iCapsulate is the world’s first biodegradable coffee capsule on the market. Unfortunately, iCapsulate went out of business in 2018. Now in 2023, iCapsulate is worth $0.
In case you went through the Australian Shark Tank episode aired on 24th Feb 2017, iCapsulate must be a familiar brand name for you. According to that episode, The CEO of iCapsulate scored the biggest-ever deal in Shark Tank history. The deal was to get a sum of 2.5 Million Dollars in exchange for 22.5% of the company’s equity. But, the Coffee pod company collapses after being offered the biggest-ever Shark Tank deal.
Read what happened to iCapsulate worth and net worth update in brief here.
- 1. iCapsulate net worth in 2023
- 2. is iCapsulate still in business?
- 3. What is iCapsulate?
- 4. What happened in the Shark Tank Pitch?
- 5. Coffee pod company iCapsulate collapses after Shark Tank deal
- 6. What happened to iCapsulate after Shark Tank?
- 7. Where is iCapsulate’s headquarters?
- 8. What is iCapsulate’s latest funding round?
- 9. FAQ
iCapsulate net worth in 2023
At the Shak, Tank company was valued at 2.5M$ & in 2020. but now in 2023 iCapsulate net worth is $0.
| icapsulate net worth 2020 | 2.5 Million USD(Business Valuation) |
| icapsulate coffee net worth today (2023) | $0 (out of business) |
is iCapsulate still in business?
The 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.
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.
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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 in 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 decides to go with the Shark Andrew Banks. They agree on a mutual deal of 2.5 million dollars for 22.5% of the company.
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 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 said 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.
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 its own produce containers 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.
also, check out the water damage grand junction.
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
Investors of iCapsulate include Andrew Banks.
but now in 2023 iCapsulate net worth is less than $100k.
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.