Two Australian entrepreneurs have secured an impressive $250,000 investment on Channel 10’s Shark Tank Australia this week.
Sydney mother Lou Rice and her partner Ben Stainlay wowed the judges with their unique invention – a device for Kindle users.
The accessory, called a ‘Strapsicle’, retails for $22.95 and allows users to secure a Kindle device to one hand for comfort.
It is particularly useful for users who like to read in bed.
Rice and Stainlay debuted the product on Shark Tank Australia this week, and impressed judges, Oodie founder Davie Fogarty and US Shark Tank veteran Robert Herjavec, so much that they put in a total of $250,000 for a 22.5 per cent of the business.
Rice and Stainley, who share a three-year-old son, Archie, launched the product in 2022 on a $10,000 investment.
The business is now valued at a whopping $2.5million after selling more than $200,000 worth of straps in its first year.
Success continued in its second year, with the product earning $1.5million in sales.
Two Australian entrepreneurs have scored an impressive investment on Channel 10’s Shark Tank Australia this week. Sydney mother Lou Rice and her partner Ben Stainlay wowed the judges with their unique invention – a safety device for Kindle users
Rice and Stainlay debuted the product on Shark Tank Australia this week
A huge fan of Shark Tank, Rice said the couple went on the reality show seeking a $250,000 to further build their brand.
‘It was pretty surreal to see four of the sharks fighting it out for a stake in the business,’ Rice said.
‘We didn’t ever anticipate that was going to happen. But we had agreed that we really wanted Davie and Robert to invest, so we were so happy when we turned around to see they had agreed to partner up for us.’
It comes after Rice revealed that the device originated with a mishap with her son nearly three years ago.
The Strapsicle retails for $22.95 and allows users to secure a Kindle device to one hand in comfort. It is particularly useful for users who like to read in bed
In May, Rice said she was trying to read her Kindle while breastfeeding her then new born boy when she dropped the device on his head.
‘Archie was feeding and I just sort of found myself dozing off but woke to him crying,’ she told News.com.
Fortunately her baby was unscathed, and Rice was left with an idea for a new kind of product.
According to the entrepreneurs, the brand has reached 100,000 customers globally and has attracted an astonishing 40 million views via their social media.
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