In case you went through the Australian Shark Tank episode aired on 24th Feb 2017, icapsulate must be a familiar brand name for you. According to that episode, The CEO of icapsulate was able to score the biggest-ever deal in Shark Tank history. The deal was to get a sum of 2.5 Million Dollars in exchange for 22.5% of the company’s equity.
What is icapsulate?
As the icapsulate CEO, Kane Bodiam claims during his pitch at the shark tank, icapsulate is the world’s first biodegradable coffee capsule in the market.But later this statement made him lose the almost closed Shark Tank deal due to a conflict that later was solved through a court case.
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What happens during the Shark Tank pitch?
The CEO of Icapsulate Kane Bodiam pitches a perfect business proposition for sharks requesting a whopping 2.5 million dollar investment for exchange of 15% of the company. As usual, the sharks get take aback by this proposition as it resembles the biggest shark tank deal if went through. During Kane Bodiam’s pitch, he sweetens the pod by stating that within just a few months in business that his business icapsulate produces around 35 Million pods per annum. And he also states that he has contracts with major coffee shops and vendors across Australia & New Zealand. He claims to have 37.5 Million AUD sales by the end of just one and a half years’ time. This wows the sharks.
Kane was immediately given with two offers to choose from and he chooses to go with the Shark Andrew Banks. They agree on a mutual deal of 2.5Million dollars for 22.5% of the company.
What happened to icapsulate after Shark Tank?
The Shark Tank achievement can possibly make him an easily recognized name.But a Sydney court decided in 2015 that he’d made False cases about his job at his previous workplace, Mad Coffee Capsules.
Bodiam guaranteed on his Facebook and LinkedIn pages that he set up and ran Mad Coffee Capsules. Justice Richard White discovered this statement was deceiving conduct.
“Kane Ronald Vasudevan Bodiam occupied with deluding and tricky lead by distributing the messages,” concurring the judgment gave on October 2, 2015.
Mr Bodiam was requested not to guarantee the espresso cases delivered by his previous manager were hazardous and was “limited” from imagining he once drove the organization.
He was likewise prohibited from sharing Mad Coffee cases’ “mystery producing forms”. That organization and his own both produce containers that can be utilized Nespresso espresso making machines.
This incident made Andrew Banks step out from the deal made during the TV Show. Also, he further stated that ‘I wasn’t going to risk that’: to news.com.au