Nichole Powell headed into
Shark Tank Kinfield Update
- Entrepreneurs: Nichole Powell
- Business: Sunscreen and Clean Bug Sprays
- Ask: $250,000 for 5% equity
- Result: $250,000 for 10% equity
- Sharks: Barbara Corcoran and Tony Xu
As soon as Nichole finished her pitch, the sharks wanted to know about the overall effectiveness of Kinfield’s line of bug-repellent products. According to an independent laboratory study that was conducted by Kinfield, the product can provide sufficient protection for just over three hours.
Made with natural ingredients that are safe for both people and planet. No parabens, sulfates, phthalates, petroleum, mineral oils, or petrochemicals. All products are vegan, cruelty free, and Leaping Bunny certified.
Though the product quality was not questioned, the imputed valuation of $5 million was not very popular with the sharks. Nichole told the sharks that she expects her company to reach more than $2 million in gross revenue by the end of the year. She also estimates that her customer acquisition cost is just over $25.
The sharks had several concerns about the profitability of the business and the success that it might generate in retail. Mark Cuban wasn’t interested at all, and dropped out.
However, Barbara Corcoran saw some potential and offered $250,000 for 10% equity and wanted a $2 royalty until the investment was paid back. Kevin O’Leary made a similar offer, but he only wanted 5% equity. He also wanted a $1.50 royalty until he receives $750,000 back.
Lori Greiner also jumped in to make an offer of $250,000 for 5%, with a royalty of $4 per unit until she got her investment back. Guest shark, Tony Xu, offered $250,000 for 10% equity.
After some more discussions, Tony offered to team up with Barbara for a deal of $250,000 for 10% equity. Nichole Powell decided to accept their offer.
With two sharks on the team, let’s take a look at a Kinfield update.
Being featured on
As Nichole shared with the sharks, her ultimate objective is to one day possibly exit the company, and it looks like she is well on her way. When we get more news on a Kinfield update we will be sure to let you know. In the meantime, you can learn more on the official website.
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