Kardashian-approved glam photo booth dazzles ‘Shark Tank’ — even Robert Herjavec had it at his wedding
Sean Spencer and Ryan Glenn came to ‘Shark Tank’ with their “high fashion” photo booth, Mirmir. This was during season 8 of the ABC show. In case you haven't figured it out yet, Mirmir is short for "Mirror Mirror." Interestingly, the product gained notoriety due to the Kardashians, according to Shark Tank Blog. This product in question was apparently at almost every Kardashian party.
Talking about the superstars, the product even gained its prominence through Kardashian’s social following. Mirmir became an in-demand service with very little marketing effort. When Spencer and Glenn set foot on ‘Shark Tank,’ they were seeking $350,000 for a 10% stake in their business. The two briefly explained their product and asked the Sharks to test the product themselves. The judges came to the booth one by one and enjoyed it for a long time. After they went on to take their seats, Robert Herjavec said he had one of the booths at his wedding. The Shark also mentioned that the picture quality was great at the booth.
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Next was Mark Cuban, who said there was nothing proprietary and that the company was just the “hot new brand” in the space. Talking about numbers, the two contestants mentioned that for the first three years, their revenue was $4 million. The business back then had nine machines in New York, as well as in Los Angeles. They charged $2,750 for a few hours. The entrepreneurs then continued that, in case you wanted an assistant and full social media exposure, the client would have to pay $3,650. Per machine, the cost was $22,000.
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They were expecting an investment from a Shark to buy more machines for the events, and were planning to place the machines in fixed locations. Cuban didn't like the fixed location idea or the fact that this isn’t proprietary, according to Shark Tank Blog. He bowed out. Daymond John loved the concept that the duo had come up with. However, he felt that the technology is moving fast each day and that it could pass by Mirmir soon, opting out as well.
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Lori Greiner also didn't like the fixed location idea, opting out of investing in the company. Kevin O’Leary offered a loan to the owners of the company. Mr. Wonderful was planning to give $350,000 as a loan at 18% interest for 5% equity. Herjavec then came forth, saying that he likes the business and wanted a 50% stake. Spencer and Glenn then stated that the most they could go forward was with 20%. Herjavec then came up with another offer: $700,000 for 20% equity, and the founders accepted the deal. Unfortunately, according to Shark Tank Blog, the deal between Herjavec and the owner of Mirmir was never closed. However, they reportedly went on to partner with the Oscars and Golden Globe Awards. The company generated an annual revenue of $24 million as of early 2023.