Loko

Vivek Jain, from Regina, Saskatchewan, asked for $75,000 for 5% of LOKO, a mobile dating app that is entirely video-based, requiring users to record a Hello video and an About Me video instead of texting. Matches must schedule a 15-minute video chat within 24 hours of matching, with extensions available through a paywall priced at $4.99, while a monthly subscription costs $3.79. The app is in beta with a soft launch planned in New York as the primary market. Vivek Jain has invested $250,000 in the business over seven months, partly in cash and partly through equity-based hires, and previously raised $1 million in a prior round; he had previously pitched a franchise app on the show and later signed a warrant deal worth 2.5 times his prior ask.

Jim Treliving went out, saying the brand needed more time to build and might not be as large an opportunity as claimed. Vincenzo Guzzo went out, saying there was a sense of desperation in the pitch. Manjit Minhas made no offer. Lane Merrifield and Arlene Dickinson offered $150,000 for 10% (5% each), while Michele Romanow offered $75,000 for 5% with help raising further funding and industry connections. Vivek Jain accepted the joint offer from Lane Merrifield and Arlene Dickinson.

We haven’t confirmed whether Loko is still operating.