|SEASON 5 EPISODE 4|
|Pitch||qr reader and barcode scanner app|
|Asked For||$1,000,000 for 5%|
What is Scan?
Scan Incorporated made Scan, a QR code scanning app with proprietary technology.
The company at the time focused on creating better web and mobile tools, enabling businesses and smartphone users to enjoy mobile transaction technologies such as QR codes more seamlessly.
In addition, they focused primarily on mobile commerce and for use within social media applications.
Who Owns Scan?
Garett Gee is the founder of Scan, which he started in 2011. At the time of its conceptualization, he was a student at Brigham Young University.
He later dropped out and founded a web design and digital media services company. Nowadays, a multi-millionaire, Garett is an adventure journalist and popular blogger.
Garett came up with the idea for Scan when he received a smartphone as a gift in 2009.
He used it to scan a QR code but wasn’t impressed with the technology. Instead, he envisioned better web and mobile tools for working with QR codes.
So, with the help of a few fellow BYU alumni, he began designing an iOS application for a student competition, in which they placed second. Buoyed by his success, Gee started searching for funding and managed to raise over $8 million from various venture capital firms.
After launching the app in January of 2011 on iOS, he’d already exceeded one million downloads by May of the same year, hitting 10 million by March of 2012. Garett then decided to enter Shark Tank in 2013 to pitch for further investment and shine a spotlight on the app in front of a global audience.
What Happened After Shark Tank Update
Is Scan Still in Business?
Garett sold the company to Snapchat in 2014 for a life-changing $54 million. The app’s Snapcode feature makes use of Scan technology.
Living the life most of us can only dream of now, he put the bulk of it into a savings account, sold off most of his belongings, and went globetrotting with his young family for three years before settling in Hawaii.
He continues to travel, maintaining a blog about their adventures called The Bucket List Family. Many industries today use QR code technology, from finance to retail sales and other social media platforms.