Adventure Hunt – Team Treasure Hunt
DEAL
EPISODE SUMMARY
🕓 Air Date: January 13, 2019
Asking For:
$150,000 for 10%
Investor:
Robert Herjavec
Deal:
$150,000 for 20%
PRODUCT SUMMARY
Adventure Hunt offers an exhilarating modern-day treasure hunt experience, sending teams on adventurous challenges to unlock a real-life treasure map and win epic prizes, including luxury trips.
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Background Story
Adventure Hunt, a thrilling modern-day treasure hunt, was brought to life by brothers Sean and Jared Bingham in the picturesque city of Provo, Utah. Born out of a shared love for adventure and a desire to turn a simple game into a flourishing business, the brothers’ journey began with a passion for creating memorable experiences. Hailing from Provo, a city known for its scenic landscapes and vibrant community, the Binghams brought their unique concept to the forefront. The founders, both seasoned entrepreneurs, possessed a background perfectly suited for their venture. Sean and Jared blended their skills, with Sean bringing his expertise in marketing and Jared contributing his talents in event management.
The spark for Adventure Hunt ignited during a casual brainstorming session. The brothers envisioned a treasure hunt that would inject excitement into people’s lives, offering a blend of adventure, humor, and camaraderie. Their goal was to craft an experience that transcended the ordinary, giving participants the thrill of uncovering a real treasure chest. The concept took shape with meticulous planning, and Adventure Hunt was officially launched 18 months ago. The first-of-its-kind treasure hunt rapidly gained popularity, attracting participants from all walks of life. The brothers’ journey from conceptualizing a game to turning it into a business reflects their entrepreneurial spirit and commitment to providing unique, unforgettable adventures.
Adventure Hunt’s headquarters in Provo, surrounded by the stunning landscapes of Utah, serves as the epicenter of their innovative endeavors. The brothers’ background experience, coupled with their commitment to creating a dynamic and scalable business model, has propelled Adventure Hunt to impressive sales figures and caught the attention of the Sharks on the entrepreneurial battleground of “Shark Tank.”
The Product
Adventure Hunt delivers a one-of-a-kind, immersive experience that combines adventure, challenges, and the thrill of a treasure hunt. Teams of two to four participants embark on an exhilarating journey filled with a mix of adventurous and amusing challenges. The adventure kicks off with a list of tasks that participants must complete, capturing their exploits through photos and videos shared on Instagram. As they conquer challenges, the Adventure Hunt app unlocks a real-life treasure map, guiding them to the ultimate goal – a buried treasure chest.
The challenges range from heart-pounding activities like slacklining to lighthearted tasks such as enduring a classic wedgie, ensuring a diverse and entertaining experience for all participants. The app plays a central role, not only guiding teams but also serving as a verification tool for completed challenges.
Participants can register for Adventure Hunt through the company’s website, choosing from three registration levels priced between $32 and $99. Each level offers unique perks, adding an element of customization to the experience. The inclusive and accessible nature of Adventure Hunt has made it a hit among diverse groups, attracting an average of 300 participants per event.
The product’s success lies in its ability to blend adventure and entertainment, providing an interactive and memorable day-long experience. Adventure Hunt’s scalability and efficient use of technology make it a standout choice for those seeking unique and thrilling group activities.
How It Went
The company’s position before Shark Tank
Adventure Hunt has demonstrated robust health and a strong market position since its inception 18 months ago. The company’s impressive sales of $769,000 underscore its rapid growth and widespread appeal. Operating from Provo, Utah, the company has strategically positioned itself in a region known for its picturesque landscapes, aligning with the adventurous spirit of its offerings. The founders, Sean and Jared Bingham, have effectively steered Adventure Hunt, leveraging their backgrounds in marketing and event management.
The company’s lean operational structure contributes to its agility, with a focus on efficiency and scalability. The success of Adventure Hunt has not only caught the attention of participants but also garnered interest from strategic partners and investors. Adventure Hunt has established partnerships with leading tech platforms, utilizing Instagram and Facebook as primary advertising channels. The power of social media has played a pivotal role in attracting participants to register on the company’s website. This synergy has contributed to the event’s popularity, with an average of 300 participants attending each of the 48 hosted events.
While Adventure Hunt operates primarily as a direct-to-consumer business, it has explored opportunities in the enterprise space, particularly in team-building events for large corporations. This diversification aligns with the vision expressed by Robert Herjavec during the “Shark Tank” negotiations, indicating a potential avenue for substantial growth. The company’s financial position is marked by steady profits and a sound business model. With available capital from sales and the recent investment, Adventure Hunt is well-positioned to explore new markets, enhance its technology infrastructure, and pursue strategic marketing initiatives. The company’s structured approach, coupled with a dynamic team, positions Adventure Hunt for continued success in the burgeoning experiential events industry.
The Negotiations:
The negotiations for Adventure Hunt on “Shark Tank” showcased a dynamic exchange of offers and considerations. The pitch commenced with a captivating demonstration of the Adventure Hunt experience, generating enthusiasm from the Sharks. Bethenny made the first offer, proposing $150,000 for a 25% equity stake, emphasizing the potential for thematic experiences and team-building opportunities. Kevin dropped out early due to a perceived conflict with his involvement in a similar venture, Rugged Maniac.
Mark and Lori bowed out, with Lori suggesting Adventure Hunt might find better alignment with the remaining Sharks. This set the stage for a dual offer from both Bethenny and Robert. Both Sharks were willing to invest $150,000 for a 20% stake, emphasizing their unique value propositions. The negotiation took an unexpected turn when Robert expressed his excitement not just for the consumer market but also for the enterprise space, proposing Adventure Hunt as an ideal solution for large companies engaging in team-building activities. Bethenny, on the other hand, brought valuable marketing expertise and emphasized the potential of tapping into a broader audience, particularly women.
Sean and Jared, respecting the other Sharks and the business, sought to explore if there were additional offers on the table. Kevin and Lori had already exited, leaving only Bethenny and Robert in contention. In the end, the brothers chose Robert Herjavec as their partner, accepting his offer of $150,000 for a 20% equity stake. The decision was driven by Robert’s vision for enterprise expansion, showcasing Adventure Hunt’s adaptability and potential for growth beyond its successful consumer-focused model.
