Gift Card Rescue
Gift Card Rescue is an online retailer out of Ellicot City, MD, that will purchase unused gift cards at 65% to 70% of the face value in exchange for cash.
Started by a proud immigrant to the United States, Gift Card Rescue re-sells these giftcards on its own site at a 10% discount to the purchaser. So it's kind of win-win, the seller can finally get rid of that Claire's gift certificate for actual cash and some fourteen year old girl can get her ears pierced. Or maybe not because the entrepreneur also says that unprofitable gift cards are rejected.
The entrepreneur behind Gift Card Rescue states that the business has already seen $55,000 in sales thus far in the year in which this deal was filmed. It's projected the business might bring in as much as $120,000 by the end of the year.
All of these facts are enough to entice Kevin O'Leary and Robert to join forces and make a combined offer of $200,000 in exchange for 50% equity in the business. Though this represents 20% more equity than the entrepreneur originally wanted to sell, the extra $50,000 as part of the deal means a relatively small (especially for Season One) bite of $100,000 from the value of the company.