Shark Tank Season 6 Episode 620 features Keen Home, one of INC Magazines Coolest College Startups. They are seeking an investment from the Sharks to scale their business.
Keen Home Vents controlled by Smart Phone
The Keen vent connects to the Internet to control where your heating and cooling needs are in an individual room.
The Keen home would work great in my previous house. That home needed zoned heating and cooling but did not have it. Having the keen system could act as a zoned heating and cooling system.
Keen home vents are $80 each. They invested $50,000 of their own money, and they raised $120 in the Tech Star Accelerator program and then closed a seed round of $1.5 million at post money around five-million dollars.
They have presold 35,000 units to Lowes, and they can still sell online, independents and business to business.
Company: Keen Home
Entrepreneurs: Ryan Fant and Nayeem Hussain
From: New York City, New York
Ask: $750,000 for 10% equity
Companies in this episode: LuminAID, Scholly, Taaluma Totes
Season: Season 6 Episode 620
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 02/20/15
Deal: Robert Herjavec for $750,000 for 13% equity
What do the Shark Tank Investors say about Keen Home
Mark Cuban sees this as a feature of the automated home, not a product. You have an opportunity, but not a cure so, he is out.
Daymond John offers $750,000 for 25%, but he wants to manufacture the goods to see if he can make money on that side. He wants to go into commercial properties such as hotels. Daymond drops his deal down to 20% equity.
Kevin O'Leary does not like the valuation, so he makes an offer for $750,000 for 25% equity placing a value of about $3 million. Kevin Changes his deal, offering them a debt deal, giving them $750,000 for 36 months at 8.5% plus 10% equity, and eliminates the down round.
Lori Greiner is a little confused with what they are offering, and she thinks they are going to have difficulty explaining what it is in a retail store. She is out. Lori offers to go in with Kevin, and he accepts Lori in on the deal.
Robert Herjavec agrees with Kevin that the value is about $3 million. Robert decides to make them an offer. He offers $750,000 got 20% equity. Robert drops his deal to $750,000 for 13% equity.
Keen Home after Shark Tank
Keen Home has a Shark Tank update. Robert closed the deal with Keen home, and the focus is on the Zoning of heating and cooling. They have $1.6 million in sales in just one year after the episode aired. They add air purification and order eliminators to their vents. I love the product.
Keen Home zoned vents and other products are available on Amazon.
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