My Therapy Journal - Shark Tank Update

Brothers Alexis and Rodolfo Saccoman, originally from Brazil, pitched My Therapy Journal seeking $80,000 for 20% equity in their online therapeutic platform. Alexis, a licensed therapist in private practice, and Rodolfo, head of marketing for a major resort, combined their expertise to create a secure website offering therapeutic services from users' homes.

Their platform tracked keywords and phrases in users' journal entries to help monitor progress with specific diagnoses or moods, with subscription fees ranging from $7.95 to $14.95 monthly. The brothers had accumulated over 1,000 registered users with about 120 enrolled in payment plans, generating $4,000 in annual sales.

Initially, Barbara Corcoran and Kevin Harrington declined due to low sales figures.

However, when Alexis revealed they were in discussions with major insurance provider Aetna, the remaining sharks showed renewed interest. Kevin O'Leary and Robert Herjavec partnered to offer $80,000 for 51% equity, while Daymond John countered with $120,000 for 50%.

After negotiation, the brothers accepted the O'Leary-Herjavec partnership deal.

Despite securing a deal with Robert Herjavec and Kevin O'Leary, the partnership never materialized after the show aired. The brothers were unable to finalize the investment terms and close the deal, leaving them without the funding they needed to scale their platform.

Without the sharks' investment and expertise, My Therapy Journal struggled to overcome the fundamental challenges of low user conversion rates and limited marketing reach that had initially concerned the investors. The company was unable to secure alternative funding or successfully monetize its user base of over 1,000 registered users.

By December 2009, just months after their Shark Tank appearance, the Saccoman brothers made the difficult decision to shut down My Therapy Journal permanently. Following the closure, both brothers pursued separate career paths - Alexis became a Program Director for IThrive while continuing his private practice as a psychologist, and Rodolfo founded his own successful startup, AdMobilize.com.

Tragically, Alexis passed away in 2018, marking the end of their entrepreneurial partnership.