When Dave Heimbuch entered the Shark Tank with his innovative home service platform, Hidrent, he brought with him a game-changing idea that aimed to provide trusted services while also offering a source of income to off-duty firefighters. Heimbuch’s brainchild was poised to revolutionize the home services industry, thanks to its commitment to delivering skilled professionals through a unique and trustworthy workforce. Let’s dive into what happened to Hidrent after its appearance on Shark Tank, how it has grown, and the impact it’s making in the lives of both customers and off-duty firefighters.
Understanding Hidrent: A Trustworthy Home Service Platform
They distinguishes itself in the crowded home service market by hiring off-duty firefighters to perform various home projects and services. The central idea here is that off-duty firefighters are highly trusted, skilled professionals. These individuals have already undergone a rigorous selection process, including interviews, written and physical tests, and training at fire academies, which culminates in them receiving a firefighter certification.
This certification not only attests to their firefighting skills but also includes background checks and personal details. This thorough vetting process instills a high level of trust in customers. After all, who better to have in your home than a firefighter? It’s this trustworthiness and skillset that Hidrent leverages to provide a wide range of home services.
It was founded by Dave Heimbuch in 2018, and despite not having a background as a firefighter, he brought his tech sales expertise to the table. This innovative platform connects off-duty firefighters with homeowners in need of various home services.
The Core of Hidrent: Connecting Customers with Off-Duty Firefighters
Hidrent is all about trust and convenience. Here’s how it works:
Service Booking: Customers use the Hidrent platform or mobile app to book home services. Once a customer places an order, the notification is sent to the nearest off-duty firefighter available to take on the job.
Service Acceptance: The off-duty firefighter accepts the order, confirming their availability and willingness to carry out the requested service.
Home Service: The chosen firefighter arrives at the customer’s home to perform the service. This could include various tasks like fixing light fixtures, general handyman work, furniture moving, hanging, hauling, furniture assembly, TV wall mounting, gutter cleaning, and more.
Invoicing and Payment: After completing the service, the firefighter records the duration of the job in the app. An invoice is generated, and the customer makes the payment through the app.
The platform deducts a 20% service fee from the customer’s payment and forwards the remaining 80% to the off-duty firefighter. In essence, this model benefits homeowners by providing them with trustworthy professionals, while also enabling off-duty firefighters to earn extra income during their free time.
A Range of Services: Catering to Homeowners’ Needs
Their service offerings cater to a variety of home-related needs. The platform encompasses a wide range of services, ensuring that customers can find assistance with tasks that typically require professional expertise. Some of the services provided by off-duty firefighters include:
- Light Fixtures
- General Handyman Work
- Furniture Moving
- Holiday Lights Installation
- Smoke Detector Installation
- Picture and Mirror Hanging
- Furniture Assembly
- TV Wall Mounting
- Gutter Cleaning
- The pricing for these services can vary, with customers typically paying around $100 to $300 per job, depending on the complexity and time required.
Meet Dave Heimbuch: The Visionary Behind Hidrent
Dave Heimbuch, the founder of Hidrent, brings a diverse professional background to the table. While he may not have been a firefighter himself, his experience in tech sales and marketing positioned him to launch and grow this innovative platform successfully.
Heimbuch has worked for several notable companies, including Tapad, AT&T Mobility, and Shazam Entertainment. He holds a Bachelor of Science in Business Administration from the University of Nebraska-Lincoln, and his involvement in the Capital Factory Accelerator Program since April 2019 speaks to his entrepreneurial drive.
The inspiration for them came from personal connections to firefighting, as Heimbuch is married to a firefighter’s family. With a brother-in-law in the firefighting profession who occasionally performed home repair work, Heimbuch saw an opportunity to extend the idea and create a platform where more firefighters could earn extra income.
Hidrent Before Shark Tank: Early Growth and Ambitions
They began its journey in 2018, aimed at providing off-duty firefighters with an additional source of income and offering homeowners trusted professionals for their home service needs. The company launched a mobile app available for both Android and iOS platforms. Their iOS app, in particular, witnessed robust downloads on the App Store, averaging around 1,000 downloads every month.
In August 2020 they partnered with DAVACO to provide firefighter/EMT supervisors at new COVID-19 testing sites in the Dallas/Fort Worth area. This expansion into essential services underscored the company’s commitment to contributing to the community during a critical time.
As of 2020, the company was offering its services in multiple states, including Austin, Dallas/Fort Worth, Denver, Houston, Phoenix, San Antonio, and the Tampa–St. Petersburg–Clearwater area. They made a considerable impact, with over 35,000 customers downloading the app in 2018. Furthermore, more than 4,000 firefighters were actively providing services through the platform.
Heimbuch’s business acumen, combined with his unique approach to home services, was clearly gaining traction and making a difference both for off-duty firefighters and the community.
Hidrent’s Pitch on Shark Tank: Seeking Investment for Growth
Hidrent’s appearance on Shark Tank during Season 13, Episode 6, marked a pivotal moment for the company. Dave Heimbuch, the passionate entrepreneur behind the platform, entered the tank with a clear mission: to secure $300,000 in exchange for an 8% equity stake in Hidrent. He valued his company at $3.7 million.
To help the sharks grasp the essence of his platform, Heimbuch presented a demo session of how their services work. His demo aimed to make the concept relatable and understandable for the sharks, but it also added a touch of fun to the presentation.
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The company’s sales figures revealed impressive growth, as follows:
- Lifetime Sales: $850,000
- 2019: $125,000
- 2020: $260,000
- 2021: $325,000 (as of the pitch)
- Percentage from Sales: 23%
- They followed a pricing model where homeowners were charged $72 per hour for the service, while the firefighters received $60 per hour for their work. The majority of the platform’s customers consisted of senior citizens, a demographic that found comfort and trust in the service provided by off-duty firefighters.
To acquire customers, They utilized various marketing channels, including Google, Facebook, and Nextdoor. It’s worth noting that Nextdoor, a neighborhood-focused social network, played a significant role in their growth. Nirav Tolia, a shark, once claimed that he had added 50 million users to Nextdoor without spending a single dollar on advertising. In this context, their use of Nextdoor was a strategic move to tap into a network of homeowners actively seeking services.
The sharks, known for their sharp business instincts, evaluated their potential. In response, Nirav Tolia expressed his belief that he had already accomplished the neighborhood journey and opted out. Mark Cuban, another shark, saw potential but was concerned about the company’s ability to control its own destiny. As a result, he also decided not to invest.
However, Robert Herjavec, an astute shark, saw the brilliance of Heimbuch’s idea. He offered a deal: $300,000 for a 20% equity stake in Hidrent. Kevin O’Leary, the renowned “Mr. Wonderful,” stepped out of the opportunity, believing that he couldn’t embark on this journey.
Lori Greiner, who had a soft spot for firefighters, aligned her interests with Robert Herjavec and expressed her desire to team up on the deal. Lori and Robert were willing to provide $300,000 for a 20% equity stake in them.
While Dave Heimbuch recognized the value in the offer, he believed the equity percentage was not sufficient. In response to Robert and Lori’s proposal, Heimbuch counteroffered, offering a 33.3% equity stake in exchange for the $300,000 investment. This marked a significant negotiation, as Heimbuch aimed to strike a balance between equity and investment.
In the end, a deal was struck between Dave Heimbuch, Lori Greiner, and Robert Herjavec. They agreed to invest $300,000 in they in exchange for a 33.3% equity stake, solidifying a partnership that would take the platform to new heights.
Hidrent After Shark Tank: Funding Success and Expanding Trustworthy Services
After securing a deal on Shark Tank, they had the financial backing and expertise of Lori Greiner and Robert Herjavec to help navigate its journey forward. The platform continued to execute its mission, serving as a trusted intermediary connecting off-duty firefighters with homeowners seeking reliable and skilled professionals for their home service needs.
The core premise of Hidrent remained unchanged, allowing off-duty firefighters to earn additional income while creating a space where customers could trust the individuals they welcomed into their homes.
Hidrent’s reach expanded significantly. What began as a service available in a limited number of states had now transformed into a nationwide offering. This expansion meant more customers could experience the trust and reliability that came with hiring off-duty firefighters.
Before its Shark Tank appearance, the company had already raised $662,500 from nine investors in a seed round on February 21, 2020, as reported by Crunchbase. This early funding round undoubtedly contributed to their growth.
Hidrent also conducted an equity-based fundraising campaign on StartEngine with a valuation of $8.5 million. This campaign closed on October 20, 2022, and the company successfully raised $143,080.02. These investments underscored the belief in Hidrent’s mission and its potential to create a positive impact.
A Name Change on the Horizon?
During its journey after Shark Tank, Hidrent was reported to be considering a name change. While this move was discussed, it’s important to note that as of December 2022, no official name change had occurred. The brand still operated under the name Hidrent.
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Hidrent’s Ongoing Partnerships and Annual Revenue
One significant development in the post-Shark Tank period was Hidrent’s partnership with the International Association of Fire Fighters. This partnership was set to extend until 2024, enabling Hidrent to connect with over 300,000 firefighters. This collaboration held the potential to further amplify the positive impact of Hidrent, providing additional income opportunities for firefighters.
As of December 2022, Hidrent reported an annual revenue of approximately $1.4+ million, underscoring its continued growth and success in the home services sector.
The Promise of Hidrent’s Future
The journey of Hidrent post-Shark Tank reaffirms its commitment to offering trusted and reliable home services while supporting the firefighters who make this trust possible. By providing homeowners with an opportunity to connect with off-duty firefighters for various home service needs, Hidrent addresses the critical aspect of trust and security.
The potential to expand its reach further across the United States, coupled with the financial support and expertise of Lori Greiner and Robert Herjavec, positions Hidrent to continue its growth trajectory. With its strong annual revenue and the backing of its customers and investors, Hidrent exemplifies how a unique and innovative approach can make a significant impact in the home services industry.
As Dave Heimbuch and his team at Hidrent work diligently to create a more trustworthy and convenient home services platform, they remain dedicated to reshaping the way we view home service providers and the extra income opportunities available to off-duty firefighters.
Hidrent’s Net Worth: From Vision to Valuation
Hidrent’s journey from its initial Shark Tank pitch, where it sought a $3.7 million valuation, has seen significant progress and expansion. With its nationwide presence, ongoing funding efforts, and annual revenue, the company’s value has likely appreciated.
As of its last reported figures, Hidrent was positioned for continued growth, which could further enhance its valuation. The unique nature of its platform, focused on leveraging the trust and skills of off-duty firefighters, underscores its potential as a valuable and sustainable business in the home services sector.
The valuation of Hidrent, though not updated in this account, is likely on an upward trajectory, given its continued success in serving homeowners and firefighters alike.
Hidrent’s Continued Presence: Trust and Innovation
As of December 2022, Hidrent continues to operate successfully, providing its unique brand of home services. The platform’s approach, reliant on the trust instilled by off-duty firefighters, appeals to a broad customer base, including senior citizens who find reassurance in these skilled professionals.
The utility of Hidrent’s services extends beyond its customers; it also offers off-duty firefighters the opportunity to earn extra income during their free time. The company’s presence in media publications, including CBC, Fox, Yahoo Finance, CNBC, and others, underscores its growing recognition and impact in the home services industry.
Hidrent operates from its headquarters in Dallas, Texas, United States, and its dedicated team of 2-10 employees contributes to the platform’s continued success.
In conclusion, Hidrent remains in business as of December 2022, standing as a testament to the potential of innovative and trustworthy platforms in the home services sector. Its trajectory highlights the importance of trust in the industry and the positive change it can bring to homeowners and off-duty firefighters alike.
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Hidrent’s journey is an inspiring example of how innovative ideas can transform established industries, offering a trusted and convenient alternative for customers while supporting those who serve as trusted professionals. As Dave Heimbuch and his team look ahead, they continue to pave the way for a more secure and reliable future for home services.