Sharks Barbara Corcoran, Daymond John, Kevin O’Leary, Mark Cuban, and Lori Greiner met in the Shark Tank to hear investment pitches from four companies WisePocket Products, Kreyol Essence, LoveSync, and Wanna Date? who are all seeking strategic and financial investors in their companies.

After evaluating all four businesses as well as their representative entrepreneurs, the Sharks extended offers to three of these companies.

Key Takeaways from the Episode

  • WisePocket Products: Lori Greiner and Daymond John invested $35,000 for 25% in Sofia Overton’s sock line with built-in pockets.
  • Kreyol Essence: Kevin O’Leary invested $400,000 in exchange for a $0.25 royalty per unit and 5% equity in this natural skincare company.
  • LoveSync: Left without a deal due to concerns about the concept.
  • Wanna Date?: Mark Cuban invested $100,000 for 33% in a line of date-based spreads.

WisePocket Products Lands a Deal with Lori Greiner and Daymond John

Fourteen-year-old, Sofia Overton, came to the Shark Tank in hopes of partnering with a Shark that could help her streamline the production of her signature line of socks using their expertise and financial investment.

Seeking $30,000 for 15% equity of her company, WisePocket Products, Sofi wants to continue to grow her company, but also wants to further her mission of giving to those in need.

For every one pair of WisePocket socks that is sold, she will donate another pair to a child in need.

Sofi’s patent-pending socks are unique because they feature a built-in pocket to store valuables such as phones, keys, money, etc.

These items will stay put even during excessive motion. The Sharks are very impressed by Sofi. Not only did she develop the first prototype product when she was 11, she also invested her own money that she had saved and money that she had made while looking for investors to launch WisePocke Products. She is also looking to expand her product line from socks to other apparel items such as leggings. Lori Greiner and Daymond make Sofi an offer.

After countering they agree to a $35,000 investment for a 25% equity share.

Kreyol Essence Partners With Kevin O’Leary

Co-founders of Kreyol Essence, Yve Momperousse and Stéphane Jean-Baptiste, came to the Shark Tank to secure $400,000 in exchange for 10% equity of their Miami-based business.

Kreyol Essence is a natural skincare brand that utilizes Haitian black castor oil (also known as lwil maskriti, palma chrisiti or l’huile de ricin) to provide penetrating moisture to both skin and hair. Both Yve and Stephane feel a tremendous sense of determination to make Kreyol Essence a success as they employ over 300 people in the Caribbean.

Through their business, they hope to create a blueprint for poverty elimination.

The Sharks were all impressed by the product and really liked the scents that they provided in the samples.

The challenge for most of the Sharks was the amount of competition in this market as well as their lack of clinical testing to back up some of their claims around things like hair regrowth. In a surprising turn of events, Kevin O’Leary made an investment offer, but it required them to give up 37% equity in their company.

Dissatisfied with this offer, Yve and Stephane reached an agreement with Mr. Wonderful. He will invest $400,000 in exchange for a royalty of $0.25 per unit sold and 5% equity share of the company.

LoveSync Fails to Close a Deal

Husband and wife duo and co-founders of LoveSync, Ryan and Jenn Cmich, came to the Shark Tank with hopes of finding a financial investor willing to part with $100,000 in exchange for 10% equity of their company.

Unfortunately, the Sharks were not impressed with their pitch or their product. LoveSync is a bedside technology that allows couples to discreetly share if they are feeling up to being intimate with each other.

By pushing a button on their nightstand, LoveSync will only light up if both parties have pushed their button signaling to each other that they would like to be intimate.

The Sharks think that this is taking technology too far and replaces couples actually speaking to each other and communicating their feelings.

They also are confused by the primary product they are pitching. They showcased the bed-side button technology, but they go on to talk about an app that they are developing. The longer the pitch goes on, the more confused and frustrated the Sharks become. When they try to provide feedback or ask questions, Ryan talks over them and doesn’t accept their feedback.

The Sharks unanimously agree that this is not a product that they would like to invest in. LoveSync leaves the Shark Tank without a deal.

Wanna Date? Partners With Mark Cuban

Recent college grad, Melissa Bartow, came to the Shark Tank to pitch her line of date-based spreads.

Melissa is seeking $100,000 in exchange for 20% equity in her Wanna Date?. Offering a variety of date spread options such as vanilla, pumpkin spice, cinnamon, chocolate and original flavors, Wanna Date? provides an all-natural, allergin free, low-calorie alternative to traditional spreads and syrups.

Since launching this product 10 months ago, the product has brought in $31,000 in sales.

The Sharks are concerned that she hasn’t done her market research and that it will be difficult to educate the market on why to switch to this specific spread from traditional products like butter, peanut butter, and syrup. They also are concerned with the high price to make the product and the selling price.

Some of the Sharks verbalize that they feel it is very early in the business and that it may not be investible quite yet. Just when it looked like she would not be getting an offer, Mark Cuban (who has recently become a vegetarian) decided to invest in Wanna Date?.

Mark and Melissa agreed to an investment of $100,000 for a 33% equity share in the company.

Wrapping Up

What did you think of the businesses on this episode of Shark Tank? Which businesses would you invest in if you were the Shark? Start the conversation in the comments section below.

Shark Tanks airs Sundays at 9pm on ABC.