My Therapy Journal was born by brothers, Alexis and Rodolfo Saccoman who spotted an opportunity in therapeutic services. The two approached Shark Tank in the first season of the show to seek investment in their online journaling platform.
The Saccoman brothers, originally from Brazil, pitched their business well and they convinced Robert Herjavec and Kevin O’Leary with the potential of great returns to invest in their business. Many years later, here is an update on what happened to the business.
- Season: Season 1 Episode 5 (Episode 105)
- Entrepreneurs: Rodolfo Saccoman and Alexis Saccoman
- Business: Online therapy journal
- Ask: $80,000 for 20% equity
- Result: $80,000 for 51% equity
- Sharks: Robert Herjavec and Kevin O’Leary
My Therapy Journal Pitch On Shark Tank
Alexis and Rodolfo created a website referred to as mytherapyjournal.com. The platform is an online therapeutic tool that they claim offers the most effective and affordable alternative to traditional therapy.
The brothers asked for $80,000 for 20 percent equity in their business which offers tools for journalling and tracking behaviors, diagnosis, problems, ambition, mood, and any other thing one may want.
Their model for making money was through signed customers who were to pay anything from $7.95 to $14.95. They had already had more than 1,000 registered users with only around 120 deciding to be paying subscribers.
Before coming to Shark Tank, the brothers had already invested at least $125,000 of their own money into the business. The funds were mostly used for software development.
They Got A Deal in The Show
Barbara Corcoran became the first to bow out of the deal after realizing the low sales of the business idea. She liked the brothers but she didn’t like their business idea.
Kevin Harrington became the next person to bow out. He didn’t change his mind even after the brothers tried to convince him that the business was only in its infancy stage.
Scared that they would soon lose other investors, the brothers made a juicy revelation hoping to draw the others back in. They revealed they were in discussions with the major insurance provider, Aetna. This gave Alexis and Rodolfo Saccoman the effect they needed; the remaining investors were now interested.
Kevin O’Leary and Robert Herjavec were now interested. The investors offered $80,000 for 51% of the company’s equity. This was subject to securing a deal with a major health insurance company.
Daymond John made an even higher offering of $120,000 for 50% equity, a percent lower than what Kevin and Robert were asking for.
The brothers countered the offer of Kevin O’Leary and Robert Herjavec. They wanted to let go of 49% equity, 19% of what they had initially wanted.
More negotiations followed, but nothing came forth, so the brothers went with Kevin and Robert’sdeal —$80,000 for 51%.
What Happened To The Business After Shark Tank?
Our beloved co-founder Alexis Saccoman has departed this lifetime. He dedicated his entire life to helping human beings be self-aware, heal, and be good souls. We will miss him more than words can ever describe. Be free fly high, let your soul shine the brightest. We love you! pic.twitter.com/v5XgnkM21o
— MyTherapyJournal.com (@journalwriting) June 4, 2018
Having a deal on Shark Tank may seem like the real breath of life for any business, but it isn’t always so. In the case of My Therapy Journal, the business suddenly descended into oblivion only a few months after it accepted the deal from Shark Tank investors.
It is unclear if the investors proceeded with the deal before My Therapy Journal fell apart in December 2009.
The two brothers did not pursue any other business interest together, as far as public records are concerned. Alexis Saccoman who has a bachelor’s degree in psychology from Brown University and a Masters in clinical psychology from California Institute of Integral Studies, went on to be in private practice as a licensed psychologist and then a program director for iThrive.
Rodolfo Saccoman, on his part, soon started another business, AdMobilize.com, which became a success. Sadly, Alexis passed away in 2018.
