Shark Tank’s record $2.5m plunge on coffee capsules
KANE Bodiam has landed the biggest deal in Shark Tank Australia history. The 36-year-old snagged a whopping $2.5 million from Andrew Banks for 22.5 per cent of his iCapsulate coffee company.
Bodiam says the deal was done after a nerve racking two hour presentation which saw Banks battle with sharks Naomi Simson and Glen Richards for a share of the business.
The biggest deal on Shark Tank Australia prior was for $750,000.
The former global coffee manager for Gloria Jeans' did his homework before appearing on the Channel 10 show. He researched all the sharks and rehearsed his presentation 500 times.
"As soon as the doors opened and the sharks were looking at me the shakes started and the sweats came," Bodiam says.
"I'd practised my pitch so many times and it all went out the window. When I started to serve them coffee I thought I was going to drop one of the cups."
iCapsulate produces tens of millions of coffee capsules each year for some of the biggest brands in Australia.
In August, the company will launch the first Australian standard biodegradable coffee capsule.
Bodiam served coffee to the sharks as he told them that iCapsulate, which is only 18 months old, had $4 million in sales last year and produces 35 million pods per annum.
A nervous Bodiam wanted the sharks to stump up $2.5 million for 15.5 per cent of the company - which valued the business at $16.6 million.