Honeyfund, the Top Honeymoon Registry, Strikes a Deal on Shark Tank
SEBASTOPOL, Calif., Nov. 5, 2014 /PRNewswire/ -- Just in time for holiday gifting and wedding engagement season, Honeyfund (www.honeyfund.com,) the popular honeymoon registry, recently closed a deal with Kevin O'Leary of ABC's hit reality show 'Shark Tank,' to expand its gift-funding business.
After multiple offers from three sharks, Honeyfund and Plumfund owners Sara and Josh Margulis chose a $400,000 deal from Kevin O'Leary (aka 'Mr. Wonderful') to grow their gift-funding websites for honeymoons, birthdays, anniversaries, projects and other life events. Without taking a stake in the company, O'Leary requested one third of net transaction revenues until he recoups his $400,000 three times.
"We are excited to use this investment to launch Fondo de Miel, the Spanish version of Honeyfund, and to further customize and expand what is already the easiest way to raise money for gifts," said Sara Margulis, Honeyfund Cofounder and CEO. "Working with 'Mr. Wonderful' is a dream-come-true, as he brings expertise in online transactions and opens new doors with potential partners," she added.
"Honeyfund and Plumfund make raising money for all kinds of gifts fun and easy. They have tremendous growth potential as we expand their gift funding offerings and global reach," said Kevin O'Leary, Founder of O'Leary Financial.
Founding Honeyfund in 2006, the Margulises are crowd funding pioneers. Their idea was born from their own need when planning their Fiji honeymoon. Honeyfund is now the top alternative wedding registry where friends and family help pay for a honeymoon or any savings goals, and can indicate specific gifts including meals, special outings, hotels, airfare and even a down payment on a home. To date, Honeyfund has transacted approximately $239 million in gifts.
In May of 2013, the Margulises launched a second site, Plumfund (www.plumfund.com.) for other gift-giving events such as birthdays, holiday gifting, baby showers and projects. Both sites offer free gift funding options for users as well as customization and upgrades.
The Margulises were initially invited to apply for the show by a Shark Tank staff member who had used Honeyfund and was a fan of the site.
About Honeyfund
Honeyfund is the world's most popular honeymoon registry. Together with Plumfund, they offer the easiest way to raise money for gifts or anything else – for free. To learn more, please visit www.honeyfund.com and www.plumfund.com.
About Kevin O'Leary
Kevin O'Leary is an entrepreneur and financier, best known for his role as an investor on ABC's Shark Tank. He leads a group of financial companies as chairman of O'Leary Financial Group. He is also the founder of O'Leary Fine Wines and the bestselling author of Cold Hard Truth on Men, Women and Money. Previously, O'Leary founded and was president of SoftKey (later called The Learning Company), a global educational software company, and negotiated its $4 billion acquisition by Mattel. For more information, visit www.olearyfinancial.com and follow @kevinolearytv .
Media: Photography is available at www.ABCMedianet.com.
SOURCE Honeyfund
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