Kymera Accepts $500,000 From Robert Herjavec
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Jason Woods is no stranger to the Shark Tank. On a previous season, Jason came to the Sharks to pitch his company, Kymera, but left without an offer from the Sharks. They did, however, give Jason advice for how to improve his business to make it a more attractive investment in the future. Jason took the Sharks advice to heart and immediately began to implement their suggested changes to Kymera. Jason quit his full-time job to invest his time in the business. He also found someone to help him run the company as the Sharks suggested. Adam Majewski joined the company to help oversee operations.
Coming into the tank a second time takes guts. Welcome back, can’t wait to see this pitch! #SharkTank
— Daymond John (@TheSharkDaymond) April 29, 2019
Kymera took the prototype product that had previously been introduced to the Sharks and made it into an actual all-electric, jet-propelled bodyboard product. Not only did they make that one product a reality, but they also utilized their drive train and put it into other hydroelectric products like kayaks and surfboards. These products allow users to paddle when they want and utilize the jet-propelled feature to ride when they don’t feel up to paddling.
Who’s ready to propel themselves forward with these bodyboards? #SharkTank #Kymera ️
— Shark Tank (@ABCSharkTank) April 29, 2019
Since making many improvements, their electric motorsports business has been booming and they currently have a backlog of work. They have raised $625,000 through a variety of investment groups but Kymera is still seeking a $250,000 investment from the Sharks in exchange for a 5% equity share in their company. The Sharks are concerned that the margins on the product are not good, but they are encouraged that Kymera has recently signed a contract with one of the largest boat manufacturers. Kymera feels secure in their sales and distribution, but they need an investment from a Shark to assist with inventory.
Three Sharks offer Kymera an investment this time around. The first Shark to extend an offer is Kevin O’Leary. He offers Jason and Adam $250,000 for a 5% share, but would also like a royalty of $500 per board until he gets $750,000 back. Daymond John offers Kymera $250,000 for 10% and will handle and deal with licensing and help them to scale their business. The final Shark to make an offer is Robert Herjavec. He likes the product and the company’s resilience. He offers Jason and Adam $ 500,000 for 10% equity because he feels that they will need more money to actually get themselves established with inventory and scaling. They accept Robert’s offer.
Another deal has been made in the #SharkTank. Congrats @robertherjavec pic.twitter.com/8cP1BY9cTq
— Shark Tank (@ABCSharkTank) April 29, 2019
Great to see an entrepreneur who didn’t let failure stop him from achieving his dream #sharktank
— Robert Herjavec (@robertherjavec) April 29, 2019
That definitely takes a lot of guts to come back in here & face the sharks again. #SharkTank @ABCSharkTank
— Lori Greiner (@LoriGreiner) April 29, 2019
Do you think that Kymera made a good decision by selecting Robert as their Shark Tank investor? Would you purchase this product? Sound off in the comments below!
For a full summary of this episode, check out this article. Shark Tank airs on Sundays at 10:00 PM EST.
