The 3 Companies That Made A Deal During Shark Tank’s Season 14 Live Premiere – Yahoo Finance

The newest season of ABC’s hit show “Shark Tank” kicked off last night with a new twist: a live episode where viewers were able to weigh in on whether or not the Sharks should take a deal.

As you might expect, the season premiere featured some strong candidates.

Kent Underwear

The first entrepreneurs represented Kent Underwear, which offers 100% compostable undergarments. The company intends to prevent the waste that accompanies normal undergarments while providing customers with comfortable, well-fitting underclothes.

The company was seeking $200,000 for a 5% equity share, which meant they valued the company at $4,000,000. The company generated $99,000 in sales in 2022 and is on track to do $500,000 in the next year due to distribution deals with retailers like Nordstrom.

The product drew strong interest from the Sharks. After turning down a $200,000 for 20% equity offer from Barbara Corcoran and a $200,000 for 15% equity offer from Robert Herjavec, the founders accepted an offer from fashion mogul Daymond John for $200,000 in exchange for 15% equity. The investment implies a valuation of approximately $1.33 million for Kent Underwear.

Oogie Bear

The second entrepreneur’s company was Oogie Bear, which wants to make cleaning babies’ nasal and ear cavities easier. A live fan poll taken by the show revealed that over 80% of parents thought this was a real problem.

The company founders wanted $400,000 for a 5% stake, which meant they valued the company at $8,000,000. The founders have sold over 1,000,000 units and generated over $15,000,000 in revenue since its launch in 2015.

Sales numbers like these enticed the Sharks. After turning down an offer from “Mr. Wonderful” Kevin O’Leary, the entrepreneurs accepted a combined deal from Barbara Corcoran and Robert Herjavec for $400,000 for 10% in equity, with a pledge to return $200,000 in equity to the founders if sales did not reach $400,000,000 globally within four years of the acquisition date.

Story continues

Pizza Pack

The last pitch on the 14th season premiere was a novel idea from an inventor who had previously tried, and failed, to pitch an idea – a manual cheese cutter and storage device – on Shark Tank. This time, he returned with the “Pizza Pack,” an expandable, triangle-shaped plastic storage device designed to store pizza in the refrigerator.

Founder Tate Koenig was offering a 10% equity share in exchange for a $100,000 investment in the company, which meant he valued it at $1,000,000.

Since the debut of the pizza pack in April of 2022, the product has over $250,000 in sales and $60,000 in profit. The founder had difficulty keeping up with demand and needed money to increase production.

The pizza pack interested the Sharks, and they began circling immediately. …….

Source: https://finance.yahoo.com/news/3-companies-made-deal-during-215405118.html