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Getaway Shark Tank Update

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Are you tired and overwhelmed by the city hustle and bustle and want to spend some time free from city distractions and close to nature?

Getaway is here to fulfill this wish of yours with its tiny homes that are available for rental in the wilderness so that you can cope and rejuvenate while connecting with nature!!

Getaway at a Glance:-

IdeaTiny house rentals in natural landscapes
FoundersJohn Staff and Pete Davis
Asked For$500,000 fro 5%
Accepted DealNone
SharksNone
Business status$500,000 for 5%
Episode No.Season 8, Episode 14
Buy on AmazonBuy Now!

Index:

What is Getaway?

Getaway is a unique startup that helps people rent tiny houses away from the city’s hustle and bustle and in secret locations. The major aim of the company is to provide people with a stress-free vacation that rejuvenates them both physically and mentally.

The houses provided have little to no mobile or internet coverage and have only the bare minimum necessities for the vacation.

The cottage comes stocked with food that lasts the whole duration of the vacation. The purpose is to help individuals get away from the overwhelming city life for a while.

Founder Story:

The founders Pete and John became friends during their time at Harvard in 2015. The duo, driven by entrepreneurial interest and the wish to get away from the stressful life for a while led to them forming Getaway.

They began their business with three tiny houses of 160-200 square feet on wheels. They were initially located near the Boston region.

The Getaway homes are located at a two-hour drive downtown and its location is not revealed to the customer until just before booking to avoid packing stress.

Did Getaway get a deal on Shark Tank?

Peter and John pitched their business seeking an amount of $500,000 for a 5% stake. Getaway offers vacations in tiny houses using a rent-based system.

They have built a network of cottages on the same land yet guests can enjoy their own privacy and a caretaker is also available in case of an emergency.

The company had secured $1.2 million in funding at a valuation of 7 % and is now seeking for an investment with a higher valuation. The revenue projection for the next year is $2.1 million with a 60% profit on pre-cash flow.

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They also explained how they would deprecate their assets over ten years to reduce the cost of their goal to expand their business to 30 cities.

After the pitch Mark, Barbara, and Lori exited the deal instantly stating the huge capital needed in the business.

Chris offered them $500,000 for a 7% stake and Kevin offered them a $500,000 loan at an 11% interest rate in three years in exchange for 5% equity. The duo, however, declined all offers owing to their previous rounds of investment that gave them higher valuations.

What happened to Getaway after Shark Tank?

After their stint on Shark Tank, there was a considerable increase in the company’s website traffic and bookings. The company currently boasts 80 cabins across New York, Boston, and Washington D.C. within a year of their launch.

They have secured $22.5 million from venture capitalists in 2019 and an additional funding of $47.5 million in 2021.

Even through the pandemic, the company’s sales increased by 150%. The company is currently located in 17 metropolitan cities and has an annual revenue of $30 million.

Product Details:

  • The Getaway houses are tiny homes within a range of 160-200 square feet.
  • The cottages are located in complete wilderness to ensure a connection to nature and a considerable disconnect from the rest of the world.
  • The house comes equipped with minimal essentials and is stocked with food for the duration of the stay.
  • The cost of each booking ranges from $99-$129 depending on the number of nights reserved.

What’s the net worth of Getaway?

The company entered the tank with an ask of $500,000 for 5% equity, valuing the company at $10 million. The founder duo walked away with no deal from the tank owing to valuation disagreements.

Getaway is currently at an annual income of $41 million as of 2023 with 29 locations on the map. It is estimated to have a Net Worth of $40 million as of 2023.

Who are the competitors of Getaway?

Companies like Valley Transportation, VIP Car, New Zealand Trails, and Het Jachthuis are among Getaway’s primary rivals.

Is Getaway still in business?

Yes, Getaway is still in a flourishing business and has expanded to various cities across America. The company looks promising and is set to reach a billion dollars in revenue eventually.

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FAQs:

What is Getaway?

Getaway is a unique startup that helps people rent tiny houses away from the city’s hustle and bustle and in secret locations.

What's the net worth of Getaway?

It is estimated to have a Net Worth of $40 million as of 2023.

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