Tonight, “Shark Tank” celebrates a big milestone: $100 million worth of investments and 10,000 jobs created over eight years.
First into the tank are Steven Ford, Brandon Leibel and Bruno Aschidamini of Sand Cloud, seeking $200,000 for eight percent equity.
Sand Cloud offers stylish beach towels with a purpose. According to their website, their mission is to protect our oceans and marine life. They support three environmental organizations working to make the world a better place. Their towels feature a pillow and fun designs, including tie dye, pineapple, mandala, black acid wash and more. They also offer accessories, which include water bottles, coloring books and jewelry, and an ambassador program Their towels start at $44 online.
The sharks point out that the towels are very thin and feel more like a wrap. They assure them, however, that they are very good quality. The lightweight material is best used on the beach or as a wall tapestry. They are projected to do $3 million in sales this year.
Lori Greiner sees it as a scarf/wrap and not as a beach towel so goes out. They hope to build and optimize their website with an investment from a shark. Mark Cuban offers $400,000 for 25 percent equity, which, instead of countering, results in Cuban going out. Daymond John then offers $300,000 for 25 percent, which they counter with $200,000 for 10 percent—causing John to go out too.
Kevin O’Leary offers $200,000 for 15 percent and Robert Herjavec jumps in with the same offer. Ultimately, they accept Herjavec’s offer.
Social Media Reacts to Sand Cloud’s Appearance on “Shark Tank”
— Kailey (@kaileyidziak) February 25, 2017
An investment in tie dyed towels? Mmmm no thanks. #sandcloud
— AL (@MissSchliez) February 25, 2017
— Ieesha M. Gee (@IeeshaTheGreat) February 25, 2017
— Johnathan Cooper (@CoopTeachesMath) February 25, 2017
— mary's ghostwriter (@maryegilmore) February 25, 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 buy a Sand Cloud towel? Sound off in the comments section below!