Firefighters are real heroes, trained to save lives in emergency situations. However, they are also dependable people that can help with household tasks. You can hire one of them when they’re off-duty using the Hidrent app. Dave Heimbuch secured a deal with Lori and Robert on Shark Tank but how is the company doing now? As of 2023, Hidrent is valued at $8.5 million.
About the Founder
David Heimbuch hails from Dallas, Texas and studied marketing at the University of Nebraska-Lincoln. In 1994, he received his bachelor’s degree and got to work with several tech companies.
Dave worked in the digital marketing and sales departments of companies like YuMe, Photobucket Inc., AT&T Mobility, and Tapad. Most notably, he was hired by the music discovery app Shazam.
Although Dave was good at his job, he knew that one day, with the right idea, he would resign to start a business. As fate would have it, he got married into a family of firefighters, and so his entrepreneurial journey began.
Founding the Company
The Dallas marketer once used an app to hire a contractor for some home repair tasks. He showed the app to his firefighter brother-in-law, who said he could do the same as everyone else at his local fire station.
This was what sparked a business idea in Dave’s mind. He was aware of the financial hardships faced by firefighters, with most of them having to apply for part-time jobs to make ends meet.
As a way to help his family as well as people who needed assistance, he developed the Hidrent app in 2018. Three years later, the startup made $850,000 in lifetime sales and each year revenue was growing.
Shark Tank Appearance
Dave Heimbuch built his company from the ground up but to grow the business he needed more capital and staff. So, in 2021, he pitched his business on season 13 of Shark Tank, asking for $300,000 for 8% equity.
The Sharks were entertained by the demonstration, and they loved the use of Hidrent. Guest investor Nirav Tolia offered some tips to Dave as he grew Nextdoor into a national brand.
However, Tolia was the first to go out. Mark Cuban followed suit but Robert Herjavec made an offer of $300,000 for 20%. Lori Greiner expressed her desire to team up with Robert and the two Sharks made an offer of $300,000 for 33.33%, and Dave agreed.
After Shark Tank
After Shark Tank, Hidrent’s popularity skyrocketed, and the company was featured on sites such as Yahoo Finance, Fox, and CNBC. It appears the deal with Lori and Robert never closed. Similar to Mark Cuban, Lori lists every investment on her website and Hidrent isn’t on the list.
As part of Lori’s request in making the deal, she wanted the startup to change its name but it never rebranded. In 2021, the company made $430,000 in total revenue and Dave is forecasting revenue to be around $750,000 for 2022.
They have also partnered with a major property damage restoration company, a solar company, and a relocation company. The founder is confident Hidrent will do over $1 million in revenue in 2023. The business is thriving and is currently valued at $8.5 million based on crowdfunding from StartEngine.