My Therapy Journal, an online web system by Brazilian natives Rodolfo Saccoman and Alexis Saccoman, offers an effective and affordable alternative to traditional therapy. They asked the Sharks for $80k in exchange for 20% equity in their company.
Did the Sharks provide funding to them, and what happened to this business after Shark Tank? We’ll find out more about it ahead.
| Company Name | My Therapy Journal | |
| Founder/Co-Founder | Rodolfo Saccoman and Alexis Saccoman | |
| Founded | 2008 | |
| Product | Online Therapy Journal Website | |
| Asked For | $80K for 20% equity | |
| Final Deal | $80K for 51% equity | |
| Shark | Robert Herjavec & Kevin O’Leary | |
| Episode | S1 E5 | |
| Air Date | Sep 6th, 2009 | |
| Business Status | Out of Business | |
| Website | Visit Website | |
| Headquarters | Miami, Florida, United States | |
| Lifetime Sales | $4k *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Their website had 18,000 visitors, out of which 1120+ people signed up for a 14-day free trial. However, only 10% of users (120) converted to a paid subscription. The monthly cost is $14.95. Rodolfo revealed that they made $4,000 in revenue in 2008.
They are aware that the paid conversion rate is low, and the reason for this is the lack of budget for marketing. They have invested $120,000 in this business, with 90% of the money going into building the software alone. That’s why they need more money for marketing.
Barbara Corcoran said she doesn’t like their business idea, so she’s out. Kevin Harrington is concerned about the low-paying customers, so he’s also out.
Alexis revealed that they are in the third stage of negotiations with one of the biggest insurance companies in the United States to drive their customers to the journal website. Daymond John, Kevin O’Leary, and Robert Herjavec teamed up to offer $80k for 51% equity. While Rodolfo and Alexis were discussing backstage, Kevin decided to exclude Daymond from the deal.
Rodolfo and Alexis countered with an offer of $80k for 49% equity. Daymond made a separate offer of $120k for 50% equity, but they declined to accept this offer and instead chose to accept Robert and Kevin’s offer.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | No Offer |
| Kevin O’Leary | $40k for 25.5% equity (Robert) |
| Robert Herjavec | $40k for 25.5% equity (Kevin) |
| Barbara Corcoran | No Offer |
| Daymond John | $120k for 50% equity |
| Founder’s (Countered) | $80k for 49% equity (Kevin & Robert) |
| Final Deals | $80k for 51% equity |
My Therapy Journal Shark Tank Update
From our research on My Therapy Journal update, we found out that the business closed down a few months after the episode aired. Despite Rodolfo and Alexis’s efforts, they couldn’t sustain it. If Daymond had invested $120k in this business, he might not have been able to get his money back.
At present, Rodolfo and Alexis are working on different projects. This is our complete report on the business.
If you want updates on more businesses from Season 1 Episode 5, below are some links shared.
