Parents may find it difficult to find the ideal activities for their children. Finding lessons that meet their children’s requirements might be difficult for many parents because of hectic schedules and long-term commitments. Conventional children’s classes frequently have a strict season-long registration policy. Parents can lose their money or their children might miss out on the enjoyment if anything unexpected happens.
Having experienced this issue personally as a mother, Desiree Vargas Wrigley created Pearachute, a flexible membership service that provides access to kid-friendly activities without requiring long-term commitments.
On Shark Tank, Desiree pitched Pearachute and asked for $500,000 in exchange for 6% equity. Her concept was to give parents an easy method to reserve a range of activities for their kids. Did the entrepreneur get a deal on Shark Tank? Check out our Pearachute update to find out!
Pearachute Net Worth 2024
Desiree Vargas Wrigley asked for a $500,000 investment in exchange for 6% equity in her company. This meant she valued her company at $8.33 million. She made a deal with Mark Cuban for $500,000 in exchange for 15% equity in her company. This new deal valued her company at $3.33 million. After the show aired, Pearachute expanded to other cities and secured $3.1 million in venture capital funding. However, the COVID-19 pandemic caused significant challenges, and Pearachute eventually closed in June 2022. The company is no longer in operation, so its current net worth in 2024 is $0.
Pearachute Shark Tank Update
As for a Pearachute update, Pearachute experienced an increase in popularity after Shark Tank because of the show’s publicity. Desiree continued despite the eventual collapse of the agreement with Mark Cuban. Beyond Chicago, the business grew to include locations in Dallas, Kansas City, San Francisco, and Washington. Pearachute got $3.1 million in venture capital financing in 2019 and 2020.
However, Pearachute encountered difficulties during the COVID-19 pandemic, just like many other businesses. With fewer in-person events, the organization turned its attention to online learning for kids. The key component proved insufficient to maintain long-term success, even with this modification. Pearachute permanently closed its doors in June 2022. Desiree has since moved on to a new position at P33, a tech-focused initiative, as Chief Innovation Officer.
Indeed, Desiree’s Shark Tank presentation resulted in an offer. Mark Cuban expressed interest after she described her vision and the flexibility Pearachute gave her parents. He made a $500,000 offer for a 20% equity in the business. Mark accepted Desiree’s offer after she responded with 15%.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Mark Cuban | 1# $500,000 for 20% equity 2# $500,000 for 15% equity | N/A | Yes |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Barbara Corcoran | Out | N/A | N/A |
| Cris Sacca | Out | N/A | N/A |
Pearachute Shark Tank Pitch
Pearachute was the brainchild of Desiree Vargas Wrigley, who faced her own parenting problems. Finding kid-friendly activities that fit her hectic schedule and didn’t need long-term commitments proved too difficult for her. Desiree developed a solution that would make life simpler for parents like her rather than just tolerating this issue.
Desiree created Pearachute as a flexible platform where parents could schedule lessons and activities for their children without committing to a full season. She used her previous entrepreneurial expertise as she was the founder of GiveForward, one of the first crowdfunding sites.
Desiree initially had trouble expanding her business outside of Chicago. She needed to persuade activity providers and parents to adopt Pearachute’s plan, but after she got loyal customers and partners, the business started growing.
Desiree gave a pitch that included details about Pearachute as a subscription service that lets parents schedule activities for their kids without requiring long-term commitments. She also emphasized how flexible the platform was, allowing parents to cancel up to an hour before the class, a major improvement over traditional activity providers with stricter policies.
Desiree requested $500,000 in exchange for 6% equity in the company. She highlighted the fact that Pearachute already had popularity with $50,000 in sales within just four months and thirty activity partners in Chicago. She also shared her vision of expanding Pearachute nationwide to serve busy parents everywhere. Keep reading our Pearachute update to see what happens next!
Mark Cuban asked about the cost of subscribing. Desiree replied she had entered the market 126 days ago with two plans, a five-pack and an unlimited.
The five-pack plan costs $79 and $99 for an unlimited plan.
Lori Greiner wanted to learn about Desiree’s first business. She revealed that her first company was named Give Forward. She had made $5 million in revenue a year from that company and raised $6 million. The company is still going great, and she still owns the equity but is not involved in management.
Lori further asked how much money she made from Pearachute. She responded she made around 50,000.
Mark asked about the number of subscribers she had and her revenue last month. She responded the subscribers were over 600 and she made $20,000 last month.
Kevin O’Leary asked her how she would expand her business and what’s so special in her business that others don’t have. Desiree tried to explain to him, but Kevin didn’t get his answer and was disappointed.
Kevin O’Leary decided to leave Desiree early because he lacked confidence in the company’s potential for growth.
Barbara Corcoran declined to invest because she was unsure about Desiree’s ability to run and grow the company.
Chris Sacca walked out because he liked the concept but wasn’t actively investing at the moment.
Lori Greiner passed, even though she found the concept fascinating and did not extend an offer.
Mark Cuban thought Pearachute’s business plan had potential. He made a $500,000 offer form. After some negotiation, they agreed to a deal of $500,000 for 15%.
Product Availability
From our Pearachute update research, the company closed in June 2022, and its website now reroutes to an irrelevant page. Pearachute flourished after Shark Tank, growing into other locations and providing virtual classes throughout the pandemic. As of today, it is no longer in operation.
Conclusion
Pearachute started out as a mum looking for flexible, stress-free activities for her kids, and it eventually expanded across the country before closing its doors in 2022. Even after striking a deal with Mark Cuban on Shark Tank, the business had trouble growing and adjusting to the COVID-19 pandemic’s effects.
Although Pearachute is no longer in operation, its creator, Desiree, has continued her entrepreneurial drive in the tech industry by moving on to new projects. The story of Pearachute serves as a reminder of how unstable startups may be.
A company’s capacity to endure can be significantly impacted by external obstacles like a pandemic, even in the event of early success. Even though Pearachute’s chapter is finished, Desiree’s perseverance and inventiveness imply that she will continue to have an influence on her endeavors.
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.