CoinOut Shark Tank Update: Acquired

SEASON 9 EPISODE 23
PitchSmart receipts app that lets you scan receipts for cash back
EntrepreneurJeff Witten
Asked For$250,000 for 7.5%
Deal$250,000 for 15%
SharkRobert Herjavec
StatusACQUIRED, IN BUSINESS

Company Background

What is CoinOut?

CoinOut is a mobile app with a simple system of rewarding its users. All it takes to earn randomized rewards is scanning in-store receipts to the CoinOut app. CoinOut has also reinvented keeping pocket change. The app uses the purchasing data to show available and relevant offers to the users.

Who Owns CoinOut?

Jeffrey Witten, the founder of CoinOut, attended Columbia University, where he achieved a Master of Business Administration. His work experience includes filling associate, advisory, and marketing roles.

Witten was an Entrepreneur in Residence for Conversion Capital and an executive advisory board member for a business, law, and public policy institution.

Founder’s Story

Witten is a young and successful entrepreneur from New York who initially studied law but couldn’t see himself spending his professional life as a corporate lawyer in a courtroom.

His hatred for coins and inspiration from watching the Shark Tank show encouraged him to embark on an entrepreneurial journey instead.

As a student, Witten frequently used cash but didn’t like getting coins back as change. He discovered that others shared his dislike for receiving coins. He’d soon land a job with technology giant Apple where he worked in the payments field.

Witten likes to solve real problems with real data, so he began investigating and testing different methods and systems used by retailers. Thanks to the data he collected, the idea for CoinOut was born.

What Happened After Shark Tank Update

Is CoinOut Still in Business?

After Shark Tank, it took CoinOut a while to find its place. Jeff notes that since his appearance on the show, the company was forced to pivot numerous times on everything from the product, to the business model, marketing and their partnership model.

Despite the challenges, CoinOut has become a hit. The company had already earned $6 million dollars while reaching over 1.5 million members and establishing itself as a top 100 IOS app.

Today Witten remains the CEO of CoinOut and recently joined IRI, an international leader in providing innovative solutions for retail, consumer, and media companies.

Witten’s inclusion in IRI also resulted in its acquisition of CoinOut in May of 2021, which has improved and compliments IRI’s omnichannel functions through its 1.5 million-member receipt panel data.

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