Singtrix hits Shark tank with a huge ask for one-million-five-hundred thousand dollars for only five percent equity. They have built an incredible Karaoke machine, and are also the creators of Guitar Hero.
Singtrix is by the guys who created Guitar Hero
Singtrix has produced sales of one-million-two-hundred-thousand dollars for four thousand units in the last six months. The cost to make their machine is $150 and wholesales for $265. They are anticipating 30,000 units this year.
John and Eric have people offering money at thirty million. They want to get involved with people who will make them better.
Singtrix comes with over 300 live vocal effects, control options for beginner to the professional. The ability to fine-tune the vocals, sing in harmony or with choir mode. Morphs your voice to practically any tone you want, and offers Delays and Reverbs.
Singtrix Karaoke is genuinely revolutionary and is on Shark Tank seeking an investment from the Sharks. The product is by the same people who created Guitar Hero. Pro quality sound with wild sound effects.
The ultimate test is me singing into a Singtrix machine. If it makes me sound, good the Karaoke machine has to be great. This Karaoke machine will work with your MP3 library and connects with free Youtube Karaoke videos.
Season: 6 Episode 607
First Run: 10/31/2014
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
Entrepreneurs: Eric Berkowitz and John Decka
Ask: $1,500,000k for 5% equity
Deal: No Deal
What do the Shark Tank Investors say about Singtrix?
Mark Cuban thinks their product will take a boatload of money to get this going. He's out.
Kevin O'Leary makes them an offer. One million five hundred thousand dollars for a 50% stake until he gets his money back, and then the equity drops to a ten percent stake and a royalty of $2.50 per unit.
Robert Herjavec makes an offer for one million five hundred thousand dollars for twenty percent.
Lori Greiner offers one million five hundred thousand dollars for thirty percent equity until the investment pays back then the equity drops to fifteen percent and a royalty of $2.50 a unit. Kevin O'Leary joins the deal.
Daymond John offers one million five hundred thousand dollars for twenty-five percent plus he will finance their orders going forward. He is underwritten by Samsung so he can manufacture the product.
They come back and raise their equity to seven percent, and all the Sharks go out when they hear their counter.
Singtrix after Shark Tank
Singtrix appears on not only Shark Tank, but Ellen's Favorites, The Today Show, and other network shows.
Buy Singtrix on Amazon with free shipping