Hidrent, founded in 2017 by Dave Heimbuch, is an app that matches off-duty firefighters with people who need jobs done. It was featured on Shark Tank in episode 1307. Dave sought a $300,000 investment for 8% equity in his company. The app offers a variety of services such as general handyman tasks, yard work, gutter cleaning, and more. Customers download the app and select the tasks they want to be done, while firefighters sign up through the app and Hidrent verifies their employment. Dave wanted a Shark to give the app national traction.
- Hidrent is an innovative app that connects off-duty firefighters with homeowners who need tasks done.
- The app was featured on Shark Tank, where Dave Heimbuch sought a $300,000 investment.
- Hidrent has experienced significant growth since appearing on Shark Tank, with year-to-date sales of $325,000.
- The company received seed funds from investors and launched a crowd-funding campaign.
- Hidrent’s partnership with the International Association of Fire Fighters has strengthened its support for firefighters nationwide.
More detailed information on the pitch, deal, business success, and future plans of Hidrent will be discussed in the following sections.
The Pitch and Deal
During the Hidrent Shark Tank pitch, founder Dave Heimbuch showcased the app’s innovative functionality and explained how it connects customers with off duty firefighters for various tasks. The Sharks were immediately intrigued by the unique concept and recognized its potential in the home services industry.
“Hidrent is truly disrupting the traditional handyman and service industry by tapping into the immense skill set and availability of off duty firefighters. It’s a win-win situation for both customers and firefighters,” said Lori Greiner, one of the Sharks on the panel.
After a thorough evaluation, investors Robert Herjavec and Lori Greiner made a joint offer to invest $300,000 in Hidrent in exchange for 33.3% equity in the company. While Dave initially countered with a lower equity percentage, he ultimately accepted the deal to secure the necessary funding and partner with experienced entrepreneurs.
This investment deal not only provided Hidrent with the financial resources to scale its operations but also brought onboard the industry expertise and network of the Sharks. Robert Herjavec and Lori Greiner’s involvement has been instrumental in guiding the company’s growth and strategic decision-making.
The Hidrent Shark Tank pitch and subsequent investment deal served as a pivotal moment for the company, paving the way for its success in the competitive home services market. With the backing of the Sharks, Hidrent was poised for significant growth and expansion.
Business Success and Growth
Since appearing on Shark Tank, Hidrent has experienced remarkable success and substantial growth. The company’s sales have shown impressive year-over-year increases, reflecting its expanding customer base and solid market presence.
In 2019, Hidrent achieved sales of $125,000, which rose to $260,000 in 2020. As of 2021, year-to-date sales have already reached $325,000, pointing towards continued growth and revenue expansion.
This consistent growth in sales is a testament to Hidrent’s ability to deliver valuable services to its customers while creating earning opportunities for off duty firefighters. The app has generated lifetime sales of $850,000, showcasing the demand and popularity of its innovative platform.
Hidrent’s revenue model centers around a 23% fee from each transaction, ensuring a sustainable revenue stream. Homeowners pay $72 per hour for the services provided, while firefighters earn $60 per hour for their work.
Growth in Target Cities
The majority of Hidrent’s customers are senior citizens, demonstrating the trust and reliability that the company has established within this demographic. To meet the growing demand in this segment, Hidrent has strategically expanded its services in Phoenix and Tampa, further solidifying its foothold in the home services industry.
Acquiring Customers through Digital Platforms
Hidrent has successfully leveraged digital platforms such as Facebook and Nextdoor to acquire new customers. These online channels have allowed the company to reach a broader audience and showcase its services, fostering continued growth and revenue.
With its strong sales growth trajectory, strategic expansions, and effective digital marketing approaches, Hidrent is well-positioned for continued success in the home services market.
Post-Shark Tank Updates
After its appearance on Shark Tank, Hidrent received a significant boost in funding and formed valuable partnerships that have propelled its growth and success.
Investment and Funding
Hidrent secured a total investment of $662,000 in seed funds from a group of nine investors. This infusion of capital has provided the company with the resources needed to expand its operations and reach a wider audience.
In June 2022, Hidrent took another significant step by launching a StartEngine equity crowd funder. This initiative allowed the company to raise an impressive $149,761, further validating its concept and gaining support from a diverse investor base. With an estimated valuation of $8.5 million, this successful crowdfunding campaign showcases the confidence backers have in Hidrent’s potential for long-term growth and profitability.
Partnership with the International Association of Fire Fighters
Hidrent made a strategic partnership with the International Association of Fire Fighters, granting the company access to their extensive network of over 300,000 firefighters nationwide. This collaboration has opened up new opportunities for Hidrent to serve communities across the country and leverage the skills and availability of off-duty firefighters.
Hidrent Funding and Investment Snapshot:
|After Shark Tank
|StartEngine Equity Crowdfunding
The partnership with the International Association of Fire Fighters and the successful fundraising efforts have positioned Hidrent for continued growth and expansion in the home services industry.
Current Financial Performance
As of November 2023, Hidrent’s annual revenue stands at an impressive $6 million. This significant increase in revenue highlights the company’s ability to generate consistent income while meeting the demands of its growing customer base.
Lessons Learned and Challenges Faced
Despite the tremendous success and growth of Hidrent, the company encountered a number of challenges along the way. One of the main obstacles was the need for national expansion and establishing a foothold in various markets. This required careful planning, strategic decision-making, and extensive resources.
Furthermore, Hidrent had to adapt to the ever-evolving demands and expectations of its customer base. As the market landscape changed, the company faced setbacks and had to make necessary adjustments to stay competitive. This involved continuous improvement and innovation to meet the evolving needs of its customers.
Overcoming these challenges taught Hidrent valuable business lessons. The company learned the importance of being flexible and adaptable in a dynamic market. By embracing change and proactively responding to customer needs, Hidrent was able to successfully navigate through challenging times.
“In business, the only constant is change. Our ability to adapt and evolve has been crucial in overcoming setbacks and staying ahead in the market.” – Dave Heimbuch, Founder of Hidrent
Additionally, Hidrent recognized the significance of forming strategic partnerships. Collaborating with like-minded organizations and stakeholders has helped the company overcome hurdles and unlock new opportunities for growth. By leveraging the expertise and resources of its partners, Hidrent has been able to leverage their capabilities and accelerate its expansion plans.
The journey of Hidrent has not only been a story of success but also a testament to the resilience and determination required to navigate the unpredictable landscape of entrepreneurship.
|Strategic planning, partnerships, and resources allocation to enter new markets and establish a strong presence.
|Changing Customer Demands
|Continuous improvement, innovation, and proactive response to evolving customer needs to maintain a competitive edge.
|Adaptation to Market Landscape
|Flexibility, adaptability, and staying ahead of industry trends to navigate through challenging times.
|Formation of Strategic Partnerships
|Collaboration with like-minded organizations to leverage expertise, resources, and unlock new growth opportunities.
The Impact of Shark Tank
Being featured on Shark Tank provided Hidrent with significant publicity and exposure. The episode aired brought a spike in downloads and customer interest. The association with the show helped establish credibility and trust among potential customers. Additionally, the partnership with the Sharks brought valuable investment and expertise to propel the company’s growth and success.
“Appearing on Shark Tank was a game-changer for Hidrent. The exposure and validation we received from the show opened doors we couldn’t have imagined. It gave us the credibility we needed to build trust with our customers and attract more users to our platform. The investment and guidance from the Sharks have been instrumental in our growth and expansion.”
The Future of Hidrent
Hidrent is committed to a future of growth and expansion. The company’s goal is to extend its services to more cities, allowing a wider customer base to benefit from their unique app. With the partnership forged with the International Association of Fire Fighters, Hidrent has a solid foundation for nationwide expansion. This partnership not only opens doors to new markets but also strengthens the company’s commitment to supporting off duty firefighters.
Hidrent recognizes the importance of continuously improving its app to enhance the user experience. By remaining at the forefront of technology and innovation, Hidrent aims to provide seamless, user-friendly interactions and ensure that customers can easily connect with off duty firefighters for their home service needs.
In line with its future plans, Hidrent is determined to find innovative ways to connect customers and firefighters, making the process even more efficient and convenient. By leveraging advanced algorithms and data analytics, Hidrent strives to match customers with the most suitable firefighters who can deliver exceptional service.
Through its ambitious expansion plans, commitment to technological advancements, and dedication to customer satisfaction, Hidrent is poised to transform the home services industry and create a bright future for all stakeholders involved.
“Using Hidrent has been a game-changer for me. I can easily find off duty firefighters to help with tasks around my house, and the whole process is incredibly convenient. I’m excited to see what the future holds for Hidrent and how they will continue to innovate.” – Sarah T.
The Future Expansion Plan
|Expand to 10 additional cities
|Within the next 18 months
|Increase the customer base by 30%
|Within the next year
|Develop new features for the app
|Enhance customer support services
Customer Reviews and Testimonials
At Hidrent, we take pride in providing reliable and trustworthy service to our customers. Don’t just take our word for it – here’s what some of our satisfied customers have to say about their experience with Hidrent:
“I needed some handyman tasks done around my house, and Hidrent connected me with an off-duty firefighter who did an amazing job. The service was prompt, professional, and the firefighter was knowledgeable. I highly recommend Hidrent!” – Emily S.
“Hiring off-duty firefighters through Hidrent was a game changer for my yard work needs. Not only did I get the job done efficiently, but I also felt a sense of peace of mind knowing that I was supporting our local heroes. Thank you, Hidrent!” – Michael R.
Customers appreciate the convenience and peace of mind that comes with hiring off-duty firefighters for various tasks. They value the professionalism and quality of service provided by the firefighters through the Hidrent app. Many have praised the user-friendly interface and efficient booking process, making it easy to find the perfect firefighter for the job.
We strive to deliver exceptional service and are delighted to receive positive feedback from our customers. Their testimonials serve as a testament to the value and satisfaction Hidrent brings to those who use our platform.
Here’s a snapshot of customer reviews for Hidrent:
|“Great service and reliable firefighters!” – Sarah T.
|“I love using Hidrent for all my home repair needs.” – Mark D.
|“The firefighters on Hidrent are professional and efficient.” – Jennifer M.
These positive reviews reflect our commitment to providing outstanding service and ensuring customer satisfaction. We are grateful for the support and trust our customers have placed in us.
Hidrent’s Impact on Local Communities
Hidrent’s business model not only benefits customers but also has a positive impact on local communities. By connecting off duty firefighters with job opportunities, Hidrent helps these first responders earn extra income and support their families.
Firefighters play a crucial role in keeping our communities safe, but their dedication often goes beyond their on-duty hours. Many firefighters take on additional work during their off-duty time to supplement their income. Hidrent provides a platform for these firefighters to find job opportunities easily and conveniently, allowing them to support their families and contribute to the local economy.
Moreover, Hidrent recognizes the importance of supporting firefighters beyond their employment opportunities. The company has established a partnership with the International Association of Fire Fighters (IAFF), a leading organization representing firefighters and emergency medical personnel across the United States.
Through this partnership, Hidrent contributes 2% of its profits to the IAFF, further strengthening their support for firefighters nationwide. These contributions enable the IAFF to provide resources, training, and assistance to firefighters, enhancing their capabilities and ensuring their well-being.
By supporting firefighters and helping them thrive in their careers, Hidrent actively contributes to the overall well-being and sustainability of local communities. Through their innovative platform and partnership with the IAFF, Hidrent exemplifies the positive impact that businesses can have on society.
Note: The image above highlights the positive impact of Hidrent on local communities.
Conclusion and Final Thoughts
Hidrent’s journey on Shark Tank has been a true demonstration of innovation, entrepreneurship, and the boundless potential of the gig economy. The app’s unique concept of connecting off duty firefighters with individuals in need of various tasks has propelled its growth and expansion in the home services industry. Through its commitment to excellence and customer satisfaction, Hidrent has carved a niche for itself and continues to make a significant impact.
With a strong foundation and strategic partnerships, Hidrent has not only provided valuable opportunities for off duty firefighters to earn extra income but also revolutionized the way people hire for their home service needs. The app has successfully bridged the gap between customers and skilled professionals, providing a reliable and convenient platform for all parties involved.
As Hidrent continues to expand its services to more cities and reach a wider audience, its partnership with the International Association of Fire Fighters has strengthened its support for firefighters nationwide. Additionally, the company’s 2% contribution from its profits to the organization further highlights its commitment to making a positive impact.
In conclusion, Hidrent’s success story on Shark Tank is a testament to the power of determination, innovation, and the ability to adapt to the evolving needs of customers. With a strong presence in the home services industry and its unwavering dedication to providing exceptional service, Hidrent is poised for continued growth and success in the future.
Q: What is Hidrent?
A: Hidrent is an app founded in 2017 by Dave Heimbuch that matches off duty firefighters with people who need jobs done, such as handyman tasks, yard work, and gutter cleaning.
Q: When was Hidrent featured on Shark Tank?
A: Hidrent was featured on Shark Tank in episode 1307.
Q: What investment did Dave seek on Shark Tank?
A: Dave sought a 0,000 investment for 8% equity in his company on Shark Tank.
Q: What deal did Hidrent make on Shark Tank?
A: Robert Herjavec and Lori Greiner made a joint offer of 0,000 for 33.3% equity in Hidrent on Shark Tank, which Dave ultimately accepted.
Q: What has been Hidrent’s sales performance?
A: In 2019, Hidrent had sales of 5,000, which increased to 0,000 in 2020. As of 2021, year-to-date sales are 5,000, with lifetime sales of 0,000.
Q: What is Hidrent’s fee structure?
A: Hidrent takes a 23% fee from each transaction. Homeowners pay per hour, while firefighters earn per hour.
Q: How did Hidrent acquire customers?
A: Hidrent has acquired customers through platforms like Facebook and Nextdoor.
Q: Who invested in Hidrent after Shark Tank?
A: Hidrent received an investment of 2,000 in seed funds from nine investors after appearing on Shark Tank.
Q: What partnership did Hidrent announce?
A: Hidrent announced a partnership with the International Association of Fire Fighters, giving them access to over 300,000 firefighters nationwide.
Q: What is Hidrent’s annual revenue?
A: As of November 2023, Hidrent’s annual revenue is approximately million.
Q: How does Hidrent impact local communities?
A: Hidrent helps off duty firefighters earn extra income and supports their families. Additionally, Hidrent contributes 2% of its profits to the International Association of Fire Fighters.