For those who may not remember, xCraft had a jaw-dropping run on “Shark Tank.” Coming in hot with a valuation of $2.5 million, seeking $500,000 for a 20% stake, they needed to convince the sharks that their company was worth the hefty price of entry. The duo behind xCraft came with a solid core product, pending patents, and an eagerness to license — an aspect that excited Kevin O’Leary in particular. He raised the valuation to $3 million, offering $750,000 for a 25% stake. Before xCraft could respond, Daymond John offered $1 million for the same stake.
Robert Herjavec and Lori Greiner made even more generous offers, with almost every shark clearly interested in the business. xCraft proposed a scenario wherein all five sharks backed the company jointly, a deal that, while rare, had occurred on the show previously. Predictably, the one hold out was the great white himself, Mark Cuban — the notoriously shrewd investor who always plays his cards close to the chest. xCraft’s counter valuation of $10 million almost caused him and John to drop out completely. After scaling their new valuation for the group down to an agreeable $6 million, they aced Cuban’s make-or-break questions and earned his support. As confirmed by Business Insider, they left with a deal from all five sharks, each agreeing to put up $300,000 in exchange for 5% of xCraft (the total deal was $1.5 million for 25%).