Being short on cash to tip someone can be annoying, particularly if you want to express gratitude for excellent service. This is a problem that many people face, be it in a restaurant, on the road, or during any kind of service encounter.
On a 2013 hiking trip, Hector Rodriguez and Maria Luna ran into exactly the same issue. They didn’t have any cash on them, so they couldn’t tip their guide. Upon seeing that this was a widespread issue, they developed a solution to the problem.
Hector Rodriguez and Maria Luna developed Bravo, an app made to simplify tipping and facilitate cashless payments, as a solution. With the use of the app, users can securely tip or pay anyone using their smartphones without using cash.
They aimed to convince the sharks that their app could revolutionize how we handle tipping and small payments. The entrepreneurs presented their product on a shark tank and asked for $150,000 for 5% equity. Let’s find out if they got the deal or not.
bravo net worth 2024
Hector Rodriguez and Maria Luna asked for a $150k Investment in exchange for 5% equity in their company. This meant they valued their company at $3 million. They made a deal with Mark Cuban and Lori Greiner for $150k in exchange for 10% of their company, plus 4% advisory shares.
This new deal valued their company at $1.5 million. After the show aired, Bravo saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Bravo (now FAMIGO) in 2024 is about $2.41 million.
Bravo Shark Tank Update
After their appearance on Shark Tank, Bravo experienced significant transformations. Sharks Mark Cuban and Lori Greiner noticed Hector and Maria and made an offer of $150,000 for 10% stock plus 4% advisory shares. Even though the shark tank deal never worked out, Bravo kept expanding.
The business changed its name to FAMIGO in 2019 and refocused on helping content producers and their fans. FAMIGO’s continued innovation in the payment field can be seen because it now accepts tips, payments, and cryptocurrency transactions.
As of today, the business has been prospering and generates $2 million in sales annually. Positioning itself as a platform that enables independent artists, FAMIGO provides creators with tools to manage subscriptions, sell products, and interact directly with their followers.
Yes, Bravo got a deal with Lori Greiner and Mark Cuban on Shark Tank. After some negotiation, Lori and Mark gave 10% stock and 4% advisory shares for a $150,000 offer.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Mark Cuban and Lori Greiner | 1# $150,000 for 15% equity 2# $150,000 for 10% equity + 4% in advisory shares | $150,000 for 10% of equity + 2% in advisory shares | Yes |
| Lori Greiner | Partnership with Mark Cuban | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Barbara Corcoran | Out | N/A | N/A |
| Alex Rodriguez | Out | N/A | N/A |
Bravo Shark Tank Pitch
In 2013, Hector Rodriguez, a medical doctor, and his wife Maria Luna encountered a frequent issue when they ran out of cash and could not tip their hiking guide. This experience led them to introduce a solution to this problem. This experience inspired Bravo, an app that makes tipping and payments simple and safe without requiring cash.
Using modern technology, they aimed to develop a solution that would benefit service providers and customers. Their path wasn’t simple; they had to figure out how to create a user-friendly, safe program that would function well. In order for the app to succeed, they also needed to figure out how to promote it and form partnerships.
During their Shark Tank pitch, Hector and Maria highlighted how their app makes tipping and payments easier simply by doing away with the need for cash. They clarified Bravo makes use of blockchain technology to ensure the privacy and security of transactions.
Through the app, users can immediately tip or pay service providers exchanging no personal data. They highlighted the app’s expanding user base and potential to take a sizable market share and requested $150,000 for 5% equity.
They also revealed impressive figures, including the fact that they had signed up 25% of Arizona’s service providers and processed over a million dollars. Although the sharks showed curiosity, they had doubts about the app’s functionality and business plan.
Barbara and Lori asked the entrepreneurs to explain how the app generates revenue in reality.
In response, Maria said that Bravo charges a convenience fee of 2% on every transaction and provides a $5 subscription plan to companies that choose to use the app as their main means of payment.
While discussing with Mark Cuban, the entrepreneurs revealed they produced almost $15,000 in income, and they had founded 3000 restaurants so far.
Kevin O’Leary believes that the company requires more funding than they are requesting. He asked why they just want $150,000.
Hector and Maria clarified they weren’t simply looking for financial support from the sharks; they also wanted to find a strategic partner who could help them expand.
Alex Rodriguez feels it’s a difficult task. He asked, In what way will they simplify its use for people?
Maria replied that the software has been designed to be user-friendly and their team continuously tries to improve the user experience based on feedback.
Barbara Corcoran thought the business strategy was too complicated. So she decided not to invest.
Kevin O’Leary also quit, saying that it appeared the company needed more funding than they were asking for, which would show that they had underestimated their requirements.
Alex Rodriguez Alex Rodriguez also decided not to invest because he thought the financial concept was too complicated.
Mark Cuban and Lori Greiner found Bravo’s safe, cashless payment method appealing and thought it had potential. First, they made a $150,000 offer with 15% equity. After some negotiation, they finally settled on $150,000 for 10% ownership plus 4% advisory shares.
Product Availability
FAMIGO, which was originally known as Bravo, is a mobile app available for download on the Apple Store FAMIGO (Bravo). The app’s current focus is on assisting content producers by giving them the opportunity to interact with their followers directly through sponsored messaging, customized shout-outs, and the sale of both digital and tangible goods.
FAMIGO is a flexible platform that may be used for a variety of transactions because it also accepts Bitcoin payments. As of today, users can download the app from the internet and choose from a variety of subscription levels based on their needs. Its use of blockchain technology guarantees private and secure transactions, setting it apart from other payment app offerings.
Conclusion
Bravo was just getting started on Shark Tank. Despite the failure of the sale with Mark Cuban and Lori Greiner, Hector and Maria capitalized on the experience to grow their company. Bravo was relaunched as FAMIGO, with a focus on assisting content creators and adding Bitcoin payment capabilities to their list of features.
FAMIGO is doing well these days, with a strong user base and $2 million in sales annually. The company’s capacity for growth and adaptation shows the determination and creativity of its founders. It will be interesting to watch how FAMIGO develops its platform and broadens its reach as it continues to change. With their creative app, Hector, Maria, and their future appear bright.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
