It’s episode one of Shark Tank Australia 2023 and five new investors have begun to circle some incredible businesses for the “world’s best business show”.
Before we begin, we see a disclaimer: “The following are actual negotiations between entrepreneurs and investor ‘Sharks’. The Sharks invest their own money at their discretion.”
Firstly, before we could see the pitches, it was time to meet the Sharks: Sabri Suby, Dr Catriona Wallace, Davie Fogarty, Jane Lu, and the OG Shark from Shark Tank US, Robert Herjavec. And has mentioned previously, they’re investing their own cash!
Pitch #1 – Boring Without You (David Rooney)
The Pitch
Boring Without You is the only skincare brand dedicated to people with combination skin.
Formulated with a team of dermatologists and cosmetic chemists, they include evidence-based ingredients with third-party peer-reviewed studies.
Davey found that there were no products dedicated to the skin type and launched his brand nine months ago.
The Product
He presented For Face Sake to the Sharks, a multi-mask made with two formulas and one Jar, giving you a “double date for your face”.
The Investment Wish
Davey was seeking $30,000 for 20% equity.
The Shark’s Offer
Overall the Sharks said it was a “great pitch”.
- Sabri: $56,000 for 30% equity – $36,000 in cash and $20,000 in marketing support with King Kong Agency
- Davie: First offer – $36,000 for 30% equity, Second offer: $50,000 for 20%
- Jane: $36,000 for 30% equity plus wanted to grow the company globally
- Robert: $50,000 for 27% equity – the exact same valuation Davey came in asking for, and would be actual cash.
- Dr Catriona: Out
Offer Accepted
Davey accepted, ummm… Davie’s offer of $50,000 for 20%.
Pitch #2 – Pixxie (Poppy)
The Pitch
After her mum — who passed away in 2016 — was diagnosed with stage four bone and breast cancer, Poppy would watch movies in hospital with her, huddled together on the bed. One night, Poppy’s mum said: “Wouldn’t it be amazing if we could have a movie night together on the ward so everyone could enjoy magical memories”. And so Pixxie was born.
The Product
The Pixxie Portable Projector is a lightweight family home cinema. Combining the latest technology to bring you the most powerful battery-operated, 180-degree portable cinematic experience and it comes with a fully adjustable stand and carry handle.
The product retails for $749 and has made over $1 million in revenue in 2.5 years.
The Investment Wish
Poppy was seeking $50,000 for 30% equity.
The Shark’s Offer
The Sharks felt the product was overpriced but had great packaging and was great quality.
- Sabri: Out
- Davie: Out
- Jane: Out
- Robert: Out
- Dr Catriona: Out
Offer
No Sharks invested.
Pitch #3 – The Punching Pro (Chris)
The Pitch
The Punching Pro is a robotic sparring device. Chris has been working on the project for 14 years.
He is using Python technology (coding program) to control the robot and will patent the inside.
The Investment Wish
Chris was seeking $200,000 for 20% equity.
The Shark’s Offer
Robert said it didn’t look finished, but thought it was really cool…after he almost got knocked out!
- Sabri: Out
- Davie: Out
- Jane: Out
- Robert: Out
- Dr Catriona: Out
Offer Accepted
No Sharks invested.
Pitch #4 – Stryda (Thien Tranh)
The Pitch
Stryda is on a mission to “stop pain from the feet up”.
Thien said that footwear is designed for fashion and that based on our lifestyles, we are more likely to binge exercise. He also said that we walk on hard surfaces such as concrete and tile.
The Product
Stryda soles are made from cork and can be slipped into any shoe. They also have TGA (Therapeutic Goods Administration) approval and work with the muscles in your feet to ensure you’re walking correctly.
They retail at $79.95.
The Investment Wish
Thien was seeking $50,000 for 10% equity.
The Shark’s Offer
The Sharks fought over Stryda
- Sabri: $50,000 for 30% equity plus $2 royalty,
- Davie: $50,000 for 45% equity
- Jane: $50,000 for 45% equity
- Robert: $50,000 for 45% equity
- Dr Catriona: First offer – $50,000 for 25% equity, Second offer – out
- Additional Offer: $50,000 for 40% equity plus a $2 royalty (Shared among Sabri, Davie, Jane and Robert)
Offer Accepted
$50,000 for 40% equity plus a $2 royalty shared among Sabri, Davie, Jane and Robert.
Pitch #5 – Vanta (Patrick)
The Pitch
With an epic reveal, Vanta underwear has “Kanga Pouch techology” that seperates “your nuts from your legs. This increases air flow, decreases temperature and eliminates chaffing and it keeps your Joeys, front and centre”.
The Product
It has soft, silky fabric, designed for everyday wear and starts at $33.00. In case you wondering, the “whole family” can fit into the pouch…
In the Australian and New Zealand market, the business has made over $8 million dollars in four years with 15% profit, before tax; however, they are not first in market.
The Investment Wish
Patrick was seeking $500,000 for 5% equity.
The Shark’s Offer
- Sabri: Out
- Davie: Out
- Jane: $500,000 for 20% equity, but when she gets her investment back, she will drop it to 10% equity
- Robert: $500,000 for 15% equity
- Dr Catriona: Out
Offer Accepted
Patrick declined both offers.
Shark Tank continues on Tuesdays and Wednesdays at 7.30 pm on 10 and 10Play.
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