Have you ever wondered what Brightwheel’s net worth is? Well, the childcare management app that appeared on Shark Tank has amassed popularity over the years due to the ease it brings to parents and educators.
Brightwheel is an app that allows daycares, preschools, and nursery schools to effortlessly track attendance.
Additionally, it sends paperless bills that parents can access easily through their smartphones.
As of May 2023, Brightwheel has a net worth of $600 million. Stick around as we delve into the journey of Brightwheel and how it became successful!
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Founder of Brightwheel: Dave Vasen
The software, Brightwheel, was the idea of none other than its CEO and founder, Dave Vasen. The entrepreneur was born and raised in San Francisco, California.
Dave Vasen pursued a BA in International Relations and Science, Technology, & Society at Stanford University. Afterward, he continued his studies to earn an MBA in Entrepreneurial Management at the Wharton School of the University of Pennsylvania.
From the get-go, Dave Vasen had a successful path ahead of him as he managed to be on the Director’s List of his university. Plus, he became a Leadership Venture Fellow.
However, his success didn’t stop there. He bagged a spot at various companies such as Electronic Arts, Morgan Stanley, Cisco Systems, and OneCast Media early in his career.
Eventually, he transferred to AltSchool, where he had an executive position. During this time, he equipped himself with knowledge regarding educational software.
In 2014, his wife gave birth to Serena, their daughter. Since Dave Vasen wanted to keep a close eye on his daughter, he thought of creating an app for her schooling.
He left AltSchool to pursue his own startup company. With an ambitious mindset, Dave Vasen wanted the app to be the first SaaS platform for early education.
So, he began the trial program of KidCasa, by deploying the application in ten daycare centers. It’s through this phase that he managed to finetune the software before launching it to the public.
Shark Tank Exposure
Two years later, Dave Vasen made his debut on the Shark Tank stage after applying the previous year. It’s where he introduced his relaunched software, Brightwheel.
Vasen presented his software, seeking $400,000 in exchange for a 4% equity. He enlightened the Sharks that the app significantly helps the education sector because it’s also a business that needs proper management.
However, he received a negative tone from the investors because he was perceived as a person who used the show for free advertisement.
As such, Vasen made it clear that he intended to secure a deal with a Shark who also acts as his business advisor.
Eventually, he got an offer from Kevin O’Leary. He’d give Vasen $400,000 for 10% equity, cutting the company’s valuation to $4 million.
Later on, Chris Sacca, the guest shark of the episode, teamed up with Mark Cuban. They offered $600,000 for 6% equity, which Vasen accepted.
Post Shark Tank Appearance
Brightwheel had nowhere but to go up after appearing and sealing a deal on Shark Tank. In 2018, the company grew bigger as it finally held a team of 60 members.
On top of that, CEO Dave Vasen’s vision unfolded before his own eyes because more than 25,000 schools currently utilize the software.
Over the years, Brightwheel’s team grew immensely. In fact, Vasen stated in a radio episode that they’ve freed up at least one hour of work for their employees because of the increased manpower.
Moreover, Brightwheel shifted from being free to a paid service. Along with this transition, it included new features, such as two-way messaging and staff management.
Brightwheel Net Worth 2023
As of May 2023, Brightwheel has a net worth of $600 million. It’s made possible by several fundraisers led by influential people.
GGV Capital led the Series A of venture funding in 2017. Mark Cuban Companies and Chan Zuckerberg Initiative (an organization owned by Mark Zuckerberg and his wife, Priscilla Chan) also participated. In this round, the company raised $10 million.
The Series B funding in October 2018 led by Bessemer Venture Partners resulted in a total of $21 million.
Lastly, in February 2021, Addition led Series C, and they garnered a whopping $55 million.
Frequently Asked Questions (FAQs)
How Much Does Brightwheel Premium Cost?
A Brightwheel premium subscription starts at $135 per month for 50 children.
Does Brightwheel Report to the IRS?
Brightwheel sends out an IRS 1009-K form for each program that meets the requirement.
Great Things Take Time
Brightwell wasn’t successful from the get-go. It took time before the software became big.
As such, we should always persevere and patiently wait before we reap the fruits of our labor.
Follow Your Passion
Dave Vasen quit his job to pursue his passion.
Even if we’re happy with our lives, there’s no harm in taking risks and creating a new path to follow our passion.
Dave Vasen jumped from one workplace to another before he established Brightwheel.
When you venture out, you won’t only grow as an individual, but you’ll also establish new connections.