Shark Tank: TouchUp Cup, SparkCharge, GarmaGuard, and Rumpl

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Sarah_Loetscher / Pixabay

Guest Shark Blake Mycoskie joined veteran Sharks Daymond John, Mark Cuban, Kevin O’Leary, and Lori Greiner in the Shark Tank to evaluate four companies as potential investments. TouchUp Cup, SparkCharge, GarmaGuard, and Rumpl presented thoughtful, engaging, and well-planned pitches to the Sharks, however only two of them left the Shark Tank with a partnership deal. In the heart of the Covid-19 pandemic, the Sharks understand that now more than ever entrepreneurs need help navigating the business world and hope to continue to partner with companies in a mutually beneficial way throughout their 12th season.

TouchUp Cup Partners with Blake Mycoskie

Father and son duo Jason and Carson Grill traveled from Ohio for a chance to strike a deal with the Sharks on their patented product, the TouchUp Cup. This affordable solution to storing paint allows you to store leftover paint in a small container that features a stainless steel shaker for mixing and an airtight silicone seal that keeps your paint fresh up to ten years. The Sharks love this practical solution to a very common problem for homeowners–no one wants to store near-empty cans of paint for years at a time. By selling the TouchUp Cup for such an affordable price point, the Sharks feel that they have some wiggle room to increase their margins and make this product a big success in the retail and direct-to-consumer businesses.

The Grills came to the Shark Tank hoping to raise an investment of $150,000 in exchange for 10% in TouchUp Cup. Thoroughly impressed by Carson and his knowledge of the business both Blake Mycoskie and Daymond John extended offers to invest in TouchUp Cup. Ultimately, Jason and Carson felt that Blake was the better partner for them and accepted his $200,000 investment in exchange for 25% equity.

SparkCharge Lands a Deal with Two Sharks

With the sales of electric vehicles on the rise, Joshua Aviv and Christopher Ellis developed a modular, portable, and super-fast EV charger to help reduce range anxiety in electric vehicle owners. Range anxiety is the fear of running out of charge before reaching your destination. SparkCharge’s Roadie can charge a vehicle at a rate of 1 mile per every 60 seconds of charge. Their current strategy is to lease these batteries to roadside assistance companies rather than sell them outright to consumers.

The Sharks like the product and innovation but really believe that they need to get into the consumer market to expand their company and begin making a larger profit. They are also concerned with the company’s valuation as Josh and Chris are seeking $1,000,000 investment in exchange for 6% of their business. Because there are other investors and many factors to consider, Mark Cuban and Lori Greiner decided to partner up to invest in SparkCharge. They agree to invest $1,000,000 for a 10% stake in the company plus 4% in advisory shares and a board seat.

GarmaGuard Misses Their Mark in the Shark Tank

During a time when it is more important than ever to prevent the spread of bacteria and viruses, husband and wife duo, Bianca and Peter Badawy, developed an all-natural garment spray to help refresh fabric while removing 99% of germs. They are seeking $100,000 in exchange for 10% equity in their company, GarmaGuard. They are looking for a Shark that can help expedite the process of completing Covid 19 testing, registering with the EPA, and adjusting their on product branding to address the Coronavirus.

Although the Sharks liked the product, the margin, and felt it did a good job of freshening fabric, they didn’t feel that GarmaGuard is in need of an investor or a Shark. They feel that taking equity from them would actually be doing them a disservice because they are already very successful on their own, netting $476,000 in sales over 18 months. Because the Sharks think that GarmaGuard is very close to having a breakout in sales that will help them to achieve their strategic goals, they decline to extend them a partnership offer.

Rumpl Walks Away From Multiple Sharks’ Offers

Wylie Robinson, CEO of Rumpl, is on a mission to bring the textile revolution to the outdoor blanket space through his line of durable, weatherproof blankets. Although each of Rumpl’s blankets repels stains, debris, and pet hair, what’s truly special and different about their blankets is what goes into them. Each Rumpl blanket is made from 60 recycled plastic bottles that otherwise would have been destined for a landfill. The company is also dedicated to offsetting 100% of their carbon footprint and donates 1% of their sales to environmental causes.

With $3,000,000 in the bank, partnerships with major retailers and online marketplaces, and a large fan base, the Sharks are unsure of why Wylie came to the Shark Tank and question if he really does need the $600,000 investment that he has asked for. Wylie tries to reassure the Sharks that he is looking for help in the licensing arena but the Sharks are having a hard time buying that reason. Despite their doubts, three of the Sharks decide to extend Rumpl an offer, however, Wylie declines all of the Sharks’ offer and leaves the Shark Tank without a deal.

Shark Tank airs at 8:00 PM EST on ABC.

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