for the $400,000 in exchange for 4.85 percent of the company, so he’s willing to give Dave the $400k for 4.85 percent in exchange for the $8.2 million he offered.
Chris asks Dave whether he would be interested in forming a partnership with another Shark to boost the investment’s value.
Chris reacted by saying he did not believe the other Sharks could offer the group much. Chris is surprised by this reaction, and Mark Cuban wonders whether “you’re that clueless.”
According to Mark Cuban, Chris Sacca has a limited influence outside of Silicon Valley. As the argument continues, Daymond shouts, “Shark fight! Shark fight! Shark fight!”
Kevin O’Leary takes advantage of the situation to renegotiate his contract. As long as he receives $400,000, he can match Chris’ offer of 4.85 percent interest.
On the other hand, Dave is adamant about getting the two-Shark agreement to go through.
Mark Cuban acknowledges that Chris may add “some value” to the transaction and that he is willing to participate in it; nevertheless, if Chris is indifferent, Mark Cuban will agree to Dave’s terms.
Dave counters by asking if the two squabbling Sharks would be interested in a joint venture that would result in increased equity.
Chris replies by stating that he is willing to provide the Sharks with $600,000 in exchange for 6.67 percent equity. Mark gives Dave approval for a double Shark deal, and Dave walks out of the Tank with it.
Result: Brightwheel received $600,000 at a $9 million valuation from Mark Cuban and Chris Sacca.
What Happened To Brightwheel After Shark Tank?
Brightwheel has enhanced its app due to its appearance on Shark Tank, and its visibility is much higher now.
Brightwheel attended the NAEYC Annual Conference and Expo in Los Angeles in late October 2016, where they demonstrated their product in person.
Brightwheel Shark Tank Update
Chris Sacca and Mark Cuban remain good friends after their altercation in the Tank. Sacca revealed in a later interview that he entered the Tank at Mark’s request and that he used it to “show off his balls on TV.”
Brightwheel has benefited from the Sharks’ relationship, which has allowed the software to be implemented in even more schools around the country.
The premium version will include an improved billing system, tailored access for parents, extended technical assistance, and the ability to manage multiple locations.
Brightwheel’s future appears to be bright, thanks to the investment of Sharks Mark Cuban and Chris Sacca.
Brightwheel appears in an update segment on season 9, episode 908. According to the most recent financial statements, this company is worth more than $600 million as of April 2021.
Did Brightwheel Get a Deal on Shark Tank?
Chris Sacca and Mark Cuban invested $600,000 in Brightwheel in Season 7 Episode 26 of Shark Tank in exchange for a 6.66 percent stake.
Brightwheel has developed into a premier platform for early education and childcare management, as well as the leading software solution for preschools, child care, daycare, camps, and after-school programs, since its inception in 2007.
Brightwheel raised $10 million through fundraising in its Series A round of funding in February 2017 with participation from Cuban Companies and Lowercase Capital, an investment firm led by guest-shark Chris Sacca.
The company raised another $21 million in Series C funding after raising $17 million in Series B funding from several prominent investors, including the Chan Zuckerberg Initiative, the fund founded by Mark Zuckerberg and his wife, Priscilla Chan.
Brightwheel raised $55 million in a second round of financing in February 2021, putting the business’s valuation at $600 million. The company has raised $1 billion in funding to date.
Brightwheel offers the software on a freemium model so that low-income people can access it.
You may sign up for their basic plan, including attendance, daily reports, photographs, teacher and parent apps, invoicing and bill payment, and only one staff member, up to 20 children, and access to their online support center.
You can also choose another plan. It is an excellent choice for anyone seeking free daycare software.