Desiree Vargas Wrigley of Chicago, Illinois is the savvy entrepreneur behind Pearachute. It’s a monthly membership club that makes it easy for parents to sign-up their kids for one-off classes and activities at a discounted rate. Pearachute is a cost-effective solution to enrolling your child in classes (dance, music, yoga, art), many of which are missed because the child is not interested or there’s a schedule conflict. The point is — those packages of lessons are non-refundable. “Millions are wasted in unattended classes,” says Wrigley during her pitch on Shark Tank on October 29. Pearachute is seeking a $500,000 investment in exchange for 6 percent equity. Pearachute services are currently available in four cities: Chicago, Dallas/Ft. Worth, Kansas City, and San Francisco. There are three different monthly membership plans. All 3 allow credits to rollover for 6 months, and invite members to visit locations up to 3-times a month. Here are the monthly rates: $39/month (add up to 2 children); $79/month (up to 4 kids) – this is the most popular; and $199/month (add up to 5 kids). Vargas Wrigley has the benefit of pitching Pearachute in front of Mark Cuban and Guest Shark Chris Sacca on Shark Tank.
In 2016, the two billionaires Cuban and Sacca invested in BrightWheel, an app that streamlines administrative duties and communications between pre-schools and their students’ parents and caregivers. Brightwheel targets the same customer base as Pearachute. Each Shark invested $300,000 in BrightWheel in exchange for 3.34 percent equity. Vargas Wrigley has a good track record when it comes to raising money. Last year she offered her customers the opportunity to invest in Pearachute ($25 to $25,000). Allie Forsberg, a mother of two in Chicago, and her husband decided to invest $25,000 in Pearachute. They not only get a free lifetime Pearachute subscription but also a spot on the board of directors. Shark Tank airs Sundays at 9pm on ABC.
