Classroom Jams Update | Shark Tank Season 1

Classroom Jams appeared on Shark Tank Season 1, hoping to secure $250,000 dollars in exchange for 10% equity. The company makes money by selling music sets to classrooms and schools around the country. Mark Furigay was hopeful that at least one of the sharks would share his vision. Let’s see if he was able to secure a deal before we give you the Classroom Jams update.

Shark Tank Classroom Jams Update

Classroom Jams update

  • Entrepreneurs:  Mark Furigay
  • Business: Music
  • Ask: $250,000 for 10% equity
  • Result:  $250,000 for 100% equity + 5% royalty in perpetuity
  • Sharks:  Kevin O’Leary, Barbara Corcoran, Kevin Harrington, Robert Herjavec, Daymond John

During his pitch, Mark Furigay shared that his vision for the company is to be to keep control of the songs and sell the music to schools for educational purposes. Kevin O’Leary was not satisfied with the fact that he’d only be investing in the label and recording house. He also wanted control of the songs, but Mark did not want to sell that part of his company.

An educational set of music includes more than 30 CDs of music and a guide for teachers to follow while using the music to teach their students. The set costs $500 dollars and could be sold or licensed to individual teachers or schools.

The sharks asked Mark to leave for a few moments so that they could talk to each other. They wanted to make an offer to buy the company entirely and all of the music rights in exchange for $250,000 dollars and a 5% royalty in perpetuity. After an intense and lengthy amount of negotiations, Mark Furigay admitted that he wanted all five sharks as a part of the deal. He ultimately accepted the unified offer from all of the sharks.

In our Classroom Jams update research, we found that Mark and his company never really reached the level of success that was anticipated. More than a decade later, it appears that Classroom Jams no longer exists and no units were ever distributed to school systems across the country. However, despite the company no longer being in business, this is a monumental moment in Shark Tank history, as it’s the first time all five sharks came together for a deal.

Unfortunately, this will be our final Classroom Jams update.

For more on Shark Tank Season 1 Episode one, be sure to check below:

If you’d like more updates on Season 1 companies, be sure to check out our Season 1 product page.