Max Gunawan reduce to the chase fairly rapidly, requesting $250,000 in trade for 8% fairness in his firm, Lumio. Lumio had already made $1 million that 12 months and raised practically $580,000 on Kickstarter when their objective was simply $60,000. Gunawan anticipated the corporate to make at the very least $2 million by the top of the 12 months. One after the other, the judges’ faces lit up as they opened their very own glowing books. The Sharks have been very impressed with Gunawan’s product, however no one anticipated simply how impressed they’d be.
In one of many rarest conditions ever seen on “Shark Tank”, each Shark needed in on Gunawan’s thought. Robert Herjavec was the primary Shark to talk up, providing $250,000 for 10%. Kevin O’Leary supplied the $250,000 in trade for a $7 royalty on every product bought till $500,000, plus a 4% stake within the firm. Mark Cuban proposed $500,000 for 16%. Lori Greiner supplied $250,000 for 12% fairness plus a $250,000 line of credit score that Gunawan may draw from as wanted. The ultimate Shark, Daymond John, supplied a surprising $750,000 for 20%, plus a $10 million line of credit score. Whereas Gunawan was nonetheless pondering, Herjavec out of the blue sweetened the deal to $350,000 for 10%, which Gunawan accepted. “I can’t imagine all 5 Sharks made a suggestion, and I am very, very excited, particularly to work with Robert,” he concluded after leaving the tank, “He is precisely who I needed to accomplice with and I received an awesome deal from him.”