Shark Tank Bitsbox Fails To Get A Deal, Despite Offer From Chris Sacca

BitsBox

Last into the tank are Scott Lininger and Aidan Chopra of BitsBox, seeking $250,000 for three percent equity.

BitsBox makes it engaging and fun for kids to learn how to code. Monthly coding projects help kids learn by building apps, ranging from simple to advanced. According to their website, 900,000 kids have built apps through their website. BitsBox is designed for 6 to 14 year olds and no coding experience is necessary. Subscription boxes range from $19.95 per month for a digital subscription to $44.95 for a deluxe box.

In less than two years, they have done $1.3 million in revenue. The sharks all seem very intrigued but given she has no experience in the subscription business, Lori Greiner goes out first, followed by Kevin O’Leary. Robert Herjavec thinks there’s too much competition and goes out as well, as does Mark Cuban over concerns about scaling the business.

Guest shark Chris Sacca finds the business very intriguing and thinks it’s important for kids to learn how to code, and offers $250,000 for five percent. They counter a $7 million valuation at 3.57 percent equity. They counter again at four percent equity, which causes Sacca to go out. They ask him to come back in at 4.16 percent equity, a $6 million valuation and another at 4.75 percent. Ultimately, while considering whether they should accept Sacca’s original offer, he again goes out.

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.

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Source: Business 2 Community