Mirmir is a company that is looking to redesign the photo booth experience. The problem with current photo booths is that the photos look cheap and childish. The quality is poor, the photos never get framed or shared online. Mirmir founders, Sean and Ryan, feel like they have found the solution that will get people excited and give them captured memories to last a lifetime. Will the sharks want to frame their selfies to put on the wall, or will they pass on this Season 9 product? Let’s find out in our
Shark Tank Mirmir Update
- Entrepreneur: Sean Spencer and Ryan Glenn
- Business: Photobooth with high-quality photos
- Ask: $350,000 for 10% equity
- Result: $700,000 for 20% equity
- Shark: Robert Herjavec
Right off the bat, Robert Herjavec had recognized the Mirmir machine from being at his wedding. He was very impressed with the photos and wanted to know what made the quality as high as it is. Essentially, the photo booth has software that puts filters on the photos and works along with proper lighting to make them look retouched by a professional.
Mark Cuban didn’t feel that this was an investable business and went out. Daymond John thought they may see success for a few years, but technology changes so fast it wouldn’t be successful long term and went out.
Lori Greiner felt that she didn’t like the direction they were going with trying to appeal to the masses, instead of keeping it as a premium product, and dropped out. Kevin O’Leary was interested but was afraid of potential failure. He offered $350,000 as a loan with 18% interest and a 5% stake in the company.
Robert really liked the business but felt he needed more equity than what the entrepreneurs were looking for. He really wanted half of the business and wanted to know what they would accept for 50%. After more discussion, Robert offered $700,000 for 20% and they made a deal.
At the time of our
It is also been featured on TheKnot, a popular wedding website. In our Mirmir update research, we found that the company now has a $12 million estimated net worth.
You can find the other company updates from Season 9 Episode 5 here:
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