Cuddletunes Shark Tank Pitch
Mike Robinson is the CEO of Cuddletunes. He is a business traveler for the past 20 years. It takes a tole on the distance between children and grandchildren. The bear has a recorder inside that he can send his voice to the child anywhere anytime.
You can log into the website anywhere in the world and send your message to the bear.
Mike invested $500,000 over three years, and implies that he has $500,000 of his own time invested in the company. He is asked about sales, and he responds that if you don't mind I would like to come back to that?
Cuddletunes brought in $90,000 using Living Social and Groupon to get the sales, which is significantly discounted. The bear itself is $39.99 and the total bundle is $59, but he sold it with the Groupon at half off. That left 20% margin.
Cuddletunes Episode Data
- Company: Cuddletunes –Website
- Entrepreneur: Mike Robinson
- Ask: $400,000 for 20% equity
- Episode Season 4 Episode 414
- Companies in this episode:
- Bibbitec
- SoundBender
- Cuddletunes
- Xero Shoes
- Cousins Maine Lobster – Featured Update
- Sharks:
- First Aired: 01/13/2013
- Deal: No Deal
What do the Shark Tank Investors say about Cuddletunes?
- Mark Cuban – doesn't see anything unique and the ability to record to the cloud is unique, he is out.
- Daymond John – says if he invested in this he would sleep like a baby, waking up every two hours asking for his mommy and saying where is money. He is out.
- Kevin O'Leary – says what's missing in the presentation is you don't know what your customer acquisition cost is going to be in a sustained model. He is out.
- Barbara Corcoran – said her father recorded his songs when he wasn't at home and the kids reacted negatively to it. She doesn't think this is going to work so she is out.
- Robert Herjavec – doesn't think being able to update is that big of a deal. He is out.
Cuddletunes after Shark Tank
The Cuddletunes Facebook fan page has not been updated in years, the website timed out when I clicked on the Buy now, and the product is not offered on Amazon anymore.