MEAWW.COM / ENTERTAINMENT / TV

This 26-year-old emailed a CEO over 500 times to get $150K — now his startup is backed by ‘Shark Tank’ stars

Mark Cuban was impressed by the young entrepreneur’s relentless hustle but ultimately decided not to invest

This entrepreneur’s idea gets Mark Cuban’s approval! 26-year-old Destin Bell came on the ‘Shark Tank’ stage and admitted that he was “broke as a joke” before starting his company Card.io. Bell revealed that he was inspired by Niantic, a company that created Pokémon Go and sponsors a Black Developers Initiative that supports Black game developers. Bell decided to pitch his business idea to Niantic but got rejected. However, the young and enthusiastic entrepreneur wasn’t let down by the rejection. He cold-emailed the company’s CEO once per week for three months straight. The idea worked, and Bell ended up securing $150,000 in pre-revenue funds.

“That’s brilliant, and I hate you, because now everybody out there is going to send us 600 emails a week,” said Mark Cuban, listening to Bell’s idea. Thanks to the funding, the entrepreneur could kick-start his business $4000 monthly revenue and customers in 70 countries. He came on ‘Shark Tank’ seeking more funds and guidance to further boost his business and profits. He asked for $150,000 in exchange for 5% of his company. The Card.io app is a social game that allows users to compete for turf in their city by walking, running, or biking. The “turf war” not only helps the user get fit but also engages them in a fun group activity.

The young CEO explained that other apps are usually goal-oriented and incorporate performance-based running. Whereas Card.io also includes “social gamification and dynamicism,” similar to a live version of a sports game. Lori Greiner opted out of the deal because none of the aspects were in her wheelhouse, be it running or gaming. Although Cuban was impressed by Bell’s determination and the way he got his first investment, he decided to back out of the deal. He couldn’t see a way he could help Bell scale the business and decided not to invest for that reason.

“Your 4K is it's the beginning of proof of concept. I don't think there's enough data for me to pull the trigger on this. Interesting presentation, but I'm out,” Kevin O’Leary said. With three ‘Sharks’ out of the deal, Bell had fewer options left. Until Daymond John and guest investor Rashaun Williams, a venture capitalist, decided to team up and give Bell’s idea a shot! They matched the fund, but in exchange for 15% equity in his company instead of 5%. Bell countered with 10% but the ‘Sharks’ said their deal was non-negotiable.

Bell requested to bring his mother on stage to take her advice, and she encouraged him to accept the offer. And that’s how the deal was done! Bell has been a long-time viewer of the show and dreamed of being a part of it, as per CNBC Make It. He revealed that it was his mother who encouraged him to watch the show when he was 10, to help fix his lisp and stutter. “I told my mom, ‘We’re going to be on this show one day, Mom, and I’m going to bring you,’” he added.