Credit: Parade
Highlights
- The globally known Shark Tank has witnessed pitches from over 1200 entrepreneurs through 15 seasons.
- A total of 766 deals (both solo and joint) have been made on the show to date.
- BuggyBeds, EyeWris, and XCraft received a joint investment from all the judges.
Several Shark Tank episodes have shown that when matters of money are involved, even the most experienced can engage in childlike arguments. There’s another side to this. Some Shark Tank products are so good that fearing losing a share, all the judges join hands for the deal.
There have been not one but multiple incidents in the past when all the Shark Tank judges have kept their animosity and rivalry aside to reap maximum benefits from a business. Below are the top 3 products that managed to secure investments from all the investors.
1. BuggyBeds
Female entrepreneurs Maria Curcio and Veronica Periongo approached the investors with BuggyBeds, a cure for the menacing bed bugs. The ladies began their pitch by discussing the global epidemic created by bedbugs and that their infestations had increased by 500% in the past few years.
Presenting ‘BuggyBeds’ as a potent solution, they highlighted its functioning and benefits. The product was a bed bug glue trap, which acted as an early bedbug detection system by trapping the creature with its easy-to-use process.
Seeking an investment of $125K for 7% equity in their company, they managed to secure a deal with all the judges. The entrepreneurs then revealed that before entering the show, they had been selling their products at Burlington Coat Factory and Home Depot. In six months, they had made $150K in sales. The investors were amazed to hear this.
How Did the Negotiations Follow Through?
Each of the Sharks seemed interested in doing the deal. An enthusiastic Kevin O’Leary asked both the ladies to step out for a while till the time they had an internal discussion. The entrepreneurs were then called back, and Kevin made an offer of $250K for 25%. He further asked the others to join him.
Daymond was eager to go ahead with Kevin. But Barbara felt a bit sidelined and proposed her solo offer for $150K at 15% equity.
After being silent for some minutes, Mark stated that they all should go into the deal as a team. Robert agreed as well. All four male investors then tried bringing Barbara back to the agreement, which she eventually decided to do.
The offer was then sealed with the five Sharks at $250K for 25% equity.
The latest update about BuggyBeds is that its annual revenue touched the milestone figure of $4 million by 2023.
2. XCraft
Entrepreneurs JD Claridge and Charles Manning went to the judges with XCraft, uncrewed flights that were accessible to everyone. The investment sought was $500K for 20% equity. As per Claridge, the product had features of both a helicopter and an airplane.
The product could help one climb at a speed of up to 60 miles per hour and reach a height of up to 10,000 ft. It was different from other drones due to its ability to transition to both a plane and helicopter with its uniquely manufactured ‘wing.’
By 2014, the entrepreneur duo had already generated $173K on Kickstarter and started their project in Idaho. Talking further about the pricing structure, the revealed that its DIY kit was priced at $1,549. At the same time, the ready-to-fly model was available at $2,199.
How Did the Negotiations Follow Through?
Kevin inquired about the primary reason why they had come to the show. To this, the duo replied that they needed $250K for XCraft’s inventory. Additionally, they were looking to raise $250 for the Phone Drone, another of their creations.
Satisfied with the answer, Kevin offered $750K for 25% equity. Daymond brought in his competitive side and proposed $1 million for 25% equity. Matching the offer, Kevin proposed the same deal. Lori was next in line and offered $1 million for 20% equity.
Seeing the bidding battle get intense, the entrepreneurs asked if all the five judges would join hands for a $10 million valuation. Daymond was not pleased to hear this and expressed the same. JD and Charles then stepped out for a brief discussion.
When they came back in, the Sharks went to a consensus and proposed $1.5 million for 25% equity shared between each. The entrepreneurs accepted the offer.
In a few years, XCraft emerged as one of the most successful Shark Tank products with sales of $6 million by 2023.
3. EyeWris
The father-son entrepreneur duo of Mark and Kenzo Singer approached the judges with EyeWris. The product is nothing but reading glasses that can be worn on the wrist. The investment sought by the duo was $25K for 5% equity.
Going ahead in the pitch, Mark threw light on his years of entrepreneurial background as the creator of Gorilla Glue, which was started in 1994. During that time, he had first acquired the distribution rights and sold the product to woodworkers. Lutz Tool Company later bought Gorilla Glue.
While working on this venture, Mark came up with the business idea for EyeWris. The reason for this was that while working, he always struggled to find his readers. Due to this, he ended up buying dozens of such readers. But with Eyewris, one could wear their glasses as a watch and never worry about misplacing them.
Kenzo, too, found the business promising and joined his father. Together, they created readers that are scratch-free and deliver complete protection from UV rays. Each unit of EyeWris costs $110. The sales made in nine months of business (in 2021) were $28K, with an investment of $630K from Kenzo.
How Did the Negotiations Follow Through?
In the tear-jerking episode, Daymond asked the entrepreneurs why they needed the money. An emotional Mark replied that he no longer had the energy to build up another company. So, to keep Kenzo in a safe and intelligent company, there was no one better than the Sharks.
Lori was instantly touched; she started sobbing and made an offer of $25K for 10% equity. Kevin was the next to offer $50K for 10% equity. Kenzo and Mark then stated that they were targeting three key areas, including online, retail, and licensing.
Daymond then proposed to double what Lori had offered, only if she partnered with him. Lori agreed to the proposal. Kevin then asked the entrepreneurs if they were willing to give up 10% equity provided that three Sharks made a joint deal. They agreed.
Barbara and Mark Cuban then hopped into the negotiations and expressed their interest in offering the deal. Eventually, the Sharks offered a joint agreement at $125K for 25% equity.
Kenzo countered the proposal at 20% equity. Thus, the deal was locked at $125K for 25% equity.
As of 2024, the estimated net worth of EyeWris stands at $1.6 million.
To Conclude
Whether it be BuggyBeds, EyeWris, or XCraft, each of the investment deals has emerged as rare instances when, keeping their egos aside, each of the judges has joined hands. These Shark Tank products garnered such an impressive response because of their top-class innovation and intriguing backstories.
The products are shining examples of how a holistic pitch can bestow entrepreneurs with unanimous support from competing business veterans.
References
1. Top 3 Deals Where All 5 Sharks Made An Investment | Shark Tank US | Shark Tank Global, Shark Tank Global, YouTube
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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