Seb Langton pitched his custom van conversion company Vannable on Shark Tank, asking $300,000 for 5% equity after hitting $2.7M in sales in two years. Investor Sabri Suby offered a deal with royalty and equity, but Seb turned it down.
In the first two years of business, organically, we've been able to achieve more than 2.7 million in sales. We're projected to do more than 4 million in revenue next year. Hi, Sharks. My name's Seb Langton and I'm the founder of Vannable, one of Australia's leading custom van conversion companies. I'm here today seeking? 300,000 for a 5% stake in my business. How much does it cost? So something like this would be around $60,000.
$60,000 for the fit out?
That's correct.
So if I could buy a tiny house. About that, Seb, once I went in and sat in there, I was blown away. I know that I can help you blow up. I work with Australia's number one home builder. I know this market. I know what I can do for your business. My offer would be for all of the money. I would want a 5% royalty of top line revenue, 20% of the business. However, once you repay back my investment, that equity will go down to 15%.
At this stage, I'm pretty fixed on the valuation. I know what my business is worth. I'm going to have to say no, thank you.
