In December 2014, Snapchat purchased Scan for $54 million (with some details coming into public view due to the Sony Pictures hack). The investment Garrett Gee was seeking as he entered the Tank was for $1 million in exchange for a 5% share. This valuation put the Sharks on guard, setting his business valuation at $20 million. “Shark Tank” pitches sometimes involve high-value businesses, but they are often much smaller enterprises, leading the Sharks to balk at larger valuations when pitched. In this case, though, it would seem that Gee and his colleagues were onto something since Snapchat purchased the brand for more than twice the valuation taken to “Shark Tank.”
QR codes and other scannable fixtures remain a part of daily life for people worldwide. Paying a bill or instantly populating contact information, pulling up a menu, or sending a visitor to a target website can all be accomplished with this technology, and two applications developed by the company remain in circulation: “QR Code Reader” and “Scan.”
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