TactiBite Fish Call appeared on Shark Tank on September 23, 2016. Founders Jack and Jeff Damos left the tank with a deal from Robert Herjavec of $150,000 for 10% equity, exactly what they came in asking for. Here’s a quick recap of everything that happened during the fish call pitch as well as news on a Shark Tank TactiBite update.
TactiBite Update After Shark Tank
Entrepreneur: Jack and Jeff Damos
Business: Fish call
Ask: $150,000 for 10% equity
Result: $150,000 for 10% equity
Shark: Robert Herjavec
During Season 8 Episode 2 of Shark Tank, the TactiBite Fish Call was introduced to the sharks by founders Jack and Jeff Damos. As the name implies, the company creates a fish call that is capable of luring a variety of different fish to a central area by using vibrations and sounds. To use it, you simply turn it on to the fish call you want and then toss it into the water.
Prior to its appearance on Shark Tank, Tactibite had managed to secure $330,000 in sales and was expecting to end the year (2016) at $750,000 in sales. Further, it would net over $300,000 in profit. Jack and Jeff came into the tank valuing their company at $1.5 million dollars and all the sharks agreed that it was a fair valuation. However, Kevin O’Leary, Daymond John, and Lori Greiner all made offers the devalued the company. So Robert Herjavec stepped in and offered Jack and Jeff exactly what they came in asking for, $150,000 for 10% equity, and secured a deal with TactiBite.
Since appearing on Shark Tank TactiBite seems to be doing quite well for itself. After it’s episode aired, TactiBite blew up and is now expecting to do $2 million in sales by the end of 2016 instead of the original $750,000 it was expecting, according to an official press release. However, not everything has been smooth sailing since the episode aired, as there are rumors that the TactiBite deal with Robert Herjavec fell through. However, that hasn’t been confirmed.
Additionally, the product is no longer sold on Amazon now sells exclusively through Clever Training.
For updates on the other products featured in Season 8 Episode 2, check out the links below: