ReadyFestive bags $250K deal, unimpressed 'Shark Tank' fans dub the decor subscription pitch 'dumb'
LOS ANGELES, CALIFORNIA: What better way to kick off the Holiday special episode of 'Shark Tank' than with a pitch on festive-themed decor subscription boxes! ReadyFestive founders Kristina Barnes and Elizabeth Voelker stepped into the tank seeking an investment of $250,000 for a 10% stake in their decor subscription box company.
Kristina and Elizabeth managed to grab the Sharks' attention with their impressive sales figures and profit margins. The duo highlighted how their business solved the problem of stressing over decor pieces during Holidays, and the convenience of getting perfect baubles at the doorstep ahead of every Holiday or season. While Mark Cuban, Barbara Corcoran, Kevin O'Leary, and even Lori Greiner found many flaws in the business model itself and decided to sit out from making a deal, however, their fellow Shark Robert Herjavec was in awe of the subscription model business. So, Robert decided to make an offer but demanding for higher equity. After some back-and-forth negotiations, the deal was closed at $250K for an 18% stake in the business. While Robert saw huge potential in ReadyFestive, 'Shark Tank' fans however didn't share the same feeling. From slamming the over-priced subscription boxes to claiming that the business would work only with very select demographics, fans had a lot of thoughts on the pitch.
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