Ming pitches Merv Scooter on Shark Tank, asking $250,000 for 1.8% equity. The company uses 21700 battery cells (an Australian first), sells models at $700 and $4,000, and projects $5.5 million revenue this year. One judge exits over the valuation.
Merv Scooter
$12.5 million
5.5 million
21700 battery cells
$700
You're valuing your company of $12.5 million.
This year we expecting to have 5.5 millions. My name is Ming. Today I'm presenting my company, Merv Scooter to you. Electric vehicle is the future of transportation. It could bring you out of congestions during peak hours. No more parking fees.
Tell us a little bit about how these are different from all the existing E scooters that are on the market right now.
Of course. So first of all, MIRV is very innovative. We were the first one who adapted the 21700 battery cells in an E scooter in Australia.
What do they cost?
We're selling this one for $700.
And your selling price for the big.
One, that would be $4,000.
Let's not move on from that valuation because you're asking for $250,000 for 1.8%. That is one crazy valuation. When I look at this product and I look at what is out there on the market, these do look very close to the other ones. So when I think about being in the shoes of the consumer, it becomes very, very difficult to try and convince that consumer of the value proposition that we have in front of us. So for those reasons, I'm out.
