First into the tank is R. Riveter seeking $100,000 for 20 percent equity.
With a motto of “We Can Do It” from Rosie the Riveter, R. Riveter helps empower military spouses by making handbags. The mobile employment allows military wives who are always on the go to contribute various pieces to a greater whole.
Their current target market is military supporters and are expecting $400,000 revenue with an investment from the sharks. Their customers have heard about them through media coverage and word-of-mouth.
Social reactions from R. Riveter’s appearance on Shark Tank:
Absolutely in awe of #RRiveter and the women that pioneered such an incredible idea. Hats off to you #SharkTank @ABCSharkTank
— Nedine (@dineydiver) February 6, 2016
I think it's great #RRiveter provides jobs for military spouses. #SharkTank
— Adam Knox (@adamklaughtalk) February 6, 2016
Military spouses move every 2.9 years on average. Imagine trying to support your family and add to your family income #americanhandmade
— R. Riveter (@Rriveterbags) February 6, 2016
Mark Cuban finds their “specialty manufacturing” interesting, as does Robert Herjavec. They hope to use the investment for online marketing.
Daymond John doesn’t believe they need an investment and feels as though he can’t add value so goes out. Kevin O’Leary then makes an offer of exactly what they’re looking for, as does Herjavec. Cuban then jumps in with the same offer, with financing for inventory included. Lori Greiner goes out for believing that she can’t add value.
They accept Cuban’s offer.
Final deal: Mark Cuban for $100,000 for 20 percent, with a line of credit included.
Would you buy an R. Riveter bag?