Kane Bodiam made the record books on Shark Tank last night.
The entrepreneur was hoping to secure 2.5 million for 15% of his business iCapsulate – consisting of biodegradable coffee capsules.
While Kane was confident in his business model, his confidence left him at times during the nerve-wracking pitch.
“As soon as the doors opened and the sharks were looking at me the shakes started and the sweats came,” Kane admitted to News.com.au
“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.”
Yet despite his anxiety, Kane secured the deal with Andrew Banks putting up a whopping $2.5 million for 22.5%.
Kane was careful to do his research before appearing on the series and was hoping to get Andrew on board from the beginning.
“With Andrew, it was his connections in the USA and also his close friendship with Les Schirato the owner of Vittoria coffee,” Bodiam said.
“Our capsules are leading the market here and in New Zealand and this [linking with Banks] is a great way to get into America, which is growing increasingly espresso compatible.”
The deal is by far the biggest in Shark Tank history, with the closest amount coming in at $750,000.
Kane wasn’t the only one walking out of the tank with a bit of extra cash last night on the show.
Former MasterChef Australia contestant Heather Day was hoping to secure $50,000 for 25% equity in her business Hey Day Butter. She settled for $50,000 for 33% from Naomi Simson.
