'Shark Tank': ShredSkinz founder picks Mark Cuban over Daniel Lubetzky for $60K deal
LOS ANGELES, CALIFORNIA: When ShredSkinz founder Kalaii Griffin II stepped into the tank seeking an investment of $60,000 for a 20% stake in his single-use sauna suit, little did he know that he would not only leave with a deal from none other than Mark Cuban but also earn love and respect from Daniel Lubetzky and 'Shark Tank' fans.
Unlike most entrepreneurs who bank heavily on their emotional backstory to bag a deal from the Sharks, Kalaii chose to keep his moving story to himself and instead focus on what motivated him to launch ShredSkinz, and his vision for his brand. While the sharks were impressed by the sauna suit, they were however a little unimpressed by the numbers that the entrepreneur shared with them. When Kalaii revealed that his partner owned 25% of the company as he bankrolled most of the inventory, the Sharks were almost immediately put off. While Lori Greiner, Kevin O'Leary, and Daymond John, decided to sit out on the deal citing reasons ranging from having no knowledge of the sauna suit industry to the low equity stake they would have in the brand, Mark and Daniel, however moved by Kalaii's passion and dedication. When Kalaii revealed that he lost both his parents at the age of 13, had to pretty much raise himself and his brother, and is currently looking to build a legacy for his son. Kalaii also touched on his goal of having his family live under the same roof, as his wife and son lived with his mother-in-law, while he stayed with a friend to save on costs and build his business. Daniel was so moved by Kalaii's story that he gave a standing ovation and immediately decided to make an offer of $60K for a 20% stake. The KIND founder explained that he loved Kalaii and wanted to watch him prosper so he was;'t going to negotiate.
