Validated App Update | Shark Tank Season 8

Kimberly Elizabeth Graf March 23, 2022March 23, 2022

Ian Lyman, Tov Arneson, and Alex Wilhelm went into Shark Tank Season 8 with their app named Validated. Their goal was to help users earn credits for ridesharing programs just by spending money at participating stores. The trio asked for $250,000 for 8% from the sharks, but none would bite. Let’s explore what happened in our Validated app update and pitch recap.

Shark Tank Validated Update

Entrepreneur: Ian Lyman, Tov Arneson, and Alex Wilhelm
Business: App that lets users earn ride credits by spending in stores
Ask: $250,000 for 8% equity
Result: No deal
Shark: None

As soon as the trio entered the Shark Tank, they made an impression. Mark Cuban pointed out that they looked like the Drew Carey triplets. Unfortunately, while Ian, Tov, and Alex’s presentation started off lighthearted, courtesy of Mark things quickly took a turn for the worse during the pitch.

For those that don’t know, Validated is an app that lets diners and shoppers earn free credits that they can use for transportation. All users have to do is to hit spending targets to earn credits that can be used for services such as Uber, Lyft, PayByPhone, and Biketown. However, as the three went on with their presentation, the sharks couldn’t help but point out how confusing and vague the entire thing was.

Guest shark Chris Sacca thought the app just had too many options. He also wasn’t comfortable with the idea of using QR codes. Mark Cuban had similar thoughts and believed that the app could encounter issues because it is technically a bank. He went out, followed by Barbara Corcoran, Kevin O’Leary, and Lori Greiner. Chris was the last to go out.

After failing to secure a deal, we’re sure that you’re curious about a Validated update.

Despite not landing a shark, the trio still secured enough funding to operate in major cities across the United States like New York, San Francisco, Las Vegas, Boston, and even Chicago. The company was able to connect more services to the app and has seen massive improvements in usability and ease of access via its user-friendly interface.

Reach Now eventually acquired Validated in May 2019 as part of Daimler and BMW’s joint mobility venture. So despite not getting a deal, it sounds like things worked out for Ian, Tov, and Alex.

Interested in other company updates from Season 8 Episode 21? We’ve got them!

Before you go, stop by our Season 8 products page to check out other company updates from Season 8.

Kimberly Elizabeth Graf

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Kimberly is a writer for Shark Tank Recap. She has written episode summaries and updates across multiple seasons of Shark Tank, with a focus on complete and accurate information since 2021. She believes that getting the business aspects of each deal correct is extremely important for viewers and fans. Her favorite Shark Tank products are The Wobbles and Rocketbook!