Mark Cuban snatches ‘Shark Tank’ deal from Kevin O’Leary — only to see it fall apart in an awkward twist
'Shark Tank' investors can be really competitive when it comes to a good business deal. During an episode of 'Shark Tank' Season 9, Alexander Simone introduced the esteemed Sharks to ProntoBev, a device that chills wine in just 30 seconds without diluting it. In the episode, Simone was seeking $100,000 in exchange for 5% of his wine-chiller company. Following his impressive pitch, Simone received two offers on the table, from Mark Cuban and Kevin O'Leary. Then, Cuban pulled all the stops to snatch the deal from Mr. Wonderful, and he eventually managed to do so, as in the end, Simone accepted his offer.
During his pitch, Simone said, "Sharks, my invention solves a problem that millions of wine lovers all over the world face every day. Wine lovers love their wine shield; they also love their wine in the moment, but the best spontaneous beverage ironically requires the most preparation and foresight. That's why I invented ProntoBev. Behold the world's fastest wine chiller. As soon as you pour any bottle into the ProntoBev, the wine-grade stainless steel interior jump-starts a rapid heat transfer process."
View this post on Instagram
Simone further added, "Wine experts recommend that each variety of wine be chilled to its own specific temperature, which truly unlocks the flavors within. ProntoBev's built-in thermometer monitors your wine, so you get that perfect temperature every single time. ProntoBev can chill a bottle up to 20 degrees in just 30 seconds. Before ProntoBev, the only way to choose from your wine collection and enjoy it immediately was to own a wine refrigerator. Well, there we have it, perfectly chilled wine."
View this post on Instagram
When asked about the sales, Simone shared, "So we just finished our IndieGoGo crowdfunding campaign yesterday, and we raised $54,000. On Crowdfunding, it's $89; when we're actually selling it, we'll sell it for $129. It cost us $22 to make." Because the company had no substantial sales, the Sharks weren't interested in ProntoBev. Daymond John was the first Shark to back out as he wasn't happy with the valuation. Soon after, Cuban also followed in John's footsteps, and he dropped out. Speaking of Robert Herjavec, he felt it was too soon for him to invest in ProntoBev, and he went out too. Eventually, Lori Greiner also backed out.
View this post on Instagram
On the other hand, O'Leary saw the potential in ProntoBev, and he made an offer of $100,000 for 50% equity. Shortly afterward, Simone asked O'Leary if he was willing to lower his equity to 20% which O'Leary declined. According to Market Realist, Cuban jumped in and said, "Give him $200,000 or 250,000. Give him the extra $100,000, if you want 50%. You know, he owes less than 50%. It's not his company anymore," to which O'Leary replied, "Well, cry me a river, Mark." Annoyed by O'Leary's greed, Cuban entered the chat again and asked Simone about his next product, a martini chiller, and offered him $100,000 for 25% equity, contingent on raising the additional $100,000. Without wasting any time, Simone accepted Cuban's offer. As per Shark Tank Recap, Simone's deal with Cuban never materialized.
