First into the tank is Jonathan Diersing of Rounderbum, seeking $150,000 for 10 percent equity.
Rounderbum is a line of men’s underwear that features “body enhancing” elements. According to their website, their “commitment is to make garments that make every man feel and look better, more masculine and confident” with shaping undergarments. The products include “padded,” “package” and “lift” technologies, which add volume and definition to the buttocks. A variety of styles, colors and accessories are available, in addition to anatomic and compression options.
In the last year, they have done $700,000 in sales. With an investment from a shark, Diersing hopes to hire a marketing team to create viral videos. They are projected to do $1 million this year.
Daymond John doesn’t understand the “enhancing” clothing and goes out. Kevin O’Leary, however, likes the business and offers $150,000 with a $2 royalty until $300,000 is recouped with five percent equity. Since Mark Cuban goes “commando,” he goes out followed by Lori Greiner. Robert Herjavec likes the product and offers $150,000 for 20 percent. Diersing counters 15 percent, which Herjavec declines. He counters again at $300,000 for 20 percent, which he declines.
Ultimately, he accepts O’Leary’s offer.
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.
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Author: Erica Abbott