Home
Posts

Shark Tank: Prime 6 Accepts $200,000 From Kevin O’Leary

3 minute read

andreas160578 / Pixabay

Husband and wife duo, Oron and Riki Franco, have developed a cleaner, eco-friendly way to cook outdoors using their innovative charcoal, Prime 6. By repurposing sawdust, Prime 6 is compressed and formed into a hexagonal shape that allows heat to evenly distribute throughout the grill, burning longer and hotter than traditional charcoal. This 100% natural and sustainable product is also lightweight and can be reused until it is completely consumed. Because it is self-consuming, when Prime 6 is fully spent, it leaves behind low to no ash. Another major benefit of this new-and-improved charcoal is that it does not contain any harmful chemicals that burn off during cooking. The compressed sawdust is simply carbonized and ready to use.

Oron and Riki came to the Shark Tank in hopes of securing a business partner who will invest $200,000 in exchange for 10% equity in Prime 6. The Sharks are very impressed with the product and like that it is competitively priced and already in major stores like Walmart. They also like that they have done the patent leg work so that their product can not be replicated and knock them out of the market. Just a year ago, Oron and Riki were selling their product out of their cars and cold calling every story they could find. Now, over the last 3 months alone they have sold over $300,000 in Prime 6 charcoal and just received another six-figure purchase order from Lowes. The Sharks love their drive and persistence as well as their “buy one, plant one” social mission. For every bag of charcoal they sell, Prime 6 plants a tree.

See Also :

    Although the Sharks are really impressed with the products, several of them have a competitive company so they do not feel comfortable investing in Prime 6. In what turns out to be a tough decision for Riki and Oron, both Kevin O’Leary and Daymond John extend them the exact same offer. Both Sharks are willing to invest $200,000 in exchange for 25% equity. They decide to accept Kevin’s offer because he shares their vision of helping them grow in their direct-to-consumer business since the retail market is very volatile right now. Excited to ramp up their direct business, Prime 6 is excited to partner with Kevin O’Leary.

    If you were Oron and Riki, which Shark would you have picked? Do you think this was a wise investment for Kevin? If you were a Shark, would you have invested in Prime 6? Start the conversation int eh comments below!


    Post a Comment