Two Australian entrepreneurs have landed an impressive $250,000 investment on Channel 10’s Shark Tank Australia this week.
Sydney’s mother Lou Rice and her partner Ben Stainlay surprised the judges with their unique invention – a device for Kindle users.
The accessory, called ‘Strapsicle,’ sells for $22.95 and allows users to hold a Kindle device in one hand for added 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 the judges, Oodie founder Davie Fogarty and American Shark Tank veteran Robert Herjavec so much that they kicked in a total of $250,000 for the 22.5 percent of the business.
Rice and Stainley, who share a three-year-old son, Archie, launched the product in 2022 with an investment of $10,000.
The business is now valued at a whopping $2.5 million after selling more than $200,000 worth of straps in its first year.
Success continued into its second year, with the product earning $1.5 million in sales.
Two Australian entrepreneurs scored an impressive investment on Channel 10’s Shark Tank Australia this week. Sydney’s mother Lou Rice and her partner Ben Stainlay surprised the judges with their unique invention – a security device for Kindle users.
Rice and Stainlay introduced the product on Shark Tank Australia this week
Rice, a big fan of Shark Tank, said the couple went to the reality show looking for $250,000 to further build their brand.
“It was pretty surreal to see four of the sharks fighting for a share of the business,” Rice said.
“We never anticipated that was going to happen. But we had agreed that we really wanted Davie and Robert to invest, so we were very pleased when we turned around and saw that they had agreed to partner for us.’
It comes after Rice revealed the device originated from a mishap with his son almost three years ago.
The Strapsicle sells for $22.95 and allows users to comfortably hold a Kindle device in one hand. 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 newborn son when she dropped the device on her head.
“Archie was feeding and I fell asleep, but I woke up crying,” she said. News.com.
Fortunately, her baby was unharmed and Rice had an idea for a new type of product.
According to the entrepreneurs, the brand has reached 100,000 customers worldwide and has attracted an astonishing 40 million views through its social networks.