The money was raised to use in payments of salary in the ordinary course of business. The $320,000 was raised after founder John Hayes appeared on ABC’s “Shark Tank,” a show that helps budding entrepreneurs get the chance to bring their dreams to fruition.
The online company helps users save money on travel by showing them how to earn and use frequent flier miles and credit card points to pay for trips.
In 2011, founder and CEO Hayes figured out a strategic way to get business class seats on a flight to South America for less than a pack of gum. Two years later, he and his wife spent their honeymoon in the Maldives for around $200.
From this experience, Hayes founded RewardStock, which has technology that helps you achieve your travel goals with points.
This past Sunday, Hayes appeared on “Shark Tank” and was offered $320,000 from Mark Cuban, a “Shark Tank” judge, and was asked for 10 percent of the company.
Hayes accepted Cuban’s deal.
Hayes attended Princeton University where he majored in economics. From there, he went to Wall Street to work as an investment banker until moving back to Raleigh to start RewardStock.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism.