'Shark Tank': Why Kevin O'Leary invested $100,000 in BatBnB 'bat houses' for mosquito control (via CNBCMakeIt)
The co-founders launched on a crowdfunding campaign to get started. In less than a year the company had done $135,000 in revenue, according to the co-founders. The entrepreneurs said they believed there was high-growth potential in the public sector, where counties spend tons of money on pest control.
Not all of the sharks were convinced. Robert Herjavec saw it as a hobby market and passed, while Mark Cuban didn't think the business would be big enough to be worth his time. Daymond John said he had bats on his properties and hadn't noticed improvements with mosquitoes, and bats just plain freak out Lori Greiner.
But O'Leary was on-board. "I on the other hand have a lot of passion for bats, because they're so misunderstood over the ages, " he said. While the entrepreneurs were seeking $100,000 for a 16% stake in the business, O'Leary offered $100,000 for a 33.3% stake. The entrepreneurs countered with a 25% stake, but O'Leary did not budge. The entrepreneurs accepted O'Leary's offer.
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