Shark Tank’s sweet smell of success for Bermudian brothers
Two Bermudian brothers received a $200,000 investment in their car air freshener business on the hit ABC television show Shark Tank.
Trey and Donovan Brown, sons of former premier Ewart Brown and Priscilla Murray Brown, signed off on a $200,000 investment into Ride Frsh from Barbara Corcoran, a bestselling author and billionaire commercial real estate mogul, in exchange for 20 per cent equity in the company.
Donovan Brown told the show after the agreement: “I think Barbara saw two entrepreneurs with grit, grind and tenacity who are already trending upwards with these major retailers and wholesalers with these deals that Trey has been able to secure.
“Having Barbara on board is going to mean having more resources and more ability to scale this business all the way to the top.”
The brothers, who live in Los Angeles, launched Ride Frsh in 2018 and had already secured contracts with both the NBA and Viacom Media – the company behind the Nickelodeon channel among others – to produce air fresheners with the company’s designs.
On Friday’s episode of the hit reality business show, Ms Corcoran made the offer after the show’s other “sharks” – Mark Cuban, Robert Herjavec, Kevin O’Leary and Lori Greiner – turned down the entrepreneur’s original pitch of $200,000 in exchange for 5 per cent equity.
While the brothers told the would-be investors that air fresheners were a largely untapped market, and the products would bring culture and style to the market, Mr Cuban – the owner of the Dallas Mavericks – immediately turned the deal down because the brothers had taken a light-hearted jab at the team during their presentation.
Other investors questioned the company’s subscription model and profitability before Ms Corcoran offered to invest the $200,000 in exchange for a quarter of the company before agreeing to a compromise of 20 per cent.
Ride Frsh products are not yet available in Bermuda, but the company is looking for a young entrepreneur who would like to distribute the product on the island.