'Shark Tank' contestant calls his mom for advice before closing $150,000 deal with two judges
"Shark Tank" has featured several entrepreneurs who launch a business with their parents or a sibling. While they collaborate on pitching their products, it's rare to see someone call their parents before accepting an offer, the way the founder of Card.io decided to call in his mother for help. The 26-year-old contestant, Destin George Bell, was on the verge of closing a multi-Shark deal with Daymond John and guest Shark Rashaun Williams, but he wasn't too sure if he wanted to give up 15% of his company. That's when he called his mom to the stage, who gave him the confidence to close the $150,000 deal.
In the episode, Bell entered the Tank seeking $150,000 for 5% equity in his company. In his presentation, he pitched his fitness app, Card.io, that transforms the usual cardio exercises into a competitive game for users. Bell showed how the app worked with a live demo for the investors. He explained that the users can run, walk, or bike around the city to mark their territory and turn their daily exercise into a real-time social activity by battling other players.
When it came to the numbers, Bell shared that the app's ‘freemium’ model already had acquired 22,000 users across 70 countries. He said that the platform had a 34% 30-day retention rate, and was generating about $4,000 per month revenue from its $25 premium subscription. He added that the brand had raised $470,000, including grants from the creators of Pokémon GO. He further impressed the Sharks by claiming to have partnerships with big organizations like the Cleveland Marathons, the Road Runners Club of America, and more. Furthermore, his app could seamlessly integrate with fitness platforms.
Even though Bell managed to impress the panel with his dynamic presentation, not all Sharks were keen on making a deal. A few quickly dropped out, including Lori Greiner and Mark Cuban, who felt they weren't the right partners for Bell. Next to pass was Kevin O'Leary, who said he didn't have enough data on the user base to justify the investment.
However, the other two judges, Williams, a renowned venture capitalist and minority owner of the NFL’s Atlanta Falcons, and John, were both interested in making a deal. “I love your energy. I did the same thing. I just did it with a phone. Forty years ago, I made 50 calls a day for six months, until people picked up," John said, relating to Bell's cold call strategy. The two of them paired up to offer $150,000, but for 15% equity. Bell countered with 10% and the Sharks straight up refused. The entrepreneur then asked if he could talk to his mom, and the Sharks asked him to bring her into the Tank.
Bell then brought his mom onto the stage, and Williams jokingly asked her to talk some sense into him. The young entrepreneur turned to her for advice, and she encouraged him to go for the deal. Bell finally opened his arms and welcomed the two Sharks as his new partners.
According to the Shark Tank Blog, Card.io gained a lot of buzz after the episode aired. As it went viral on social media, the app expanded its user base, and as of 2024, the company was valued at $1.46 million, according to the publication.
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