Jeff's business model was initially challenged by the sharks who were unsure about its potential in the market.
Jeff Witten appeared on Shark Tank in 2018, seeking a $250,000 investment for a 7.5% stake in CoinOut, a company that digitized loose change. Despite facing skepticism from the sharks, Jeff received three offers and ultimately shook hands with Robert Herjavec on a deal for $250,000 in exchange for 15% equity.
However, the deal with Robert fell through after the show, and Jeff later remodeled CoinOut into a cash-back rewards app. In 2021, CoinOut was acquired by Information Resources, Inc. (IRI), and the app is still available on Google Play and the App Store.
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