Mark Cuban Just Invested In A Pot That Charges Your Smartphone By Boiling Water
Reuters/Mike Segar
The makers of the device snagged a $250,000 investment from billionaire Mark Cuban on the show that features inventors and entrepreneurs pitching to investors. They were initially offering to sell 10% of their company, Practical Power, for that sum - a $2.5 million valuation.
Cuban liked the company and at first offered $250,000 for 20%. But the founders countered with 12% equity, plus another 3% in "advisor options" and a seat on the board. And he bit at that. At 12%, that's a valuation of just over $2 million.
The company has sold about $300,000 worth of PowerPots, the founders said. When they said they expected sales to zoom to $2 million, they got a round of laughter from the investors on the show.
That laughter didn't deter Cuban, who took to Twitter later saying, "Notice how the other sharks are confirming my value #Shark Tank." (Tweeting is a big part of the "Shark Tank" show.)PowerPot is being marketed toward campers, but it earned Cuban's investment when the founders talked about selling it to developing countries like Uganda. That's a potentially huge market for the device where local villagers in test markets are using it to light their huts.
Business Inside's Dylan Love tested the $149 PowerPot and it worked well. He wrote:
"The model we tested generates 5 watts of electricity, which means it'll charge your iPhone twice as fast as connecting it to your computer over USB. There's also a 10-watt model for those who want to be extra-prepared."
Here's a video of the PowerPot in action, being pitched on Shark Tank.
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