What Happened to HelloPrenup After Shark Tank?
What is HelloPrenup?
HelloPrenup is the first online platform that allows couples to create a prenuptial agreement in hours rather than months, and at a fraction of the cost of a more traditional approach. HelloPrenup is the future prenuptial agreement portal for young couples.
The HelloPrenup team is led by Julia Rodgers, CEO and Co-Founder, and Sarabeth Jaffe, CTO and Co-Founder.
The platform is the first of its type, and it aims to assist every marriage in succeeding by fostering communication and financial transparency.
The HelloPrenup platform is really easy to use. To begin, users must create a HelloPrenup account and invite their fiancée. After that, pupils are expected to complete a questionnaire.
Who is the founder of HelloPrenup?
The HelloPrenup team consists of Julia Rodgers, CEO and Co-Founder, Sarabath Jaffe, CTO and Co-Founder, Lauren Lavender, Head of Marketing, and Droug Julian, Digital Strategist.
Rogers is a family law attorney who specializes in divorce. Jaffe is the cofounder and CTO of the firm; she has extensive technical expertise, including time at Microsoft.
They seek a simple and low-cost alternative for couples to create their own prenuptial agreements while still having the option of hiring a lawyer. Rogers feels the platform will help the soon-to-be married couple to become more involved.
HelloPrenup charges its clients $599, which is far less than the normal $5,000 fee charged by lawyers.
The online fee must be paid before obtaining the completed agreement. If a couple want to have an attorney review the documentation, they may simply alter the word document.
Prenuptial agreements, according to Rogers, enhance marriages by placing spouses on the same financial page from the outset.
What Happened to HelloPrenup’s Pitch on Shark Tank?
Sarabeth Jaffe and Julia Rogers pitch HelloPrenup, an online prenuptial agreement platform, on Shark Tank episode 1307. Rogers and Jaffe are seeking for a Shark to assist them in expanding their business.
Sarabeth and Julia entered the Shark Tank as brides seeking $150,000 for a 10% stake in their company, worth $1.5 million.
They go through every detail of wedding planning. They toss their bouquets and veils aside as they turn their backs on the Sharks.
The market value was $550,000. Julia tells how, while working as a family law attorney, she came up with the idea for the firm.
In March 2021, Julia brought her on board as a “technical partner.” They’ve been working on the firm via Zoom since then. They met for the first time in person the night before they taped their show.
She had to pay for it herself. Sarabeth was called in to assist with the repairs. The company was created in March of 2020, which was not an appropriate period to start a wedding-related business. They have $20,000 in lifetime sales as a result of their software problems.
Mark and Robert both believe that $4.1 million in sales by 2021 was a pipe dream. Lori was curious about the price, which is $599.
The typical conventional prenuptial agreement is $5,000. Mr. Wonderful was curious about the expense of acquiring new consumers. According to Sarabeth, they are now pricey and unprofitable.
She also states that they are a technology business and that their website is the most popular prenuptial agreement supplier online.
Kevin states he can’t value the company since he doesn’t know the expense of acquiring new clients; he’s out.
Lori believes what they’re doing is amazing, but it’s “too early” for her, so she exits as well.
Mark feels they can develop a good firm, but there are too many obstacles for him, so he exits.
According to Robert, those who truly want a Prenup will still need to consult a lawyer, while the rest will go to their website for information, and he’s out.
Julia explains why millennial desire prenuptial agreements but don’t want to go to a lawyer to acquire them.
According to Nirav, there are two methods to launch a technical company: secure a large amount of venture capital funding or be resourceful. He enjoys the ladies and feels that their services are in high demand.
He offers $150,000 in return for a 30% stake in the firm. They reply by purchasing a 20% stake in the company. Nirav claims he will take a 25% stake in the company.
Julia invites Kevin to participate. Kevin says he’ll join Nirav, but at 30% equity, they accept the offer and leave the pitch with a deal.
What Happened to HelloPrenup After Shark Tank?
The Monday after the planned show date, HelloPrenup published a press release disclosing their association with Kevin and Nirav.
Given Rogers’ legal background, “they assume this implies the deal is finalized.” According to the press release, they want to use the funds to expand beyond the 18 states that they currently serve.
Following the show, the deal between Nirav, Kevin, and HelloPrenup was finalized. Their Shark Tank appearance raised their monthly web traffic from 2800 to over 30,000 visitors. Sales increased by 545 percent after the first air date.
The women have stated that they will use part of their Shark funds to employ attorneys to perform legal research on how to expand into additional states. The company is still in operation as of January 2022.
HelloPrenup’s Net Worth
During the pitch, the firm was valued at $1.5 million; however, when Nirav and Kevin invested, the company was valued at $500,000.
How does HelloPrenup work?
HelloPrenup allows its clients to create an online prenuptial agreement for $599. One must pay the entire amount before a contract is sent to them.
If a client wishes to have an attorney review the draft, then the client can alter it with Microsoft Word on the document. If there is a legal dispute in the future, some states will enforce Prenup, while other states won’t honor them.
How much does it cost to use the service?
The only cost of using HelloPrenup is the $599 fee.
If users desire to have an attorney review their contract, they can alter it with Microsoft Word.
What happens if you choose HelloPrenup’s service?
If one chooses HelloPrenup’s service, they will need to pay the entire $599 so that the contract will be sent to them. If one wants to have an attorney review their agreement, then they can alter it with Microsoft Word on their document.
What states does HelloPrenup serve?
HelloPrenup serves 18 states: Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, and Florida among others
How do you ensure that the Prenup is valid?
HelloPrenup does not handle any legal work. After it’s been signed, it goes to an attorney. If there is a disagreement in the future, some states will enforce Prenup, while other states won’t honor them.
The service provides a free consultation for individuals who are unsure about how to create a prenuptial agreement online.
Does HelloPrenup have a referral program?
Yes. HelloPrenup refers its clients to their Facebook, Twitter, and LinkedIn accounts. They have an A rating with the Better Business Bureau.
HelloPrenup is not the only service that provides online prenuptial agreements. Major competitors include Legal Zoom and SmartLegalForms.
What is the refund policy?
The company has a 60-day 100% money-back guarantee if one doesn’t receive their agreement within 7 days of approval by email.
Is there a trial period?
Yes. If one feels that the service is of high quality and they want to use their services, then they can talk to an attorney on the telephone for 30 minutes at no charge. The attorney will review their agreement with them and answer any concerns about it.
What is the process for having my agreement published?
The procedure is as follows: one will choose a document from the website (via a browser or by uploading), add it to their account, and pay $499 to publish it in states where Prenup are enforced.
Is HelloPrenup legit?
If one signs up for the service, then this is the only way to create a prenuptial agreement online. Whether or not it is legitimate depends on what state a person resides in. For example, Alabama does not enforce Prenup, but California does enforce them.
If one signs up for the service via a referral link, then this means that the company incentivizes its affiliates to spread information about the company (through a referral system).
How is women business at HelloPrenup legal?
According to the U.S. federal law on federal prenuptial agreements, they are acceptable as long as they comply with the laws and involve no conflicts with previous marriages or divorces.
Is HelloPrenup safe?
HelloPrenup’s terms of service state that users’ personal information is confidential and that the company will not save any data. Once an agreement is published, no one else can see it.