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Hidrent Shark Tank Update

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Hidrent is an application that helps various customers hire handymen for the small but important jobs that they need to be done. The unique feature of Hidrent is the application only hires active firefighters for the jobs.

Customers can book firefighters through the app for different chores including general services of a handyman, gutter cleaning, yard work, light fixing, fixtures, etc. Different prices are charged for different works. For example, $158 to $192 is the range for gutter cleaning services.

The customers just have to download the app, select the task they want to do, and book an appointment for where and when. 

To get hired for the business, firefighters need to download the app, register, and get employment only when they pass their background check. That is how it is ensured that only genuine people are hired for the job.

Hidrent at a Glance:-

IdeaApplication to hire handymen
FoundersDave Heimbuch
Asked For$300,000 for 8% equity
Accepted Deal$300,000 for 33.3% equity
SharksLori Greiner And Robert Herjavec
Business statusIn Business
Episode No.Season 13, Episode 6
WebsiteHidrent

Index:

Who are the founders of Hidrent?

Dave Heimbuch is the founder of Hidrent. He has a background in tech sales. He created Hidrent to provide extra support to firefighters and also for the people who want to get their jobs done professionally and by trustworthy people. He founded the app in 2017. He made the business so capable that in the Dallas/Fort Worth area, it was named one of the 20 best companies to work for.

The app earns by taking 23% of the cost of the chore. He just wanted a shark’s help to spread this app nationwide. Dave has a background in digital marketing. Dave married into a firefighter family. Dave experienced that he could book a contractor with the help of an application and from there he got an idea about Hidrent.

Did Hidrent get a deal on the Shark Tank?

Heimbuch enters the show seeking an investment from sharks along with their expertise and channels. Heimbuch had presented his pitch with the help of an old lady and a man. An old lady needed an honest helper and then a man came in to help her. Dave showed a demonstration of his business concept through that skit. Dave asked for an investment of $300,000 for 8% equity in exchange.

Hemibuh explained the whole process of booking a job through an application. Sharks were impressed by the concept of firefighters. Dave started Hidrent in 2018 and had sales of $850,000. In 2019, 2020, and 2021, sales were $125,000, $260,000, and  $325,000 in a few months respectively. Nirav was the first shark to open up with his view. Nirav said it’s very difficult to go local and, therefore, he’s out. Mark Cuban didn’t find it a real business and went out.

Robert Herjavec said if we focused on the senior section, then there would be a huge market for it, and gave an offer of $300,000 for 20% equity in exchange. Kevin loved the idea but was not completely ready to put his money in, so, he went out. Lori Greiner said she would like to invest in Robert came in with her. Lori and Robert teamed up and gave an offer of $300,000 for 35% equity in the business.

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Dave gave a counteroffer of $300,000 for a 20% stake. Robert replied that it’s not valuable when you want two sharks. Lori cut down the offer to $300,000 for 33.3% equity in exchange. Dave agreed to the deal and took his check from both the sharks. Dave was happy because he knew that these two could take Hidrent to the next level.

What happened to Hidrent after the Shark Tank Show?

After the show, once the show aired, Hidrent got a huge customer addition within a few weeks. Unfortunately, to date, the deal made on the show between sharks ( Lori Greiner and Robert Herjavec ) and Dave was not closed. The Hidrent is not updated on the business list of Lori and Robert either. After the show, In 2022, they made a Start engine equity crowdfund at a valuation of $8.5  million.

They have also announced that by 2024 they’ll be joining the International Association of Firefighters, which will be a life-changing agreement for Dave and Hidrent. The International Association of Fire Fighters will be providing Hidrent with access to 300,000 firefighters nationwide. During the pitch, they came up with a valuation of $3,750,000, which was changed to $900,900.90 when Dave accepted the deal with Lori and Robert.

After the show, the deal was not closed but raise still managed to raise funds through StartEngine. Hidrent has also announced that they’ll be donating 2% of profits to the International Association of Fire Fighters once they combine. 

Hidrent is now giving services to businesses too. Hidrent charges $72 per hour from the homeowner and pays $60 to the firefighter per hour, which means Hidrent takes 23% of sales as its fees. The Hidrent’s major target is the senior section and they launched themselves in Phoenix and Tampa. Hidrent mostly gets his booking through Facebook and Nextdoor. As of 2022, they are spreading across the nation and currently making sales of $1.3 million annually.

Competitors of Hidrent are:-

  • Instant Checkmate
  • Truth Finder
  • Rental Services
  • Residential Research
  • Fields Screening
  • Background Report

What is the net worth of Hidrent?

The valuation during the show was $3,750,000, which was later reframed to $900,900.90. Unfortunately, the deal was not closed, so Dave received funding through StartEngine at a valuation of $8.5 million. The estimated net worth of Hidrent is a comprehensive $1.3 million.

Is Hidrent still in business?

Hidrent is still in business and doing well. After the show, they gradually focused on expanding their business. In 2024, they’ll be joining IAFF, which will provide Hidrent with 300,000 firefighters. As of 2022, they are in operation. Bizz bucket wishes them luck and great success.

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FAQs:

What is Hidrent?

Hidrent is an application that helps various customers hire handymen for the small but important jobs that they need to be done. The unique feature of Hidrent is the application only hires active firefighters for the jobs.

Who founded Hidrent?

Dave Heimbuch is the founder of Hidrent. He has a background in tech sales. He created Hidrent to provide extra support to firefighters and also for the people who want to get their jobs done professionally and by trustworthy people.

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