Good evening Shark Tank nation. After an eventful Friday night in the Shark Tank, here is a quick recap on what happened!
Solemates
Monica Ferguson and Becca Brown stepped into the Shark Tank first introducing the company, Solemates. The team pitched their product seeking $500k for 10% of the business. Solemates are a heel cap that prevents heels from sinking into the grass or crack in the cement. By increasing the surface area, Solemates dissipates pressure to keep your heels from getting stuck! Solemates come in black, silver, gold, and clear colors. Each pair of caps retails for $10. Monica and Becca exceeded an impressive $1.1M in revenue last year alone while investing $100K of their own money into the business. Solemates are sold in over 3,000 retail stores across the country. Monica describes the product, “as an insurance policy for your shoes”.
“The numbers just don’t add up” -Mark (Out)
“It would take 5-10 years to get paid back” -Daymond (out)
“Help you scale to substantial size” -Robert offers 500K for 25%
“Silence while I bring a genius offer” -Kevin offers 100K for 10% and a $400K loan
The girls ask Robert to go down to 20% and Robert accepts
DEAL. Robert Herjavec, $500K for 20%
Atlantic Candy Company
Next into the Shark Tank was Jared from St. Augustine, pitching Atlantic Candy Company. Jared is a third generation chocolatier and looked to bring a shark onboard. Seeking a $1M investment for 10% equity, Jared wanted help from a shark to take his chocolate business to the next level. The product is a hollowed chocolate that contains a surprise toy inside. Jared told the sharks, “You don’t know what toy you will get inside”. Although these products have been banned in United States until recently, the company has designed a safe product that can be sold in the country. Atlantic Candy Company exceeded an impressive $2.5M in sales last year and expects to do $3.3M in sales this year as contract manufacturer.
“The problem is that you have to rush”-Mark (out)
“You are at the mercy of retailers” -Daymond (out)
“I’m concerned that you only have a handful of months left” (regarding patent) -Lori (out)
“You need a salesforce and a game-plan” -Robert (out)
“I don’t have interest on going on this journey” -Kevin (out)
No deal
Biem
Doug Foreman of Austin, Texas stepped into the tank seeking a $500K investment for 5% equity. Biem is the first and only spray that goes from butter stick to butter spray. Anything you can butter, you can Biem! Doug told the sharks that Biem will, “make the world a butter place!”. The product melts the butter that you need and allows you to simply spray food, pans, and much more. Biem retails for $137, costs $43 to make, and is utility and design patent pending. The cooking spray market is $375M and Doug plans on going direct to consumer by selling online. Next year the company expects to sell 100K units.
“$500k for 17.5%” -Daymond offers first
“Can sell directly to his consumer base” -Kevin offers $500k for 15%
Daymond then matches Kevin’s offer.
“You are an innovator” -Lori offers $600K for 20%
“500k for 10%” -Robert offers
Daymond takes his offer off the table.
“Not every product is right for me, i’m out” -Mark (out)
“500k for 14%” -Lori
Deal with Lori Greiner, $500k for 14%
Angels and Tomboys
Madison, Mallory, and Viera entered last in the Shark Tank pitching Angels and Tomboys. After an impressive introduction, the girls asked for a $55K investment for 20% of their organic lotion and fragrance business. The fragrance spray comes in flavors like frozen hot chocolate, watermelon funk, lemonade donuts, and others. The product is sold for $12 using all-natural ingredients and vegan friendly concepts while only costing the team $4 to make. Angels and Tomboys have been selling online and at trade shows. The team already sold 5K units and $58K in revenue. They have used word of mouth, social media, online advertisements, and selling the product at school to market the company. The problem that the girls are seeing is that current fragrances are too flowery and expensive, which is not a good fit tweens. Their target market is for kids between the ages of 5 and 12.
“I just don’t see it”-Robert (out)
“I don’t think this category exists” -Kevin (out)
“I’m out but you’ve done a great job so far” -Lori (out)
“60K for 33.3%” -Mark and Daymond
Deal with Mark Cuban and Daymond John, $60K for 33%
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Photo’s from ABC’s Shark Tank.
