A QR code company, Scan, appeared on network TV this past Friday night making a pitch for money to the panel of Shark Tank, a group of famed investors - but received no bites. Garrett Gee, a founder, shocked the panel by asking for $1 million dollars for five percent of his company, only later revealing he had already taken in over $8 million dollars in investor money.
Scan, which has over 50 million downloads of its free product, and thus far, over 500 downloads of its $1.99 app on Google Play Store (up from the 20 to 50 range two days ago), claims to be one of the fastest QR scanning apps.
Asked at one point if he made the appearance merely for the exposure, he denied that, but a post in All Things Digital quotes Gee as saying that exposure was a top priority.
Scan's latest target, (according to an article on TechCrunch.com), which Gee notably did not discuss on the TV show - perhaps due to lack of time, is accepting payments by allowing users to scan QR codes. Once set up, users are able to scan a special QR code to order and pay for merchandise. Tremendous potential certainly.
The $7 million dollar investment in a QR code company is exciting news for the QR code and bar code industry.
Meanwhile, at The Bar Code News, we're still waiting for a mega hit from a QR code campaign to prove the value of the code - 2014 WILL be the year for this to happen.
Congratulations to Garrett Gee and Scan for snagging the investment!
Click on the above image to watch the YouTube video.
Written by Craig Aberle
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