Tank now. See
SARAH HARRIS: Tonight...
ROBERT: I'm super excited. Yes!
Wow. ..strong pitches...
Man, you're good. You're good.
Yeah! ..had the Sharks in stitches.
This here is called a Poonami Protector.
(LAUGHS) Great name!
But as the Tank gets festive... Christmas is big business.
Ooh!
..the Sharks get serious...
This is hard-earned cash of ours. Don't discredit the money.
I don't buy that explanation. Oh!
Don't make that face at me. (LAUGHS)
..as our investors go in search...
I love it. Whoo-whee! Let's go.
That's how it's done.
..of the next big deal.
$12.5 million!
What is going on? (LAUGHS)
(THEME MUSIC)
First into the Tank is mum of two Aami Mills from Canberra
with her baby-focused brand.
Four out of the five Sharks are parents themselves,
so I'm hoping that the odds are on my side
and they love my product.
SABRI: Davie, have you ever changed a nappy?
No. (CHUCKLES)
Did you change any nappies, or... All the time. I was right in there.
Absolutely. You got to be.
Yeah.
(TENSE MUSIC)
Hi, Sharks, my name is Aami, and I'm the owner and founder
of Canberra's very own reusable modern cloth nappy brand
Mimi & Co.
I'm here today seeking $100,000
for a 10% equity in my business.
This is what 6,000
disposable nappies look like
in landfill.
And this is the waste accumulated by just one baby
in disposable nappies.
Wow.
In 2020, I gave birth to my first son.
He was born at a teeny-tiny 2.5 kilos.
Aw!
He was the size of a premature baby
but needed the absorbency of a newborn nappy.
The advice that I was given -
just use two disposable nappies at once.
I knew there had to be a better way,
so I got behind my sewing machine
and I developed our first ever prototype.
Our nappies are design protected, loved by thousands,
and are the only modern cloth nappy on the market
that truly stands up to its claim of one size fits most.
Sharks, if you have any questions
or you would love to touch our products, I would love to show you.
Thank you. Can we see the product? Absolutely.
Aami, does your brand name have any meaning?
I'm Mimi.
No-one knows me as Aami in my life. It's a great name.
My name is Mimi. (LAUGHS)
Robert, I'm gonna show you what our nappy looks like...
Thank you. ..on a 2.5-kilo baby.
It's roughly the size that my baby was when he was born.
Aw!
Aami, hi.
So, I also gave birth to my son in 2020.
Yes.
And I also have now a six-month-old. Yep.
I gave the cloth nappies a go and I just...
I think I must have done it wrong, 'cause it just leaked pee everywhere.
Yeah, look, and...
This is the hardest thing about cloth nappies, right?
A lot of huge brands... I hated them.
..the ones that you can buy really easily,
they're the ones that don't offer education,
so it's really difficult to try and know where you're going wrong.
Hey, Aami. Hello.
I've got three kids. I know all about this.
So, does this leak?
I studied a Bachelor of Forensics.
Forensics? Yeah!
Where I majored in textiles.
A lot of what we do here is about the absorption.
We have specifically chosen bamboo cotton
and hemp cotton
because they draw moisture away from baby
but they hold onto that wee.
This is what the inside of our nappy looks like.
This here is called a Poonami Protector.
(LAUGHTER)
(LAUGHS) Great name!
JANE: Yes.
I'm sure any of you with kids have experienced poonamis before.
(LAUGHS)
And what this does is the poo will go up
and sit into the back.
It's not gonna come out and up into your clothes.
A horrible nightmare is coming back right now!
And we have a Poonami Protector at the front.
What is going on? (LAUGHS)
He's triggered.
You haven't had to learn about poonamis yet.
I'm learning so much on Shark Tank.
So any really liquid-y poos or explosions...
You just horrified Davie. Yes!
He's the only Shark up here without kids. (LAUGHS)
I'm out of having kids. I'm still in the deal, but...
(SABRI LAUGHS)
Do you know that, whether you use disposables or reusables,
you're supposed to put poo in the toilet?
No, you're not! Read the back of your packets.
Wait, the baby's poop? Yes.
You just throw it in the garbage. No.
You're supposed to put it in the toilet.
Why? It's natural.
Do you poo in the garbage?
Yeah. You do?
Yeah. (SHARKS LAUGH)
I was like, "OK, you win."
Don't do that. I'm gonna get kicked out of Australia.
(LAUGHTER)
SARAH: Aami's pitch is proving to have some insightful revelations.
Davie Fogarty, the only Shark without children,
wants to explore the patents Aami has on her reusable nappies.
Can you explain what protection you have?
We have IP design protection
on the amount of snaps, and also what it looks like on the inside.
You know, the uniqueness of the snaps on the front
mean that you can actually go down to your 2.5-kilo baby
by making the front even shorter.
So, we're trying to get as much wear out of this as we can.
We don't want customers to have to buy three different sets of nappies
to get their baby from newborn to toilet training.
Can you go through the past three years of sales,
revenue, profit, and also what you're forecasting for this year?
So, in 2021, we did $125,000 in revenue,
and out of that we netted $50,000.
ROBERT: What? SABRI: Well done.
In your first year?
Yes, and do you know why?
Why?
I didn't have any money. Yes, ex... I love that.
Oh, my gosh, I love you!
I had $200 and all I could do was gain capital and put it back in.
Yes! Yes, yes, finally!
Good job! That's all I could do.
That's how it's done. Bravo, Aami, bravo!
You speak Shark.
(LAUGHS)
What happened in the second year? What happened in year 2?
OK, year 2, I did $305,000... Yes!
..and I netted 110,000. Wow!
This year I expect that we will do $550,000 this year.
You go, Aami!
79% of our revenue is generated by organic traffic.
Talk to us about paid. Have you tried paid advertising?
I have paid, so in 10 months,
I've invested $30,000 into paid advertisement.
Our return on investment is about 11.
Wow.
But still our main customers that visit us are organic,
particularly from TikTok.
Wow. What kind of content are you making on TikTok?
A lot of content that resonates with my audience.
I am my ideal customer.
(LAUGHS) Yeah.
So, Aami, you spent 30K on ads... Yes.
..and you're getting an 11 return on ad spend.
Mm-hm. I have one simple question.
Yep. Why did you not spend more money?
I'm scared. I don't actually know what I'm doing.
Aami, how many would the average family buy?
24. 24 of these? How much do they cost?
What do they cost? So, one of these costs $36.99.
ROBERT: To buy? To buy.
Yep. That's reasonable.
Yep. I get these landed for $16.65.
(TENSE MUSIC)
We have a gross profit margin of 55% on these.
(TENSE MUSIC)
Your margin's not great. No, it's not.
But we have a lot of eco-complementary accessories
that do generate a lot of additional revenue.
So have you been selling out? Yeah.
Particular prints.
How many SKUs do you have?
In total, 95.
Whoa! Yeah.
I've got about 10 different patterns.
Do you think the SKUs are a limiting...
..a constraint of growth or do you think...
Potentially, yeah. ..you just love textiles a lot?
When it comes to cloth nappies, right,
someone's gonna buy 24 of these.
The average person wants 24 different types.
Is that true?
Probably. Probably true, yeah.
You don't want the same.
And that was the biggest feedback that we got as we were growing
was, "Aami, you only have 15 different colours."
Aami, I love you so much. Your energy is infectious.
(AAMI LAUGHS)
You're incredible.
But for me, I can't see a path where I add value.
For that reason I'm out. Thank you.
And, Aami,
I love that you are the Modibodi of nappies.
I see that you are definitely solving a problem.
However, I don't know that I am the best Shark for you
to support it, unfortunately, for this investment.
I'm out.
Thank you. Aami.
(TENSE MUSIC)
I am kind of thinking, "Am I in or am I out?"
The real opportunity for you
is going to be in simplifying the number of SKUs that you've got.
And I think that there would be some Sharks that would be able
to help you do that better than I would be able to help you do that.
And so for that reason I'll have to be out.
Oh! Oh! I was hoping you were...
I thought you were coming to... I thought you were gonna twist it.
Mimi, you are running into a trap with these SKUs.
And that's where I can help you.
But I am gonna need a mum to come in with me,
specifically Jane,
because she has this audience with her Facebook group.
So if Jane will come in with me,
we'll do $100,000, but I'd need 35% of the business.
Whoa! Whoa!
You're stealing her baby.
(TENSE MUSIC)
I can help you.
But I am gonna need a mum to come in with me.
So if Jane will come in with me,
we'll do $100,000, but I'd need 35% of the business.
Whoa! Whoa!
SARAH: Aami Mills is hoping to secure
a $100,000 investment
for 10% equity in her reusable nappy business.
She has one offer on the table from Davie Fogarty,
who's keen to bring another Shark in on the deal.
I am keen to get in on that offer,
and I think it's a really fair offer.
(TENSE MUSIC)
What do you think?
I'm gonna counter.
Would you be willing to do $100,000 for 30%
and a $50,000 line of credit
for me to be able to work through inventory
and replenish that as I can?
So you're reducing the percent by 5%
and you're adding a $50,000 line of credit as well.
JANE AND CATRIONA: That's Sharky. Wow!
I need that to be able to scale.
And I don't want our profits to be limited
by the fact that I don't have capital.
Our profits. (LAUGHS) Yeah, our profits.
It is our profits, right?
You are a Shark, lady.
(TENSE MUSIC)
So, the answer is no to the line of credit,
but I will come down to 30%.
OK. $100,000.
OK. 15% each. 15%.
$100,000. Yeah.
(TENSE MUSIC)
Let's do it.
Yes! Amazing!
I love what you're doing. I love the cause. It's amazing.
SARAH: An investment win for Aami, and a win for the environment too.
Well done, Aami. Well done, Aami.
And Davie, you can babysit. Yeah, awesome.
You can experience the first poonami.
(SHARKS LAUGH)
AAMI: The one Shark that doesn't have children,
the one that I thought was least likely to invest,
put his hand up and said, "I'm willing to invest."
But now I've walked out with two amazing Sharks
which are gonna help me bring my brand and my products
to the next level.
(CHRISTMAS MUSIC WITH SLEIGH BELLS)
SARAH: Katie Rawal from NSW
is looking for global festive domination
with her business idea.
I'm the first person to bring this product to market in Australia,
and it's been a long time coming.
Hello, Sharks.
My name is Katie, and I'm proud to present my brand,
Holiday Celebration Trees.
I'm seeking $300,000 in exchange for 15% of my company.
Christmas is the most wonderful time of the year,
and nothing captures the holiday spirit better
than a beautifully decorated Christmas tree.
My vision is to revolutionise
the way people decorate for the holidays.
I wanted to create a space-saving and functional Christmas tree
that still retains the traditional shape and nostalgia
of the Christmas trees we all know and love.
And that's why I'm here today,
seeking your investment and your expertise
to help me take this brand to the next level.
Thank you so much for your time,
and I'm happy to answer any questions.
Hey, Katie, I'm Davie. Great pitch. Hi, Davie.
So, can you run us through how the tree works a little bit more?
It's all different components, they do connect in the same way,
so you can assemble the tree any height that you like.
It's made up of a series of five platforms,
but as you can see,
if you choose to assemble it for something different,
like the champagne tree,
you can utilise the same components
to make it two levels or the full five-level height.
How do you make it... ensure it doesn't look sad
if it's a bit empty?
Well, it can be used for anything,
so you can use it for Christmas villages,
you can use it for presents, you can use it for toys,
anything you like.
Will it look nice if it had just random stuff on it?
Um, you could add other things behind it, I guess.
(TENSE MUSIC)
What's the price?
The average retail price is $680.
Wow. Wow!
What's your cost to make one?
At the moment it's $240.
$240. Wow.
Isn't it just plastic?
So, the platforms are actually recycled plastic
and metal accessories.
There's actually a lot of engineering
that's gone into this tree to keep it stable.
I also have an approved design patent in Australia
and a pending patent in the US and Canada.
Huh.
Run us through what your sales are like.
The business in its first year of operation
did $360,000 in revenue.
Wow.
Whoa. What was the net profit on that?
Last year the net profit was 23%.
This year, forecasting sales of 1.2 million.
Wow.
Next year, 2.7,
and the year after that it jumps to 4.95 million.
Whoa!
How are you forecasting that out?
I sold through the amount of product that I ordered last year.
When I sold out,
I added the option for people to sign up to a waitlist
to be alerted when the product came back into stock.
When I did that, I got 7,000 email addresses.
Wow.
I also only had the snow tree last year,
and this year I'm launching the green tree.
My research shows that the green tree sells traditionally
2.5 times better than a white flocked tree.
It's true.
If you take the numbers of last year, don't assume any growth,
and add the green tree, you get to the 1.2 million.
How are you selling these trees?
This is direct to consumer via my own branded website.
Is it just you, Katie, in the business?
It is just me.
What do you think the biggest constraint is
for you to get there?
Capital.
I agree. It's gonna be so seasonally intensive.
Yeah.
And if you mis-forecast one season,
you can practically be out of business.
How much of your sales today are in the commercial application?
Zero percent. Zero.
The one thing that amazes me...
(TENSE MUSIC)
..my neighbour in Newport, California,
owns one of the largest malls in California.
Could you not see this in every store in a retail mall?
Like, how would you go to market in the commercial space?
That's a really good question, and I guess that's why I'm here.
I need the expertise of someone who's been there before
to help me to build it to that eight-, nine-figure potential.
And, Katie, are you saying
that there is no other Christmas tree on the market
that has shelves on it like this?
Correct. In the world.
I think it's a great product. I can see myself buying it.
But I just don't see myself investing $300,000 today
in such a seasonal business.
For those reasons, I'm sorry, but I'm out.
Thank you so much. I appreciate it.
You don't really have a business, you have a product, right?
And for the $2 million valuation,
it's just a little bit too early for me to come on this journey with you.
So for those reasons, I'm out.
Thank you so much.
Katie, at the moment, globally,
less than 3% of any venture capital goes to women-led businesses,
so I am really hoping
that you will get a deal today to increase that percentage.
It's not the business for me, so I'm out,
but I'm really hoping you might negotiate with these Sharks.
Thank you so much. Thank you.
There is so much risk with this. It's so early.
(TENSE MUSIC)
You're obviously an incredible marketer.
You're wearing a dress that matches the Christmas tree.
Completely. I'm glad you picked up on it.
And Christmas is a big business.
So I'm gonna make an offer.
Ooh.
I'll do $300,000 for 30%,
but we need to convince Robert to come along as well.
So we'll split that 300,000.
I will plug you in
to the Australian distribution that we have for The Oodie,
I'll support you with all the digital stuff,
he'll handle all retail,
and we can scale it that way.
Um, first of all...
..when you came out, I was so not interested.
(LAUGHS)
I was like, "Eh."
It's a flat piece of plastic or metal with some trim around it.
The more you talk, you're reeling me in. I'm fascin...
There's a massive opportunity here, I'm telling you.
I'm super excited.
So I'll go in with Davie on 300,000 for 30%,
150,000 for each of us,
with a $25 royalty
until we recover
30% of our original investment.
Oh, it's a lot to think about.
Don't you think that's fair?
Don't make that face at me! (SHARKS LAUGH)
This is the Christmas sweater king. Yeah, that's true.
In the US, I invested in a company called Tipsy Elves
that made inappropriate, ugly Christmas sweaters.
It's a fun lifestyle brand.
We'll do $125 million this year.
Wow!
Christmas is huge.
Holidays are huge in America.
Look, I'm here to do a deal.
Would you consider lowering your equity stake
to 20%?
(TENSE MUSIC)
No.
I think... I'm gonna stick to the 30%.
(INHALES SHARPLY)
Would you consider...
..lowering your equity stake to 20%?
No.
I think I'm gonna stick to the 30%.
Davie?
Yep. 30%.
I've...I've put so much of myself into this brand
and I really wanna see it succeed.
And so I'm excited to say I wanna do the deal.
Amazing.
I wasn't sure what you were gonna say!
SARAH: A festive deal has been struck.
Katie joins forces with Davie Fogarty and Robert Herjavec
to elevate her seasonal business,
Holiday Celebration Trees.
There was a moment I thought...
When Jane pulled out, I thought, "Oh, my gosh, I've lost this."
But yeah, I can't believe I managed to get a deal.
I'm just really looking forward to spreading holiday cheer
across the world with Davie and Robert.
Hoping to unleash his product across the world
is 29-year-old engineering student Ming Ye
who is keen to shake up a growing transportation industry.
Going into the Shark Tank today means a lot to me.
I've been watching this show before I started the company.
I can't believe I'm here now.
ROBERT: Do you own one of these, Sabri?
I certainly do. I own many of them.
Aren't there thousands of these?
There are. There are so many.
And thousands of manufacturers?
And thousands of competitors?
But that means there'll be something special about this.
Oh! AI.
(LAUGHS) It's...probably.
Yeah.
Hello, Sharks. My name is Ming.
Today I'm presenting my company, Mearth Scooters, to you.
I started the company six years ago
while I was in mechatronics engineering
in the University of Sydney.
Electric vehicles is the future of transportation.
It could bring you out of congestions during peak hours,
no more tolls to pay, no more parking fees.
And it could reduce your
transportation carbon emissions by 80%.
Most importantly, it is very, very fun to use
every single time.
Sharks, I'm looking for a $250,000 total investment
in exchange of 1.8% of my company.
Whoa. Wow.
Whoo! Whoo-ee!
I would love to have a Shark to join me in this exciting journey.
Now, who's ready for a ride to the future?
Alright, let's have a go.
Yeah! (LAUGHS) I thought you'd never ask.
Oh, you need a helmet. You need a helmet.
Alright. Let's get helmets.
SARAH: Hoping he has a smooth ride to a $250,000 investment
for just 1.8% of his company,
can Ming convince the Sharks
there'll be no bumps in the road?
Give a kick and then... Oh, you got it.
Whoa!
Oh, go, Sabs. Sabri knows what he's doing.
SABRI: And this one has, like, a very unique noise to it.
CATRIONA: I like the noise.
(SCOOTERS ZOOM)
Whoo! (LAUGHS)
Gone the wrong way! 'Bye, Davie.
Hey!
That's pretty good.
Very fun. Very fun.
SARAH: With the product tried and tested by the Sharks,
Sabri Suby is keen to understand
Mearth Scooters' unique selling point.
I've got three kids.
We ride electric scooters.
Can you tell us a little bit about how these are different
from all the existing e-scooters that are on the market right now?
Of course. So first of all, Mearth is very innovative.
We were the first one who adapt
the 21700 battery cells in an e-scooter in Australia.
That means the entire scooter will be lighter,
will be more powerful, it can go further away, faster charging.
SABRI: But do all manufacturers of e-scooters
have access to that battery?
Eventually, most of them will get into that technology.
So how many other scooter brands on the market right now
are currently using that battery technology?
Right now, I would say, uh...a few.
Are there other benefits to your scooter?
Yes, of course.
For example, this one's got a removable battery design.
So you can just unclick and take the battery out,
leave the scooter behind.
Just take the much smaller battery with you,
charge it under your desk.
That's it. No other scooter has that?
On same price range, no.
Is that something that you've tried to patent?
Do you have any kind of intellectual property around this product?
No, we've decided not to go with the patent because...for a few reasons.
We have to improve our design on a yearly basis.
It would cost us a fortune.
But you can still get a patent for...
Something.
..like, the method of inserting it
into, like, that cylinder for the electric scooter, right?
And then that can apply to the future models.
SARAH: Lack of patent aside,
Robert Herjavec is keen to get down to the numbers.
Ming, what do they cost?
For this one, we're selling this one for $700.
They will cost us... Our profit margin is about 100%.
Is that the entry level? Yes.
Sorry, what's your cost on it?
That would be around 350.
And what's your selling price for the big one?
For the most expensive one, that would be $4,000.
JANE: Wow!
Let's not move on from that valuation, right?
'Cause you're asking for $250,000
for 1.8%.
That is one crazy valuation.
You're valuing your company at $12.5 million!
Yep.
So unpack that for us.
Uh...
You're valuing your company at $12.5 million!
SARAH: Engineer Ming Ye
has come into the Tank seeking investment
of $250,000
in return for just 1.8% of his business,
a valuation the Sharks are finding a little hard to swallow.
So unpack that for us.
So we had approximately $1 million in sales, slightly under,
two years ago.
Two years ago.
Two years ago. Last year, we had 3.5 million sales.
JANE: Wow!
And this year, we're expecting to have 2 millions more,
reaching 5.5 millions.
Go, Ming!
And selling in...
Australia only. ..Australia only.
Well done!
And what's your profit on that?
The gross profit is approximately 40% to 45%.
Wow!
To get from 3.5 million in sales
to a valuation of 12.5
at, like, almost a four times multiple,
like, that's...that's a lot.
I don't like capital-intensive businesses that require
a lot of R&D.
And I think the valuation just doesn't factor in all the risks
that are associated...
Right. ..with growing a business.
So for a retail consumer product, we can't just look at
what do we think the future sales could be?
You have to actually look at what past sales were.
And so for this investment, I'm out.
Thank you, Jane.
I'm a little bit challenged with your valuation.
It seems a little bit high, as my sister, Jane, said.
I might become a customer, but today, unfortunately,
I won't be investing.
So for those reasons, I'm out.
Thank you very much.
Ming, when I look at an investment,
I look at...the entrepreneur,
and you're amazing.
I look at the track record. Amazing.
What worries me about this business is
a big competitor may come along and change the entire game
with a better battery or something
and then my company and my money
is sad.
I don't want my money to be sad.
I'm out.
Thank you, Robert.
100,000 or so in net profit, you said.
Right.
But you're valuing the business at $12 million.
Right, because we have retailers across Australia,
including some big names like Harvey Norman,
Decathlon, Bing Lee.
And not just that - one of the things we're proud of is
we have a licence with a superhero IP
that we'll be making the classic...
..one of the classic superhero mobiles.
Oh, that's cool!
You mean like a superhero character? Right.
Like a Batman scooter.
SARAH: With three Sharks already putting the brakes on investment,
will news of Ming's superhero licensing deal
have the power to sway the remaining Sharks,
Davie Fogarty or Sabri Suby?
What are your thoughts on that, Davie?
I think the licensing idea is genius.
I think you have a cracking business here
just by doing those licensing, connecting with new audiences,
so I think there's definitely that play.
I just don't know when I would get the cash flow from the business
to pay back the investment.
Unfortunately,
I'm out.
Thank you.
When I saw you walk on in here,
and I saw this product,
clearly a very, very talented engineer.
But for me, I'm the marketing guy, right?
And when I look at this product and I look at
what is out there on the market,
these do look very close to the other ones.
They're priced at a similar price point.
So when I think about being
in the shoes of the consumer for this product,
it becomes very, very difficult
to try and convince that consumer
of the value proposition that we have in front of us.
So for those reasons, I'm out.
Thank you.
Thanks, Ming. Thanks, Ming.
Thank you very much. Great product.
Thank you, mate. Good job.
Thank you. See you, mate.
SARAH: Despite a promising pitch from Ming,
he leaves the Tank with nothing.
It was amazing to meet the Sharks in person.
Bit sad that I don't have a deal with them.
I think the Shark has missed out an opportunity.
I hope to do business with them in the future.
Amadou Doumbia
is next to dive into the tank
and knows exactly what his business needs.
I truly believe the marketing genius of
King Kong, Sabri, is what the business deserves
to get to the next level.
I have been working hard, exponentially,
over the last few years to get this business going.
So I'm feeling extremely pumped.
I believe this opportunity can change my life today.
Hi, Sharks! My name is Amadou and I'm from Wuli Grooming.
Today I'm seeking $150,000
for 15% equity in my business.
With this cream,
I started my dream.
It was created from the fact that I realised
there wasn't enough styling products out there in the market
that were well suited for curly- and wavy-haired folks of the world.
And my thought process was if you can create something
for the most sensitive of hair types first,
you can create an entire range for everybody in the process.
So Wuli Grooming is a range of all-natural,
Australian-made hairstyling products for both men and women
that's 100% vegan.
And I'd like to share with you guys and see how you feel about them.
Please.
So first I'll start with you, Robert. Hello!
This is our sea salt spray, and that's neroli & sweet orange.
This is our sea salt spray in bergamot & vanilla.
Hello, Davie. This is our bergamot curl cream.
The matte balm is ideal for you, Davie.
The matte balm? The matte balm.
Because of your finer hair texture,
I created a perfect solution for you as well.
I hope you have a perfect solution for me.
I can't work miracles, unfortunately.
(LAUGHS) Ohh! Boom.
Is there a little bit of an accent that we're hearing?
I was born in Mali,
but I grew up in America, New York City, most of my life.
Right.
And the name 'Wuli' actually comes from my culture.
It actually comes from the dialect Bambara,
which is the main dialect of Mali,
and it means 'to wake up, get up and grow up'.
The whole ethos of the brand
is to really awaken the best version of yourself every day.
Mmm.
When did you start the business?
Been in business now for about 16 months.
Yeah. A little over.
When we launched, we actually did the markets.
We've done virtually all the markets in Sydney,
from Kirribilli, the Shire, Bondi.
But at the same time, we've got an e-commerce store
which I launched at the same time as the business.
Amadou. Hi!
First of all, the packaging, the branding is great.
This smells incredible, right? Thank you. Thank you.
So can you tell us a little bit about the product, how it works?
Is this a before-and-after photo we can see here?
When you have curly hair in particular,
the things you are really fighting every day is frizz,
breakage, knots,
everything that the elements throw at you.
This stops that process happening in the tracks.
What it does is, as you can see,
it keeps those curls nice and soft and defined.
Do you have a sales background? No.
You're amazing. You fooled me.
So this takes about an hour and a half
to calm all this down and get it looking like this.
And I struggle with all the problems that you have mentioned.
Nothing yet has really nailed it for me.
People are still not really quite understanding
what goes into looking after curly hair properly.
I designed this brand to be as lazy-proof as possible.
OK. I'm lazy. I'm hair-lazy.
Jane, are you hair-lazy?
I'm...lazy in general. (OTHERS LAUGH)
She's the lazy CEO over there. The CEO! (LAUGHS)
But nobody has the same high level
of active ingredients in their products like I do
and that's really one of the biggest things that makes mine different.
So I'm interested to know
what price do you charge for these products.
Sure, they are retailed at 34.95 Australian for the sea salt spray,
44.95 for the curl cream and the matte balms.
And in terms of cost,
they are priced currently at 8.95
for the sea salt spray, to produce one unit,
and $11.26 for the matte balm and the shine balm.
OK. I assume that with the sea salt spray and the balm,
you sell them as a bundle with...
I...I do. Tell me about that, my man.
I call it the Crown of Curls Bundle. Hoo-ee! Let's go.
It is my best seller of all
and that retails for 69.95.
69.95. So 71% margin.
Whoa.
Amadou, when you were selling...
In the last year, you said you were at the markets.
Yep.
And you also said you were selling online.
Mmm. Did you have sales?
This year, we've generated so far
$23,000 in sales
and we're on target to be hitting $150,000 this year in revenue.
What percentage was online, what percentage was in the market?
I'll be honest with you - the percentage online was small.
The percentage online was roughly about
I'd say 15-20% of all of our total sales.
You are an amazing salesman.
You're one of the best salespeople we've had on the show.
Period. True.
It's unbelievable - I've never had somebody say to me,
"I have very low sales," in such a nice way.
(LAUGHS) And I'm still so excited!
But tell me how you're gonna scale.
I firmly believe the professional approach
is the right approach to go to.
When people are trying new styling products in particular,
they wanna be able to get that buy-in from their hairdresser
to really feel confident about the products that they're buying.
So I buy that. So how are you gonna get to those people?
Working through distributors.
I've been actually having conversations with distributors
who have that element of the game sorted out.
(EXHALES DEEPLY)
But I also know my knowledge is limited.
For me, part of the equation is you.
But the other part of the equation is the business.
Yeah. You did 33,000 in the first year.
You didn't do any of it online.
You're only selling at markets.
But you're telling me
that the business is worth about a million dollars
a year in.
Fully cold on the numbers,
why is it worth a million dollars?
I would say because of the scale of distribution
that we have in the pipeline, working on.
It's gonna be a slow start. I have to be honest about that.
But the potential is what's there
to be able to reach that million-dollar valuation,
in my honest belief, within a year's time.
Yeah, I...
I don't buy that explanation.
OK.
I would invest in you all day long.
But I don't buy the explanation for the business.
I'm out.
Thank you, Robert.
Amadou, believe it or not,
I've actually sold hair products before online.
You're kidding! What?
I was selling shampoo. Yep.
There are just so many products...
That's right. ..on the market.
We needed to make it unique.
We turned it into a kit, packaged it completely different.
And we got it to about $200,000 a month
and it was still just a brutally competitive market
and it just wasn't scaling how I would have hoped.
So I'm personally scarred about this...this product.
Ohh!
I'd love to invest in you, but I don't wanna invest in this.
I'm out.
Thank you, Davie. Appreciate that.
JANE: Amadou...
I love any product that's lazy-proof.
That sounds great.
But I don't love...
Like Robert, I don't love the valuation.
For that reason, I'm out.
And, Amadou, you know, I was kinda gonna try and see if I can
get in here, because I love you and I love your product.
But unfortunately, the business, at this stage, is not for me.
So I'm out.
I understand.
If there's one thing I can quickly say
before, Sabri, you also give your feedback,
when I came here today,
the money was part... was obviously a big goal of mine,
but the bigger goal was really the opportunity
of learning and possibly mentorship from you Sharks.
That was really the big thing that was sold on me.
'Cause I know that would be far more valuable to me than anything else.
Why haven't you factored that into your valuation today?
Why didn't I? Yeah.
I suppose... (SIGHS)
I suppose I didn't factor that into the valuation
because I was thinking about
what would be a number that actually looks like
an impressive investment opportunity for you guys,
if I'm genuinely honest.
Don't discredit the money and say, "I'm just here for the mentoring."
I can either give you $150,000
or I can give my five children's inheritance $150,000.
This is hard-earned cash of ours
and we want something that we really feel good about.
And we want to give our money to good businesses
and we want you to take our money...
Yeah.
..if it's a really good deal for us and for you.
Let me tell you where I stand.
When you walked in, I saw this up there.
I was like, "Man, I love the packaging.
"Love the branding.
"This is a product that I can get behind."
I was so excited by that, right?
I come from a huge family. I have seven aunties.
Yep. 33 first cousins.
And all of them have hair that look like that, right?
ROBERT: Are you kidding? No.
Then you started to speak.
And it was like magic to my ears.
And then, you know, the valuation that you're giving your business...
..was a bit of a kick.
(EXHALES DEEPLY)
SARAH: Watch everyday Aussies go after their business dreams
with full episodes of Shark Tank Australia
on 10 play.
SARAH: Amadou is in the Tank
hoping to entice the Sharks
to invest $150,000
into his vegan hair-care business.
Despite being praised for his pitch,
four of the five Sharks are out.
Sabri Suby is Amadou's last chance of an investment.
Let me tell you where I stand.
When you walked in, I saw this up there.
I was like, "Man, I love the packaging.
"Love the branding.
"This is a product that I can get behind."
I was so excited by that, right?
I come from a huge family. I have seven aunties.
Yep. 33 first cousins.
And all of them have hair that look like that, right?
Then you started to speak.
And it was like magic to my ears.
(EXHALES DEEPLY)
But I can see that you're a winner.
(CHUCKLES)
I can see that
you're obviously willing to roll up your sleeves
and do the hard work.
You've been out there hustling at the markets.
This is going to be a slog.
Yeah.
I am gonna make you an offer.
I will offer you...
..all of the money...
..but I will need 45% of the business...
..and a $2 royalty...
..until the money's paid back.
Wow. OK.
Can I have a minute to think about that?
Shh!
(WHISPERS INDISTINCTLY)
Hmm.
SABRI:
Yep.
Sabri, thank you for that offer.
Would you consider a counteroffer...
..of 30% equity for 150,000
with the royalties inclusive?
I...I just can't go down to 30%.
I know how much work's gonna be required from myself
and how much mentorship is gonna go into it.
But I will meet you at 40%.
OK.
Deal.
Yay!
ROBERT: Yeah!
Well done. You did a great job. We're gonna blow this up.
Thank you so much. We're gonna blow this up.
Terrific.
It's happening! It is.
We're gonna go out, blow this thing up.
That was awesome.
See you guys! 'Bye!
SARAH: He's done it.
After a heated pitch in the Tank,
king of grooming Amadou has partnered up
with his dream Shark,
the King Kong of marketing,
Sabri Suby.
I feel super excited.
The bald man with the hair product is now my business partner.
(CHUCKLES)