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Thanks to an appearance on ABC’s Shark Tank, Austin startup BeatBox secured a $1M investment from Mark Cuban! Founder and CEO, Justin Fenchel said their phones have not stopped ringing since the episode aired from companies, distributors and retailers from multiple states and countries who are interested in carrying their products.
In return for the $1M investment Mark Cuban will own 33% of the company, which values the company at $3,000,000. The investment will be used to help expand sales and distribution in all 50 states and in other countries as well.
What’s interesting is that Fenchel was hoping to get Mark Cuban on board all along. Initially they were seeking $200,000 for a 10% stake in the company, however their ultimate goal was to get Cuban to bite bigger. After an initial $600k counter from Cuban they eventually settled on $1M for 33%.
