{"id":45037,"date":"2023-10-20T15:40:36","date_gmt":"2023-10-20T15:40:36","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/shark-tank-recap-sydney-startup-scores-300000-from-steve-baxter-startupsmart\/"},"modified":"2023-10-20T15:40:36","modified_gmt":"2023-10-20T15:40:36","slug":"shark-tank-recap-sydney-startup-scores-300000-from-steve-baxter-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/shark-tank-recap-sydney-startup-scores-300000-from-steve-baxter-startupsmart\/","title":{"rendered":"Shark Tank recap: Sydney startup scores $300,000 from Steve Baxter – StartupSmart"},"content":{"rendered":"
Shark Tank may only be two episodes into its second season, but the deals are already flowing thick and fast.<\/p>\n
Last night\u2019s episode saw subscription beauty service Her Fashion Box snap up a $200,000 investment from Janine Allis and Andrew Banks in exchange for 20% equity.<\/p>\n
Also finding success on last night\u2019s show was car sharing platform Car Next Door.<\/p>\n
Car Next Door was founded in 2012, and is turning over around $2 million \u2013 with ambitions to hit $3 million by the end of the year.<\/p>\n
The business allows car owners to rent out their vehicles with the aim of making some cash.<\/p>\n
Co-founders Will Davies and Dave Trumbull faced the sharks on Sunday night, hoping for a $300,000 capital injection in exchange for a 4% stake in their business.<\/p>\n
One by one the sharks pulled out, saying the equity stake wasn\u2019t big enough.<\/p>\n
However the co-founders held their ground, arguing they could not give the sharks a bigger share in the business because they do not want to disenfranchise existing investors \u2013 who purchased shares in the business at the same rate.<\/p>\n
Eventually, Steve Baxter was the only shark who hadn\u2019t pulled out.<\/p>\n
Davies and Trumbull attempted to sweeten the deal by offering an additional $100,000 worth of equity in return for 30 hours of mentoring over a three year period.<\/p>\n
Baxter pointed out he would have given his time to the business anyway, but agreed to the terms.<\/p>\n
Speaking to SmartCompany<\/em>, co-founder Will Davies says Baxter\u2019s investment came as a bit of a surprise.<\/p>\n At the same time, though, he\u2019s glad the Queensland-based investor put up his hand because he\u2019s the \u201cperfect fit\u201d for Car Next Door.<\/p>\n \u201cHe\u2019s probably the one with the most experience in a business like ours,\u201d Davies says.<\/p>\n \u201cHe\u2019s invested in quite a number of tech startups. He\u2019s invested in the transport space as well. He built a very successful business by disrupting the status quo \u2013 he was up against Telstra. I see a lot of parallels in what we\u2019re doing.\u201d<\/p>\n