Three Day Rule Dating Service
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 17, 2013
Asking For:
$200,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Three Day Rule is a selective dating service that offers a curated pool of singles through an application-based process, aiming to provide a better dating experience for busy professionals tired of mass-market dating sites.
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Background Story
Three Day Rule was founded by Val Brennan, a former lawyer who struggled to find time for her love life amidst her demanding career. Frustrated with the inefficiencies and lack of quality matches on mainstream dating sites, Brennan teamed up with a matchmaker to create Three Day Rule, focusing on providing a curated dating experience for career-oriented individuals. Their offline matchmaking business eventually evolved into an online offering, aiming to revolutionize the online dating scene with a more personalized approach.
The Product
Three Day Rule operates as a private dating club, where individuals must be invited or endorsed to gain membership. Upon acceptance, members go through an application process and take a quiz to determine their preferences.
The platform then provides curated matches, allowing members to communicate and arrange dates. The service targets busy professionals and aims to differentiate itself by offering a more curated and trustworthy dating experience compared to mass-market dating sites. Subscriptions are priced at $100 per month, with additional premium services available for validation of user information.
How It Went
The company’s position before Shark Tank
Three Day Rule has approximately 10,000 applicants but has not yet generated revenue from subscriptions. They previously operated an offline matchmaking business, generating around $70,000 in revenue from events and activities. The company claims to have investors committed at a $4 million valuation and has raised $150,000. However, the Sharks express skepticism about the company’s valuation and revenue potential, given its lack of proven success in the online dating market.
The Negotiations:
Val Brennan pitches Three Day Rule, seeking $200,000 for a 10% equity stake. Despite Brennan’s efforts to highlight the company’s differentiation and potential revenue streams, the Sharks express concerns about the company’s unproven revenue model, high subscription fees, and valuation. Ultimately, all Sharks opt out of making an offer, citing various reasons such as skepticism about the company’s differentiation, revenue potential, and the viability of its business model in the competitive online dating market.
