What Is Pearachute, Exactly?
Pearachute is a monthly subscription service that helps parents and teachers find fun activities for their kids. It makes registering in these programs easier, and there are no cancellation fees up to an hour before the course begins. The lessons are diverse and appeal to a wide range of interests, including farm tours, stingray feeding, and dancing workshops.
Pearachute collaborates with institutions and organizations to provide a restricted number of spots. Parents may then schedule a time for their child to ride Pearachute. Pearachute has expanded its services to include virtual educational programs as well as online activities like Dungeons & Dragons as a result of Covid-19’s influence on contact classrooms. Desiree Vargas Wrigley got her start in business at the age of 25 when she cofounded GiveForward.
She launched Pearachute after leaving GiveForward, which helps busy parents keep their children involved in safe and interesting activities. Vargas Wrigley made this investment both personally and professionally since she is a working parent. Vargas Wrigley is presently concentrating her energies on her new company, P33, which helps underprivileged people access the cash they need to start enterprises.
She founded the company after becoming frustrated with having to rush through events or canceling them at the last minute. Parents choose activities for their children depending on their age, the duration of the activity, and categories such as art, dance, and sports.
Who Established Pearachute?
The firm was founded by Desiree Vargas Wrigley.
Pearachute, What Happened at The Shark Tank Pitch?
The Chicago-based startup offers savings on children’s activities through a subscription model, akin to Groupon for kids. You are not forced to commit to a single class, activity, or camp for more than one event or day, and you can “check out” up to an hour ahead of time.
Subscriptions are $79 per month for five lessons or $99 per month for unlimited classes. Pearachute aims to be your go-to business whether you’re searching for a discount on karate courses, a summer camp, or a day of activity.
Desiree joins the Sharks, looking for $500,000 in return for a 6% ownership in her company. This indicates a value of $8,333,333.33. The inquiries begin after she discusses her company and her story.
In her first 126 days with the firm, she made $50,000 in sales. She works with 30 businesses to provide activities through her platform. Currently, they are only accessible in Chicago, but she plans to expand to other cities. Kevin goes after she is unable to describe how she expects to expand.
— Shark Tank (@ABCSharkTank) October 30, 2017
Following Wrigley’s admission of an entrepreneurial endeavor from her history and subsequent exit, Barbara Corcoran expresses worry that she is not a true entrepreneur. Sacca says he’d use such a service, but he’s not interested in investing; he’s out.
Lori closes in on Mark, leaving him alone. Mark makes a $500,000 bid for a 20% share in the company. Desiree counters with 15%, and the transaction is finalized.
After the Shark Tank Pitch, Pearachute
Just before the airing of this program, the deal with Mark fell through. His employees looked to be concerned about the company’s “newness.” In the 24 hours following the original broadcast, she got more sign-ups than she had in the previous three months.
Pearachute will be expanding to four more cities: Dallas, Kansas City, San Francisco, and Washington, Desiree said shortly after the episode aired. The company obtained $3.1 million in expansion financing from five different venture capital companies between 2019 and 2020. The firm operates in locations across the United States and produces $1 million in yearly income as of November 2021.
Net Worth of Pearachute:
Pearachute’s net worth is believed to be $2 million.