In case you missed Shark Tank on Friday night… we’re here to fill you in!
Here is a quick recap on what went on in the tank on Friday night:
First in the tank were Rachel and Steve from Jungle Jumparoo. While growing up on the farm, Rachel’s favorite play toy was an old tractor tire with a few poles in the middle used for stability. From there, the idea for Jungle Jumparoo was formed. Originally asking 100k for 20% equity, Rachel and Steve were looking to strike a deal. Their main challenge was taking the big stair step jump from an at-home business to growing their product as a top seller on the floors of Sam’s club.
Mark: Saw the toy as a “hazard” and was concerned about safety issues, he was out.
Robert: Didn’t see it overrunning the trampoline business, so he was out as well.
Kevin and Lori: Mostly concerned about the size of the product, they were both out.
Daymond: Thought that “the margins were too small”, he was out.
Unfortunately, no deal for Jungle Jumparoo. Really enjoyed the drive and work ethic from Rachel & Steve, best of luck to this team in the future!
Next into the tank were the pretty ladies from Caddy Girls. Meghan, the founder of Caddy Girls, founded the business after her realization of the fun and money that goes into 18 holes of golf. The Caddy Girls are not just for looks; they are fully trained to be a caddy for a full round of golf. Knowledgeable and friendly, these girls will do everything from fixing divots, tending to the pin, analyzing distance/yardage, and much more. After giving a great pitch on the business, it was up the Sharks turn to decide.
Mark: “Hates golf”, so he was out.
Lori: “Saw potential issues”, so she was out as well.
Daymond: “Too much work”, he was out.
Robert: “Hustle stage”, not ready for an investment quite yet. He was out.
Kevin: Mr. Wonderful, “The shark that believes”, really liked the pitch and offered the girls 100K for 50% equity. Meghan declined the offer, as she wasn’t quite ready to give up half of her business.
No deal for the Caddy Girls. Wish them all the best!
The friendly and inspiring couple from Athens, Georgia were up next in the tank. Red Dress Boutique, a quickly growing retailer, was built to, “cater to the women who want to look like a million bucks, but don’t have a million bucks to spend”. The impressive business did nearly 8 million dollars in sales in 2013, and the couple was looking for a 600K investment for 5% equity in the company. With over 1,300,000 likes on Facebook, incredible products curating to the look to clients, and an online sale order of $75, the Red Dress Boutique is full steam ahead.
Kevin: “Doesn’t want to take the risk of Red Dress having to clone”, he was out.
Lori: Felt she, “could really learn from Diana about marketing a business through social media”, but felt she wasn’t the right Shark for the company. She was out.
Daymond: Thought that this product is, “the Fubu of their category” and that he’d be the one learning from them! He was politely out.
Robert and Mark: Robert and Mark are thrilled about the idea, and go in together on the deal. They two sharks decided to split the 1.2 million dollar investment, for 20% of the company.
Deal with Mark and Robert, 1.2M for 20% equity. Congrats to the team at Red Dress!
The last team to step into the tank was the college friends and founders of Sun-Stache. Looking for a 300K investment for 5% in the company, the mustache attached Sunglass Company brought a great idea to the table. In addition to the attached mustaches, the sunglasses also come in a variety of different forms: football mask, fiesta, cowboy, and much more. The team gave a great pitch, reported 5.7 million dollars in sales last year, and showed so much promise for the future. Already, Sun-Staches has made deals with Target, Party City, and other popular party and costume stores. The margins are high and the price is right, it was time for the sharks to decide.
Lori: “Wasn’t passionate” about the idea. She was out.
Kevin and Robert: Didn’t feel that they were worth the valuation, so they were out.
Mark: “I’m not doing 12.5%, I’m out”
Daymond: After refusing to lower his offer, he strikes a deal with the team, 300K for 20% of the company.
Deal with Daymond John, 300K for 20% equity. Congratulations to the guys at Sun-Staches!
Make sure to tune in to Shark Tank on ABC this Friday, October 24th at 9/8CT!
Photo’s from ABC’s Shark Tank.