Sarabeth Jaffe and Julia Rodgers, business partners, brought in their legal tech, Hello Prenup, to Shark Tank in November 2021. The idea that prenups were quite expensive, took many months, and were for the rich did not go down well with either of them.
Combining Jaffe’s technical know-how and Robert’s legal smarts enabled the pair to develop a digital prenup platform. The Sharks in the Tank circled the waters until Kevin O’Leary and Nirav Tolia took the bait and made an offer.
As of March 2022, the company had a net worth of $1.5 million and it specializes in offering quick and inexpensive prenuptial agreement services.
What Is Hello Prenup?
Hello Prenup was launched in 2018 and is believed to be a modern-era answer to the complicated, long, awkward, and expensive process of acquiring a prenuptial agreement. The online service lets users log in and invite their partners to join. The couple then lists their assets which enable the program to come up with an estimated prenuptial agreement.
After that, the pair are sent a questionnaire that is important for them to fill out. Once that is submitted, they get a customized prenuptial agreement for $599 within a few hours.
Traditional prenuptial agreements can take even several months to process. Moreover, they are quite expensive costing up to $5,000, and can be quite awkward. Rodgers and Jaffe believed that the process was unfair for lower-income couples and decided to look for ways to streamline it.
Sarabeth Jaffe is a software engineer who previously worked at Microsoft. She is in charge of all the technical ins and outs of the procedure.
On the other hand, Julia Rodgers is a qualified and practicing attorney who has already seen her fair share of divorces becoming ugly since there was no prenup agreement in place. She is in charge of the legal side of the process.
What Happened At Shark Tank?
Julia Rodgers and Sarabeth Jaffe went to the Tank in white dresses and in high spirits. They wanted a $150,000 investment in exchange for a 10% equity in their business. The Sharks were impressed by the ingenuity of the project but eventually never made any offers since the numbers were not in their favor.
Shark Nirav Tolia saw a genuine opportunity that the platform created and wanted a piece of it. He offered the pair $150,000 for 30% of the business. Jaffe and Rodgers countered with 20%, and Tolia came down to 25%.
The pair then asked whether any other Shark wanted to go in on this deal and share. That acted as a cue for Mr. Wonderful to step in. At first, Kevin O’Leary had backed out of the bidding. But he offered to go in with Tolia for half the money and a 15% stake each.
Rodgers and Jaffe agreed to that deal immediately.
Not much has happened since that episode. But, Hello Prenup has featured in multiple publications to date. Their website is filled with important legal information that is free and accessible for everybody. After digitizing and making affordable a previously elite legal service, the future is quite bright for Hello Prenup.