The 5 biggest Shark Tank investments ever!1:25
5 investors took the plunge into the Shark Tank and walked away with some record breaking numbers for their idea.
Throat Scope, Vegepod, Luv Ur Skin: Shark Tank stars who made it big
DOES making a splash on Shark Tank prepare you for the open ocean?
Internet pioneer Steve Baxter, entrepreneur Andrew Banks, RedBalloon founder Naomi Simson, Boost Juice founder Janine Allis and Greencross pet-care founder Dr Glen Richards have so far forked out more than $9 million of their own cash on Aussie start-ups.
While the deals don’t always pan out after the cameras stop rolling — as in the case of auto start-up Mobile Tyre Shop or subscription beauty service Her Fashion Box — plenty of successful Shark Tank pitches have gone on to make it big in the real world.
LUV UR SKIN
While 14-year-old Izzy Dymalovski failed to get an investment from the Sharks in season two for her Luv Ur Skin and Luv Ur Body lotion ranges, the Melbourne schoolgirl was offered mentoring instead.
She went on to do work experience with Ms Allis, and with the help of Mr Banks her business has gone from strength to strength — Luv Ur Skin and Luv Ur Body products are now sold in more than 400 Priceline stores around the country.
“When the episode aired, that was absolutely crazy, our website crashed within 30 seconds of the pitch because we had that many people trying to get on at the one time. Yeah, we sold a lot of product during that time,” she told Mamamia last year.
“Being a kid and walking into meetings and trying to command the attention of the room as a nine and 10 year old — that was difficult. To get them to take me seriously has been a learning experience and it’s happened over time. I do a lot of public speaking and debating at school so that helps.”
VEGEPOD
One of season two’s big success stories was Vegepod, a covered, self-watering, raised garden bed created by “frustrated vegie gardener” and family man Matt Harris.
After scoring a deal from Ms Simson, who offered $75,000 for a 10 per cent stake, plus a $150,000 loan, Vegepod’s sales have increased by 500 per cent, it’s been featured heavily on TV shows, and has even attracted an endorsement from celebrity gardener Jamie Durie.
Through Mr Durie, Vegepod has been introduced into the US market, with Mr Harris and his family set to move to the States to ride the wave of success.
“This is a product for those among us that are not green thumbs — and the product they were offering really was unique and different,” Ms Simson wrote.
“I have been growing a few things at home — and every time I get my herbs, zucchinis or spinach to the point of ‘harvest’ the snails think exactly the same thing — and get to it first. Matt has solved my problem.”
THROATSCOPE
When she appeared on season one, Queensland mum Jennifer Holland’s illuminated tongue depressor, Throat Scope, was still in prototype phase. After a tough pitch, Mr Baxter agreed to pay $76,000 for 30 per cent of the company, plus a 5 per cent royalty until the money was paid back.
Today, Ms Holland sells more than 1.7 million blades annually through 22 distribution partners in 155 countries. Throat Scope has also branched out into the digital realm, with a soon-to-be-released app which will enable people to receive a diagnosis over the internet.
“Our first major big-box retailer is CVS in the US, we’re about to roll out in 5000 pharmacies on the 18th of August,” she told news.com.au. “We’ve also partnered with the US Oral Cancer Foundation to run a global campaign called Check Your Mouth, which will educate people about the early signs of oral cancer.”
She has also signed her first distribution deals with universities and hospitals in the US. “They’re using Throat Scope as a training tool, from dental to speech pathology, it’s been a very exciting time,” she said.
RHINO HIDE
Perth four-wheel-drive enthusiast Marc Berryman’s innovative clip-on panel protection system, Rhinohide, sparked a bidding war between Steve, Glen and Andrew on season two, with the Mr Berryman ultimately taking Mr Baxter and Dr Richards’ offer of $80,000 for a 10 per cent stake in the business.
“The look on Steve’s face was priceless,” Dr Richards said, describing the deal as his “favourite memory” of the show to date.
Since the show aired, Rhinohide has expanded its range to fit seven different models, and in the last four months has made $250,000 worth of sales. The two investors are confident of an early exit.
“It’s blown me away with the amount of input Glen and Andrew have on the business,” Mr Berryman said. “They’ve been great giving me that confidence to go forward. The big, hairy audacious goal is in five years’ time, Rhinohide is a synonymous name with four-wheel-driving, and is as common accessory as your spotlights or bullbar.”
ONE WORLD COLLECTION
One of the biggest companies to ever step into Shark Tank was NSW furniture designer and producer One World. Far from being a fledgling start-up, One World was already an established brand with more than 3000 stockists in three countries, at a valuation of $3.5 million.
“I had never heard of OneWorld before they appeared on Shark Tank, but unbeknown to me, I actually had a number of their products in my house,” wrote Ms Allis.
Founder Greg Ollerhead and partner Kate Fuller explained that they were seeking a mentor to help expand the business into more international markets. Eventually, Dr Richards and Ms Allis teamed up to offer $700,000 for 33 per cent of the business.
Since the episode, One World is now stocked in 21 David Jones stores in Australia and more than 400 stores in the US. Sales have increased by $1 million in Australia and 76 per cent in the US.
Catch Shark Tank on Tuesday at 7.30pm on TEN.
Originally published as Five Shark Tank success stories
