Phoenix-based app snags $150,000 in investment funds on ‘Shark Tank’
PHOENIX — The Phoenix creators of a tipping app landed a $150,000 investment from two people during an appearance on “Shark Tank” on Sunday.
Three of the investors felt the Bravo Tip or Pay app still had some issues to work out or was too confusing, but Dallas Mavericks owner Mark Cuban and inventor Lori Greiner liked what they saw and offered $150,000 for a 15 percent stake in the app.
After some negotiation, the investors and the app’s creators, Hector Rodriguez and Maria Luna, agreed on 10 percent control of the company and an additional 4 percent in advisory shares.
The beta version of Bravo launched in September of 2015. It allows users to pay or tip for services through the app without exchanging personal information or swiping a credit card.
Luna told the Phoenix Business Journal that she and Rodriguez were seeking investors because the app has a lot of potential.
“It’s a great platform to meet great advisers and people,” she said. “It’s a great opportunity that any business will welcome.”
While Luna would not tell the Journal how many users the app has generated, it has been used by tens of thousands of in Phoenix.
The app is also available in Austin, Texas; and will launch next in the Los Angeles area.