Additional Coverage:
- ‘Shark Tank’ takes a wild turn as Lori Greiner snatches major deal from Kevin O’Leary’s hands (marketrealist.com)
Shark Tank Drama: Lori Greiner Steals Deal from Kevin O’Leary
Entrepreneurs on “Shark Tank” face tough investors, but sometimes the sharks turn on each other. In a dramatic turn of events, Lori Greiner snatched a promising deal right out of Kevin O’Leary’s grasp, prompting Mark Cuban to remark, “That’s why they call it the Shark Tank.”
The company at the center of this feeding frenzy was Fish Fixe, a premium seafood delivery service. Founders Emily Castro and Melissa Harrington pitched their business, seeking $200,000 for a 15% stake. They highlighted the fact that many Americans don’t eat enough seafood due to concerns about purchasing, handling, and cooking it.
While the sharks were impressed with the product and sales figures, Fish Fixe’s shipping costs posed a problem. Subsidized shipping during the pandemic had expanded their customer base, but maintaining profitability while shipping nationwide was a concern. Robert Herjavec and Mark Cuban both declined to invest, citing logistical and cost-related challenges.
Kevin O’Leary, however, saw potential. He offered $200,000, but demanded a 33% stake – more than double what the entrepreneurs initially offered. Even after negotiations, O’Leary wouldn’t budge from 25%.
That’s when Lori Greiner stepped in. She offered Castro and Harrington the desired $200,000 for 25%, effectively stealing the deal from O’Leary. The entrepreneurs happily accepted.
Despite a later distribution hiccup, Fish Fixe has thrived since appearing on “Shark Tank.” Harrington believes Greiner’s investment was driven by her belief in the founders, stating, “Lori will say over and over again that she picks people.”