iCapsulate net worth in 2022- The shark tank biggest deal ever made on Australian Shark Tank

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 scored 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.

Read what happened to iCapsulate worth and net worth update in brief here.

here is a quick recap about iCapsulate after shark tank.

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 on 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.

Also Read: The ‘Hamdog’ Story – What has happened to hamdog now?

What happened in 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 the exchange of 15% of the company. As usual, the sharks get taken aback by this proposition as it resembles the biggest shark tank deal if it went through.

During Kane Bodiam’s pitch, he sweetens the coffee pod by stating that within just a few months in business his business coffee capsule produces around 35 Million coffee pods per annual. 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 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.

iCapsulate shark tank pitch

Also Read: what happened to Strange Grains after the shark tank

Coffee pod company iCapsulate collapses after Shark Tank deal

Even after claiming the biggest deal in the Australian Shark Tank edition, iCapsulate could not get hold of it.

This situation is due to a voluntary administration decision made by the management. Rodgers Reidy was made the administrator of the company, and it was Andrew Barnden who was appointed to monitor the administration.

The administrator, Barnden, has said to several sources that the company is not insolvent and the cause is a dispute.

The company CEO, Kane Bodiam, has stated that iCapuslate has the most profound connections with the Australian and New Zealand coffee companies, which could benefit investors and shareholders.

After a few weeks, the other coffee companies alleged these claims, which could also be the origin of the dispute. The banks that had a crucial role in aiding were among them. It intensified the situation too.

“We gave them some info at the beginning, but when we received all the certification and everything, we just never continued,”

Kane Bodiam

the company CEO had stated to news websites.

The company CEO, Bodiam, had many things to do with his decisions. Not only did he call off the deal, but he mentioned the investors were too slow when involved in the process.

“They stopped communicating so we stopped communicating. It was just moving slowly and we were moving quite quickly. We made a decision probably two or three months after we met Andrew that we were just going to go it alone.”

Kane Bodiam

Further, he noted that the 2.5M USD would not be enough for the expected outcomes. However, that is not what the company said about Shark Tank.

The administrator had to go for other options, and he did. Barnden had told that the company would consider any proposals that come forward, including a Deed of Company Arrangement or a straight sale. As he insisted to the management, the company’s future would still be in trouble.

 iCapsulate Biggest Deal in Shark Tank history

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 that he set up and ran Mad Coffee Capsules on his Facebook, Instagram, and LinkedIn pages. 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 on October 2, 2015.

Mr. Bodiam was requested not to guarantee the espresso cases delivered by his previous manager were hazardous and were “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 as Nespresso espresso-making machines.

according to news.com.au, This incident made Andrew Banks step out of the deal made during the TV Show. Also, he further stated that ‘I wasn’t going to risk that.

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iCapsulate net worth in 2022

At the Shak, Tank company was valued at 2.5M$ & in 2020. but now in 2022 iCapsulate net worth is less than $100k.

icapsulate net worth 20202.5 Million USD(Business Valuation)
icapsulate coffee net worth todayless than $100k.

“iCapsulate” Net worth Update (Before & After Shark Tank)

is icapsulate still in business?

iCapsulate Coffee pod company collapses after being offered the biggest ever Shark Tank deal. We checked their official website to have a follow-up. but the iCapsulate official website isn’t showing. To our eyes, it seems like iCapsulate is closed.

Where is iCapsulate’s headquarters?

iCapsulate’s headquarters is located at 4/1A Bessemer Street, Blacktown.

What is iCapsulate’s latest funding round?

iCapsulate’s latest funding round is Angel.

FAQ

Who are the investors of iCapsulate?

Investors of iCapsulate include Andrew Banks.

iCapsulate net worth today?

but now in 2022 iCapsulate net worth is less than $100k.

Is icapsulate still in business?

We checked their official website to have a follow-up. The iCapsulate official website isn’t showing. To our eyes, it seems like iCapsulate is closed.