5 REJECTED Shark Tank Apps That Made Millions!

Many know of how Ring was rejected when it appeared on Shark Tank seeking $700K for 10%.

The home security app would later get bought out by Amazon for a whopping $1 billion, making it among the biggest lost opportunities for the sharks.

While Ring might be the most famous, it’s not the only app to enjoy huge success in spite of getting turned down by the sharks – and we’ve handpicked five examples to inspire you!

P.S. If you’re an app founder or business owner yourself, there’s a takeaway section at the end.

Let’s begin.

1. Coffee Meets Bagel

Coffee Meets Bagel made its appearance on Season 6, seeking $500K for 5%. 

The app was founded by three sisters tackling online dating with a fresh perspective: instead of endless swiping, users receive a carefully curated selection of high-potential matches daily.

This app also distinguishes itself from others by allowing users to leverage mutual friends via Facebook integration to increase trust and familiarity in matches.

While the sharks passed on Coffee Meets Bagel, the founders would raise funds elsewhere. 

Well, Mark Cuban offered $30 million for 100% of the app, but we think he was bluffing.

As of 2024, the app is worth an estimated $150 million, generating $16 million annually and amassing millions of users, particularly popular in Singapore.

Shouldn’t have swiped left on them!

2. Pavlok

Maneesh Sethi appeared on Season 7 of Shark tank seeking $500K for 3.14% of his wearable shock device and app business called Pavlok.

Pavlok is a wristband that delivers a mild electric shock to its wearer to help users break bad habits like smoking or nail-biting,

The pitch led to intense debates, with Mark Cuban calling it a scam and every shark except Kevin O’Leary going out.

Maneesh would then dramatically reject Kevin’s offer, adding that he would do business with anyone except for him.

We can’t say what Kevin told him to do, but it rhymes with ‘pluck you’!

Since getting kicked out of Shark Tank in 2015, Pavlok has established itself as a successful product with over 10,000 downloads of its app on Google Play Store alone.

The business made $760K in revenue in 2023, and the brand has made further iterations on the initial Pavlok wristband, with the latest model looking pretty much like a typical smartwatch.

More importantly, Pavlok has a small but dedicated community on social media and continues to help users develop healthier habits.

3. Simple Habit

In Season 9, Kim YunHa sought $600K for 5% of her meditation marketplace, Simple Habit.

With 500,000 users and $750,000 in revenue, Simple Habit was already popular, and Kim declined a counter-offer of $600K for 15%.

Simple Habit was later acquired by wellness marketplace Ingenio in 2023. 

Under new ownership, it now makes over $34 million annually and has garnered strong ratings on both Google Play and the Apple App Store. 

We’re understating it – it has over a million downloads on Google Play!

Part of this is that the app is now part of an overall ecosystem instead of a standalone product.

However, the fact that Kim went on to develop Sleep Reset, another successful wellness app shows that the success of Simple Habit was at least partially due to her. 

As a founder, you need to know how to take a good idea and run with it – calmly!

4. CoatChex (Now Chexology)

Derek Pacque pitched CoatChex in Season 4, asking for $200K for 10%. 

CoatChex was a digital coat-check system that photographed customers with their coats to prevent theft – essentially a digitized coat valet service.

Unfortunately, CoatChex was pre-revenue at the time, significantly weakening Derek’s position.

This gave the sharks a reason to draw blood, and Mark Cuban countered with $200k for 30%.

Derek was tempted but turned down the offer. 

His last words were that he had come onto the show too early (no he didn’t, as our takeaway will explain) and needed to validate his idea before seeking investors.

Boy, did he!

Today, CoatChex, rebranded as Chexology, has generated $5.1 million in revenue. 

It operates across various sectors, including hotels, valet services, and equipment rentals, and has expanded to locations across the U.S. and even overseas to the UK and Australia.

We have no idea what Australians need to wear coats for, but good for Derek!

5. Scan

Garrett Gee wanted $1 million for 5% of Scan, which let users create and scan QR codes. 

It takes guts to turn up with a $20 million valuation while wearing sandals, we’ll give him that!

Gee demonstrated a live counter during the pitch that showed over 51 million users.

He also revealed that users were scanning QR codes 27 million times a month with the app.

Impressive numbers, but the sharks couldn’t get over the valuation and Mark in particular doubted the longevity of QR codes.

Of course, we know that QR codes are still as popular as ever, but tech trends are extremely hard to predict – except for our tech predictions.

At any rate, Garett walked away with no deal.

Then just one year later, Scan was acquired by Snapchat for $54 million – about $54 million more than the average Upstacker ever see in our lifetime.

Garrett and his family have since embraced a life of travel, funded by their YouTube channel, The Bucket List Family, which has over 1.5 million subscribers.

Now you’re green with jealousy, let’s see what the average entrepreneur can learn from this. 

The Shark Tank Effect: Why Appearing Alone Boosts Business

Many who pitch on the show experience the “Shark Tank Effect”- significant boosts in sales, brand awareness, and investor interest. 

Even those who don’t get a deal highlight their Shark Tank appearance on their platforms.

Yes, that includes the apps on our list – see how Pavlok has turned it into an entire landing page!

They’re not the only ones, but we think we’ve made our point here.

Now you may be thinking of how you too can appear on Shark Tank – and while that’s a great idea, the real question is to ask yourself how to get the Shark Tank Effect without having to appear on the show.

The answer, of course, is visibility! 

Shark Tank is really just a chance to get your product seen by millions, and you don’t need Shark Tank for that!

Lessons for Aspiring Entrepreneurs

There are four essentials of a successful SaaS business, and new app founders and business owners tend to make the mistake of only focusing on one: building the product.

Yes, a strong product is essential, but so are the other three:

• Idea Validation
• Marketing
• Monetization Strategy

Here’s why!

Idea Validation

Without validation, even the best-built products can miss the mark.

Before diving into development, it’s critical to confirm there’s a real demand for your app. 

Idea validation involves researching target users, gathering feedback, and making sure your solution actually addresses a market need. 

Extra reading: 9 Key App Marketing Strategies Every Founder Must Know

Marketing

Even the most innovative apps need visibility. 

Effective marketing bridges the gap between your product and potential users. 

Build a solid marketing plan that covers digital advertising, social media, SEO, and partnerships to drive growth and create a lasting user base.

Extra reading: App Idea Validation in 2024: A Step-By-Step Guide For founders

Monetization Strategy

A well-thought-out monetization strategy ensures that your business remains sustainable. 

This involves choosing the right pricing model, like subscriptions or freemium, and ensuring users see value in your paid features. 

Extra reading: 7 App Monetization Strategies Every Founder NEEDS to Know

So, aspiring app creators, find a problem to solve, validate it, and take your solution to market and get started building your SaaS!

If you’re looking to build a mobile application, check out our portfolio of past projects and contact us if you like what you see. Also, consider joining our mailing list for a one-stop resource on everything from micro-SaaS validation all the way to execution and promotion. Get a nifty list of questions to ask app developers when you sign up!