Shark Tank Update: Fixed| By |Erica Abbott

Brit + Co

Brit + Co

Company: Fixed

Founder: David Hegarty

Season: Appeared on season 7

When Fixed appeared on “Shark Tank” earlier this year, Hegarty had a lot of convincing to do before the sharks considered investing in the app. The mobile app fights parking tickets by finding erroneous information in the ticket through their algorithm. Contest grounds include broken meters, faded curb paint and missing signs. The app is free but, as Hegarty said when the company was featured in the tank, a fee is charged if the ticket is successfully dismissed.

The sharks had their doubts as to whether the app could truly hold up to its promise to get rid of parking tickets, as well as worries over the lack of money it had made in a year. Kevin O’Leary cited his worries over taking away government revenue and all but one shark stayed in: Mark Cuban. Cuban ultimately offered $700,000 for seven percent equity, which was two percent over Hegarty’s original ask.

Where Is Fixed Now?

The sharks’ original concern over cities’ struggle to accept the app turned out to be accurate. TechCrunch reported last year that Fixed had their parking ticket operations blocked in three California cities, San Francisco, Los Angeles and Oakland and Xerox eventually ramped up security and blocking efforts as well. This affected about 100,000 users and, according to the article, caused the company to refocus their efforts on its traffic ticket business.

The Gazette Review said that since “Shark Tank,” their business model has changed quite significantly. The article states that the app now focuses more on solving issues with insurance premiums and also charges users whether they win or lose. In June, Fixed was acquired by a law firm for the app’s technology.

via Technology & Innovation Articles on Business 2 Community http://ift.tt/2b1EeFE

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