Next up are Chris Crawford and Eric Fagan of RinseKit, seeking $250,000 for five percent equity.
RinseKit is a pressurized and fully portable shower system. The pressurized spray lasts for up to four minutes and is ideal for a quick rinse off for both humans and animals alike. The product “delivers a pressurized spray for up to three minutes, stores the strength of a regular household spigot or sink (with adapter) and can be quickly filled with hot or cold water,” according to their website. Crawford was inspired to create the RinseKit “after years of going to work sandy and salty after a morning surf.” The system ranges from $89.95 to $99.95 depending on included adapters, such as the hot water sink adapter. It is available in both black and white with a RealTree Camo pattern currently available for pre-order.
They have more than half a million dollars in debt, which worries the sharks. The sharks also question why they haven’t sold more than $800,000 with their margins. They are projecting $2-3 million in sales next year.
Mark Cuban thinks it’s “brilliant” but he doesn’t find it a good match with his other investments so goes out. They feel as though they are creating a category, which Robert Herjavec likes. He offers $250,000 for 20 percent, which Kevin O’Leary says he doesn’t find unreasonable. Despite liking Herjavec’s offer, O’Leary proposes $250,000 as debt with five percent equity, but before they can accept, Lori Greiner jumps in. She offers $250,000 as debt for five percent with sales commission. Herjavec then changes his offer to $350,000 for 20 percent, but they still worry about the equity.
They don’t like the debt offers but before declining, Daymond John suggests a $250,000 deal for seven-and-a-half percent equity with sales commission. They accept John’s offer.
Social Media Reacts to RinseKit’s Appearance on “Shark Tank”
I think RinseKit got extremely lucky to get a deal. #sharktank
— A_FarScape (@A_FarScape) February 4, 2017
#SharkTank I am SHOCKED that ANY sharks are interested in RinseKit, no less that many!!!
— Samantha (@Samantha_Ronnie) February 4, 2017
#Rinsekit whole opening pitch had everyone confused. Lol. I had no idea what the item was at first#SharkTank
— Hermese♍ (@IamHermese) February 4, 2017
Not sure I'd hook #rinsekit up, fill it, lug it to the beach…. Seems like a lot of effort #SharkTank
— MonteJ (@one_mmj) February 4, 2017
It seems like something that you'd receive as a clever gift, and it would still be in the box a year later. #rinsekit #sharktank
— Claire Collins (@clairec345) February 4, 2017
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Would you use the RinseKit? Sound off in the comments section below!
Read more: Shark Tank Deal: Obvious Wines Accepts $160,000 From Lori Greiner