Why didn't Boona get a deal? Kevin O'Leary pulls out on $400K offer after Mark Cuban calls 'Shark Tank' deal 'red flag'
LOS ANGELES, CALIFORNIA: Boona, featured on the 15th episode of the 15th season of 'Shark Tank,' unveiled an innovative product designed to transform the shower experience into a relaxing routine. Despite initially receiving an offer from Kevin O'Leary, a delayed response ultimately led to the loss of the deal.
Brett Skaloud and Jeff Feiereisen came into the Tank looking for $400K for 4% of their firm, Boona. After all the Sharks refused to make a deal, Kevin gave them two offers to choose from.
One offer was $400K for a 10% stake with a royalty of $40 per unit sold until $1.2 million is paid. The second offer was $400K for a 33.3% stake.
They countered with $600K for 20% which ticked off Mark Cuban. "Why you would do it to try to entice him," he asked Boona founders.
"That's the only red flag that I've seen." Mark is certain that they'd be making big bucks the following year without having to give up 20% of their company.
Kevin was infuriated by all the "squawking" around him and no other offer on the table. As the Boona founders try to reason with Mark, a "bored" Kevin swiftly pulls out on both his offers, claiming the entrepreneurs are indecisive having left his offers hanging.
What is the cost of Boona?
Boona's unique Tandem Shower is readily accessible for purchase on the company's official website as well as through the prominent online marketplace Amazon.
Priced at $299, the Tandem Shower comes in three stunning colors: King Krome, Midnight Black, and Retro Miami. For those in need of a single showerhead, it is also offered separately at $249.
Where can you buy Boona?
Anyone interested in learning more about the Boona Tandem Shower should visit the company's website, boona.com. There is now a 'Shark Tank' deal that offers $50 off if a person provides their email address.
Who founded Boona?
Brett worked as a hardware design engineer at Amazon for almost seven years, while Jeff was an engineering manager for four years. They worked on a variety of initiatives at Amazon, including Go, Scout, and Explore, among others.
The challenge of addressing difficult tasks with cutting-edge technology spurred their desire for innovation. Jeff and Brett had a casual talk about their bathing experiences.
Jeff acknowledged his enjoyment of showering with his spouse but admitted to feeling terrible about using up all the warm water. On the other hand, Brett found himself standing in the cold while his companion enjoyed the warmth.
Brett revealed that he was contemplating a bathroom makeover, and his partner suggested installing two shower heads. However, the whole cost of the project was daunting, prompting them to brainstorm for a solution.
In their quest to address the recurring issue of showering with a partner, Jeff and Brett began searching for existing solutions but were surprised to find none that met their specific needs. Motivated by the market gap, they set out to create their answer.
The two began creating a prototype for a shower with two shower heads that could be simply installed as a do-it-yourself (DIY) project. This initiative led to the creation of a crowdfunding page on Kickstarter and the eventual establishment of Boona in 2021.
For those who missed the episode, it will be available on demand the following day and on Hulu. Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.
'Shark Tank' Season 15 airs on Fridays on ABC at 8 pm ET.