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The Biggest Shark Tank Failure – The Biggest Deal Ever Made With icapsulate On Australian Shark Tank Actually Never Went Through.

If you watched the 24 February 2017 episode of the Australian Shark Tank which is arguably the most popular reality TV shows, you must be familiar with icapsulate which is a Coffee pod manufacturer brand name. The CEO of icapsulate was able to score the biggest deal in the history of Shark Tank according. The deal was supposed to be worth $2.5 billion in return for 22.5 per cent of the company’s stock.

If you don’t know what Shark Take is all about, then let us tell you that it is a reality show which lets entrepreneurs pitch their innovative entrepreneurial ideas, projects and products to a panel of successful businessmen and investors with the goal of securing an investment deal. iCapsulate founder Kane Bodiam appeared in the third season of this popular entrepreneurial TV show in 2017. And here is what happened when he pitched.

What happened during the Shark Tank pitch?.

Icapsulate CEO Kane Bodiam puts forth a complete business proposal for sharks to demand a huge investment of 2.5 million dollars in exchange for 15% of the company’s share. As usual, the sharks are struck by this proposal as if it was the largest deal with shark tanks. He sweetened the pod during the pitch by saying that his firm icapsulate will generate around 35 million pods each year. He also said that he has agreements with major coffee shops and suppliers in Australia and New Zealand. By the end of only a year and a half, he claims to have 37.5 million AUD sales. His pitch impressed the jury members.

Kane had two options to select from and he decided to go with the Shark Andrew Banks. They agreed on a mutual agreement of 2.5 million dollars for 22.5% of the company.

What happened to icapsulate after Shark Tank?.

Nearly a year later, Banks said the agreement with iCapsulate was concluded because what the company claims about its biodegradable capsules is not accurate. Bodiam ensured on his Facebook and LinkedIn profiles that Mad Coffee Capsules is up and running. Judge Richard White determined that this declaration was misleading. Bodiam contradicted the words of Banks, stating that his assertions were “essentially incorrect,” and that there were all biodegradable certificates of the coffee pods. He added that it was an internal decision of the corporation not to proceed with the agreement. Andrew Banks step out of the contract that was made on the TV show after this incident and said that he is not going to risk that.