Meet WaiveCar, Inc. a next-level rideshare transportation system that connects users with ad-displaying electric cars for free (that’s right, FREE). WaiveCar is a technology startup company originally started in New York, NY with pilot operations now in Santa Monica, CA where the Company is launching its first fleet of on-demand vehicles. Recently, the company aired on ABC’s Shark Tank and was offered a deal from none other than “Mr. Wonderful” Kevin O’Leary. On the Episode, O’Leary accepted WaiveCar’s counter-offer for a $500,000.00 loan over 36 months at 12% interest together with a 2% advisors equity stake in addition to an option to purchase unsold remnant ad-space at a favorable discount.
WaiveCar and its founders, Isaac Deutsch and Zoli Honig, have been clients of The Wagoner Firm since their very beginning. “They started off as a NYC-based client that was referred to us by another one of our NYC-based startup clients,” noted Eric Leander, a Founding Partner of The Wagoner Firm PLLC and manager of the firm’s Corporate & Securities, Emerging Companies & Venture Capital practice groups. “We’ve been with them since they started the company and through every round of capital investment from start to present. We’ve gotten to witness their #hustle for the last few years and are very happy to see all of their hard work and dedication paying off.”
When WaiveCar brought up the opportunity to pitch to Shark Tank, it was too good of an opportunity to pass up. Shark Tank is a syndicated show that constantly plays reruns on television. Additionally, the show is very active on social media and will posts clips on YouTube. Once WaiveCar secured their spot, they would be able to take advantage of this and constantly come up in front of both potential customers and users. WaiveCar has both B2B and B2C customers; advertisers on and within the vehicles and the actual end-users, respectively. “As a startup, it’s imperative to get noticed and grow your user base,” states Leander, “Shark Tank reaches millions of people across the nation – and internationally I’m sure. By being on Shark Tank, WaiveCar could gain exposure to both potential advertisers and users.”
Subsequent to the Shark Tank investment (and prior to airing) The Wagoner Firm also represented WaiveCar in a fleet acquisition wherein the company acquired several hundred brand new Hyundai “Ionic” electric-vehicles to serve as the backbone of the WaiveCar fleet in it’s pilot market. “Some of the first of this new model of Hyundai Ionics in the U.S. are going straight to WaiveCar,… how cool is that? It’s such a privilege to work with these guys” Leander quipped.
As the company grows, The Wagoner Firm is ready to support them throughout their lifetime of the business. “From ideation to proof of concept to commercialization then to liquidity whether private acquisition or initial public offering we’ll be ready to champion whatever needs they have. We will be at every funding stage and provide solid corporate, commercial, securities, and general business counsel,” says Leander. Moreover, Leander expects that WaiveCar will be able to scale operations to a number of other U.S. cities and even internationally in the next few years. “Every opportunity has the potential to open another door,” says Leander, “Shark Tank is just the beginning for these guys, we can’t wait to see what opportunities come out of this experience for them.”
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