RinseKit Portable Shower Update | Shark Tank Season 8
Eric Fagan and Chris Crawford appeared in
Shark Tank RinseKit Update
- Entrepreneur: Chris Crawford and Eric Fagan
- Business: Portable pressurized shower system
- Ask: $250,000 for 5% equity
- Result: $250,000 for 7.5% equity plus sales commission
- Shark: Daymond John
RinseKit is a portable shower system that pressurizes spray for up to three minutes. It fills quickly and can be used in a pinch. Crawford explained that years of working in sandy and salty areas inspired RinseKit.
A successful Kickstarter campaign in the spring of 2016 allowed Chris to raise over $400,000 of funding (for 1,500 units ordered.) However, as revealed during their pitch, the company was already half a million dollars in debt. Naturally, the sharks couldn’t help but worry. They raised concerns about the low sales that that point, regardless of high projections for the years to come.
Despite all of these concerns, RinseKit was still able to attract a fair few offers. Mark Cuban didn’t make an offer, though he thought the product was brilliant. Robert Herjavec also liked the product and felt like it was creating a new market. To help, he offered $250,000 for 20%, which Kevin O’Leary found reasonable. He himself proposed a deal, albeit with $250,000 as debt in exchange for 5% equity.
Not long after, Lori Greiner jumped in with her own offer. She told them she would put in $250,000 as debt in exchange for 5% equity with a sale commission. Robert then tried to one-up Lori’s offer by increasing his investment to $350,000. The two ultimately ended up declining the debt offers, but just before they could negotiate with Robert, Daymond John swooped in to offer $250,000 as an investment for 7.5% equity with a sales commission.
Just like that, RinseKit found itself a suitable shark in Daymond. Let’s get to the RinseKit update.
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