Additional Coverage:
- ‘Shark Tank’ contestant goes down on one knee to win over investors — walks away with $600,000 deal (marketrealist.com)
A “Shark Tank” contestant pulled out all the stops, even taking a knee, to secure a $600,000 investment from guest Shark Daniel Lubetzky. Krish Himmatramka, founder of Do Amore, a company crafting ethically sourced diamond jewelry, made a passionate pitch for his business, which also funds clean water initiatives in developing countries.
Himmatramka entered the Tank seeking $600,000 for a 10% stake in his company. He highlighted Do Amore’s dual mission: using ethically sourced materials for engagement rings and providing clean water access.
He explained that customers can track their donation’s impact through the company website. Do Amore’s impressive financials, with $8.3 million in sales the previous year and a projected $11 million for the current year, further bolstered his pitch.
Despite the strong presentation, some Sharks remained unconvinced. Mark Cuban and Barbara Corcoran bowed out, citing concerns about market competition and a lack of personal connection to the sector, respectively. Daniel Lubetzky initially expressed reservations, but Himmatramka’s dedication clearly left an impression.
Kevin O’Leary, ever the shrewd negotiator, offered $600,000 with a royalty component, effectively lowering the equity stake. Lori Greiner subsequently withdrew, deeming O’Leary’s offer superior to her own potential investment.
However, the dramatic turning point came when Lubetzky re-entered the fray, offering $600,000 for 15% equity – and dramatically dropping to one knee to emphasize his commitment. After a brief negotiation, Himmatramka accepted Lubetzky’s offer, which included a charitable donation of 3% of Lubetzky’s profits.
Do Amore continues to thrive, having expanded its product line since appearing on “Shark Tank”.