Gift Card Rescue is a platform where buyers and sellers can buy and sell gift cards at reasonable prices. Kwame Kuadey started this business in 2008 and he appeared on Shark Tank Season 1 Episode 4, asking the sharks for $150k for 30% equity at a $500k Valuation.
Kuadey came up with this business idea when his friends told him that he gets a lot of unclaimed gift cards every year. According to a report, every year gift cards worth 8 billion remain unclaimed. So Kuadey found this to be a huge business opportunity so he invested all his funds in building this business.
What Is Gift Card Rescue?
Gift Card Rescue is a platform where users can sell their unclaimed gift cards at a discount. Any person who wants gift cards can buy the cards at a very low price. The seller provides their address on this website where the buyer will collect the gift card. The company will get a commission of 20% in this unclaimed gift card sale.
|Gift Card Rescue
|Unclaimed Gift Card Selling Platform
|$150k for 30% equity
|$200k for 50% equity
|Episode (Shark Tank USA)
|Aug 30th, 2009
|Out of Business
|Washington DC-Baltimore Area, USA
|Lifetime Worth (Sales)
|Buy and Watch
Another Shark Tank Pitch
Who Is The Founder Of Gift Card Rescue?
Kwame Kuadey is the founder and CEO of Gift Card Rescue Business. Presently he is the founder of multiple companies like Thrive Company, Pioneer Branding, and more.
How Was The Shark Tank Pitch of Gift Card Rescue?
After entering the Shark Tank, Kwame Kuadey explained the unclaimed gift card industry to the sharks. Every year gift cards worth 8 billion remain unclaimed and the solution to this problem is the business of Kuadey.
He is tracking to sell $120,000 worth of gift cards in 2009. The gross margin in this is 25%. Kuadey said the $500k valuation of his business is based on growth potential, Amazon partnership, and his confidence.
Daymond John said this is not the type of business he wants to invest in so he is out. Barbara Corcoran said that she does not feel that she is the right partner for this business, so she is out.
Kevin Harrington said that he is not ready yet to invest in this risky business. Kevin O’Leary offered $150k for 50% equity. Kuadey countered $150k for 40% equity. Kevin said he would not change the offer.
Kevin O’Leary and Robert Herjavec teamed up and offered $200k for 50% equity. Kuadey agreed to this offer.
|$150k for 50% equity (#1)
$200k for 50% equity (#1) (With Robert)
|$200k for 50% equity (#1) (With Kevin)
|$150k for 40% equity (#1) (Kevin)
|$200k for 50% equity
What Happened To Gift Card Rescue After Shark Tank?
Gift Card Rescue gets a deal on Shark Tank Kevin O’Leary and Robert Herjavec Both sharks invested $200k in this business for 50% equity. By 2012, the company’s sales had reached $6 million and by 2013, sales had crossed over $10 million.
In 2015, the company’s sales reached $15 million but had to close the business in 2016 due to a bank account freezing. Better Business Bureau report says that 200+ complaints regarding this business have been reported from 43 states.
Gift Card Rescue Shark Tank Update
After appearing on Shark Tank, millions of users visited this gift card business’s website to buy and sell gift cards. Robert and Kevin also helped in marketing this business. This business was shut down in July 2016 due to many scam complaints.
What Is Gift Card Rescue’s Net Worth?
Gift Card Rescue’s net worth is estimated at $0 million. The business of unused gift cards is not sustainable in today’s time, many people make Scam with it by selling unused gift cards.
Is Gift Card Rescue Still In Business?
Due to Scam reports this business has been shut down. In today’s time, it is not possible to sustain this type of business. Many sellers sell used gift cards to innocent buyers.
No, Gift Card Rescue has been out of business since July 2016.
frequently asked questions
Who founded Gift Card Rescue?
Gift Card Rescue was founded by Kwame Kuadey.
Did Gift Card Rescue get a deal on Shark Tank?
Yes, Gift Card Rescue got a deal on Shark Tank.