Yunha Kim of Simple Habit enters the tank next and is seeking $600,000 for five percent equity.
Simple Habit is a meditation and mindfulness app that helps make self-care a breeze. According to their website, their “mission is to empower humans to stress less, achieve more, and live better.” The app is available for free on both iPhone and Android and provides more than 50 free meditation sessions that can enhance a user’s quality of breathing, improve focus and reduce stress and anxiety.
In less than a year, they have attracted more than half a million users and done $750,000 in revenue. Kim explains that there are approximately 5,000 premium subscribers, who pay either $11.99 per month or $99.99 a year for the app. She expects that the company will be profitable next year. She hopes that a shark can add value to her business.
She hopes to partner with celebrities and influencers, which rubs Mark Cuban and Daymond John the wrong way. Cuban calls her a gold digger while John says she could get the money elsewhere. They both go out. Lori Greiner doesn’t think she needs to raise any more money in addition to the millions that she already has. She goes out. Guest shark Richard Branson then throws water in Cuban’s face for questioning Kim’s motivations.
Robert Herjavec then offers $300,000 for 10 percent, joining Branson’s preceding offer of $300,000 for 10 percent. She counters them at a $10 million valuation, which is then changed again to $600,000 for 15 percent from the two investors. Herjavec then goes out when she declines the 15 percent equity, followed by Branson. She ultimately walks away without a deal.
Social Media Reacts to Simple Habit’s Appearance on “Shark Tank”
No to simple habit app. Not impressed. Valuation is outrageous. #sharktank
— JenLamparek (@JenLamparek) October 2, 2017
Just watch the first hour of #sharktank @mcuban you are so right #simplehabit was a publicity stunt nothing more. They needed a nation ad
— A Ghazal (@KingAGhazal) October 2, 2017
I believe @mcuban was right: she didn't want a deal! #SimpleHabit @ABCSharkTank #SharkTank
— Kimberly Perkins (@KPerkinsLaw) October 2, 2017
Simple Habit, great needed App, not sure how they can expand their users #SharkTank
— Lance Becvar (@Dadsonpowermode) October 2, 2017
Simple Habit is a great idea. They could become the PLATFORM for Meditation. #SharkTank
— Joe Youngblood (@YoungbloodJoe) October 2, 2017
I love #meditation but I rarely remember to make the time for it. Going to take advantage of @simplehabitapp !!
— MB (@MB_Luu) October 2, 2017
Just downloaded the free version of @simplehabitapp. The power of #SharkTank.
— Dema Hanna (@DemaHanna) October 2, 2017
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to 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.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks 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 $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
Would you use the Simple Habit app? Sound off in the comments section below!