Shark Tank: Robert Herjavec Withdraws Offer, Daymond John Locks In AquaVault At $75k
March 13, 2015
Rob, Jonathan, and Avin are pitching AquaVault to the Shark Tank. It’s a lockbox that attaches to any fixed object, making it possible to leave your valuables behind while you’re at the beach, without worrying.
You can hook it to your beach chair, a rail, or anything that’s not going anywhere, set your lock combination, and store your phone, keys, watch, and whatever else you’ve got, without worrying it’ll go walking while you’re gone swimming.
They’re asking for a $ 75k investment, and offering a 12% stake in the company.
AquaVault retails for $ 39.95 and wholesales for $ 22.95. They cost $ 10.95 per unit to make.
They’ve done $ 87k in sales in six months, and have a contract for another 1,000 units, slating them to break $ 100k by year’s end. They’re pitching the device to hotels, cruise ships, and vacation spots.
Robert Herjavec was sold right away. His immediate offer was the asked $ 75k, for a 25% stake. The AquaVault team responded, saying that 25% was a bit high, but they were interested in other offers.
Daymond John had another question first. Were there any sales online? The team explained that they were opening up to online sales with 250 so far, and that they had been on the Home Shopping Network, selling 200 units and getting an order for 850.
Hearing how low sales have been, and how poorly the product has done online and on HSN, Herjavec stepped in at this point to withdraw his offer. “I’m out.”
Daymond now stepped in, making the same offer Robert had: $ 75k for 25% — “But I need the answer now.”
Mark Cuban interjected to try to make a point, but Daymond spoke firmly. “He always does this. Give me a yes or no answer right now.”
Glancing at one another, the team came to a conclusion. “Daymond, we have a deal.”
Final Deal: Daymond John invested $ 75k in AquaVault for a 25% stake.