- An electronic skateboard; fresh human-safe pet food; chewable coffee squares; and a home sous vide cooking appliance.
- Sharks attending are Mark, Robert, Kevin, Lori, and Chris Sacca
"Inboard Technology" is an electric skateboard company founded by Ryan Evans, Dave Evans, and Chris Haley. They pitched their product to the Sharks, seeking $750,000 for a 4% equity stake. The electric skateboard can reach speeds of 20 mph and has a range of 7-10 miles. It features head and tail lights, no gears, and a remote controller. The unique in-wheel motor design gives it a sleek look and reduces weight. Inboard Technology had already raised $2.7 million at a valuation of $10 million. The product sells for $1,400 with a margin of 65%. They had received $5.6 million in pre-orders and had secured nine global distributors. Kevin offered a $750,000 loan at 8% interest for 36 months in exchange for 2.5% equity. Robert is out as he doesn't see this as a mass transportation vehicle. Chris is out as he like to invest in places not noticed yet, and there are many companies in EV area. Mark is out as he has conflicts in this space., but Lori offered a similar deal to Kevin, resulting in a joint offer of a $750,000 loan at 8% interest for 36 months and 5% equity. After some negotiation, the final deal was settled at a $750,000 loan at 9% interest for 36 months and 4% equity.
"PetPlate" is a delivery service that provides freshly cooked pet food. Renaldo Webb pitched the business, seeking $100,000 for a 10% equity stake. The average subscription lasts for three months, and they currently have 100 subscribers. The cost of the service depends on the size of the meal and the frequency of the meal plan chosen. PetPlate can ship its products within a 300-mile radius of NYC. Renaldo had invested $80,000 into the business, and it had been operating for eight months. Lori, Robert, Chris, Mark, and Kevin all declined to invest for various reasons, such as the niche market, lack of potential growth, conflicts of interest, and ability to scale concerns.
"Nootrobox" offers chew-able coffee cubes and focuses on bio-hacking. Founders Michael Brandt and Geoffrey Woo sought a $2 million investment for a 5% equity stake. The company had generated $1 million in revenue year-to-date. However, the founders struggled to effectively convey the story of their product and company to the Sharks. Chris expressed his frustration, and Kevin opted out due to valuation concerns. The founders emphasized the expertise of their team, including PhDs and R&D specialists, in developing new bio-hacking products in the future. Despite their efforts, Robert, Chris, Lori, and Mark declined to invest for reasons ranging from uncertainty about the future, concerns about long-term consequences, and the need for a better salesperson. Ultimately, the Sharks believed the company was priced too high, leading them to pass on the opportunity.
"Nomiku" presented a home version of a Sous-Vide cooker. Abe Fetterman and Lisa Fetterman were seeking $250,000 for a 5% equity stake. The company had achieved $3 million in lifetime sales and sold its products through both online and retail channels, with each unit priced at $200. Previously, they had raised $875,000 in a Series C round at a $6 million valuation and had a $2 million convertible note at a $10 million valuation. Mark and Lori both opted out, with Lori being a fan of the cooking process but not the business opportunity. Kevin offered $250,000 for a 10% stake, but Chris expressed concerns about diluting Abe and Lisa's ownership with the convertible note. After negotiations, Chris offered $250,000 for a 10% stake with the condition that Lisa and Abe retain 40% ownership after the convertible note converts. Lisa and Abe accepted the offer.
"Simply Fit Board" had an update on their deal with Lori from a previous episode (708). Gloria Hoffman and her exercise device experienced significant success after appearing on the show. Sales skyrocketed from $575,000 before the show to $1.25 million in just one day. They expanded internationally and achieved $9 million in sales within seven months. They also secured a deal to sell their product in Walmart.
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