Additional Coverage:
- Robert Herjavec recognizes ‘Shark Tank’ contestants from his wedding and give them a massive deal (marketrealist.com)
“Shark Tank” investor Robert Herjavec surprised entrepreneurs Sean Spencer and Ryan Glenn with a massive $700,000 deal for their high-quality photo booth company, Mirmir, after recognizing them from his own wedding.
Spencer and Glenn entered the Tank seeking $350,000 for a 10% stake in their business. After the Sharks tested the photo booth, Herjavec revealed a personal connection, recalling how impressed he was with the photos from his wedding, where Mirmir had been hired.
While the company’s $4 million in sales over three years and impressive product caught Herjavec’s eye, other Sharks were hesitant. Mark Cuban and Lori Greiner declined to invest, while Daymond John expressed concern about the rapidly changing photography market. Kevin O’Leary offered a $350,000 loan at 18% interest for 5% equity, a deal the entrepreneurs found less than appealing.
Herjavec then surprised everyone by offering $700,000 for 20% of Mirmir. He explained that 10% equity was simply not enough for a company with such potential. The entrepreneurs happily accepted.
Adding a touch of drama to the episode, Spencer and Glenn’s pitch included a playful jab at Cuban’s appearance. While intended as a joke, some viewers felt Cuban’s reaction suggested he didn’t appreciate the humor. Online comments buzzed with speculation about Cuban’s response, with some suggesting he was overly sensitive.