Canadian investor Robert Herjavec made a record-breaking investment on Shark Tank Australia on Tuesday evening.
Herjavec, 61, who joined the Channel 10 reality show this year, extended a lifeline to laundry business CEO Susan Toft.
The offer came after the other four ‘sharks’ chose not to invest in her company.
Susan was seeking a $750,000 investment in exchange for a 10 percent stake in her business Laundry Lady, which she started in 2020.
As a single mother, she launched the company with an initial revenue of $200,000.
Canadian investor Robert Herjavec made a record-breaking investment on Shark Tank Australia on Tuesday evening
This year Laundry Lady is projected to reach an impressive $3.8 million in revenue.
‘We’re set to double that again next year,’ she said. ‘But we’re just getting started. There’s a lot of dirty laundry out there.’
Susan delivered a compelling pitch for her business, which the ‘sharks’ called an ‘Uber for laundry’ due to its mobile laundry service concept.
Herjavec, 61, who joined the Channel 10 reality show this year, extended a lifeline to laundry business CEO Susan Toft
However the majority of the sharks believed that her valuation of $7.5 million was overly optimistic.
Robert, the last remaining investor, expressed his concern that without additional funding Susan’s business could struggle to keep up in a competitive market.
‘So, I’ll give you more money,’ he said. ‘I’ll give you a million dollars,’ which was met with gasps from everyone in the room.
Susan was seeking a $750,000 investment in exchange for a 10 percent stake in her business Laundry Lady, which she started in 2020
But the deal didn’t come without specific conditions and requirements.
‘I want 30 per cent. I’ve been there, and I see the risk. I see the scale problems. I’m trying to price in the risk for me, so that’s my offer,’ he said.
Susan accepted the deal and said she would concentrate on marketing, enhancing the company’s digital systems and exploring opportunities in the international market.
Some of the most significant investments to ever take place on the show include Boost founder Janine Allis’ offer of $300,000 to healthy eating company Be Fit Food in 2017.
Susan delivered a compelling pitch for her business, which the ‘sharks’ called an ‘Uber for laundry’ due to its mobile laundry service concept
In 2019, Naomi Simpson and Steve Baxter collectively invested $380,000 in the fintech start-up Qpay, dividing the 8.4 percent equity between them.
Shark Tank Australia initially aired in 2015 and then went on hiatus after the 2018 season.
The show made its long-awaited return with its fifth season in August of this year.
This year Laundry Lady is projected to reach an impressive $3.8 million in revenue
The revival brought in five new ‘sharks’ to join the show’s panel, including Herjavec, digital marketing expert Sabri Suby, tech entrepreneur Catriona Wallace, The Oodie founder Davie Fogarty and Showpo founder Jane Lu.
The original line-up included Boost Juice founder Janine Allis and was hosted by Harris.
The multimillionaire investors also included tech investor Steve Baxter, Talent2’s Andrew Banks, Red Balloon’s Naomi Simson and Glen Richards, founder and CEO of Greencross Vets.
Shark Tank’s original line-up included Boost Juice founder Janine Allis, tech investor Steve Baxter, Talent2’s Andrew Banks, Red Balloon’s Naomi Simson and Glen Richards, founder and CEO of Greencross Vets
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