Record Shark Tank investment sparks Australian coffee pod wars
The Tuesday night episode, Kane Bodiam, 36, has reached an agreement of 2.5 million for a 22.5 percent of his iCapsulate coffee company.
One of the exhibition judges and entrepreneur Andrew Banks has accepted the agreement after hearing a two-hour presentation at the company that claims to produce the first biodegradable coffee capsules Australia.
But the rest of the Australian coffee tableware industry opposed the iCapsulate boss, effectively saying that Mr. Bodiam jumped the shark.
In a joint letter, the leaders of the three largest Nespresso-compatible capsule makers in Australia have questioned statements made by Mr. Bodiam in the program.
The Director of Mad Coffee Caps Charlie Stillisano, CoffeeCaps Director Tony Rubenstein and Director of Podpac Toby Strong, also suggested that Network Ten could not do due diligence in the business of M. Bodiam.
“We think Kane made very questionable statements during Episode 3, and they deserve to know the facts,” they said.
His main concern centers on Mr. Bodiam’s request in the episode where he has entered into contracts with “the largest coffee companies in Australia and New Zealand.”
At the request of the potential investor, Naomi Simson, if “the main brands of coffee we know?” Mr. Bodiam replied “yes”.
“Our industry is small here in Australia with only four major manufacturers: Mad Coffee Capsules, CoffeeCaps, Podpac and iCapsulate.” The four of us have made significant investments in millions of dollars, but only three of us managed to win important contracts, Says the letter.
“Strange is Kane Bodiam from iCapsulate.”
Nespresso compatible brands currently available from Coles and Woolworths Woolworths include private label, private label Coles, Vittoria, grinders, Republic, Pod-a-licious, gold, Lavazza Café Royal.
However, according to the letter, none of them are manufactured by iCapsulate.
“In fact, we are not aware of a major retailer in Australia where a customer can buy iCapsulate packaged coffee capsules,” they wrote.
“What we are most concerned about is the apparent lack of due diligence performed by Shark Tank Australia before Andrew Banks reaches the largest case in Australia’s shark tank in history. We are led to believe that these are better Australian entrepreneurs, then they are surprised That can be so easy to convince.
“In our view, Andrew Banks was caught hook, line and platinum.”
The heads of three companies – in direct competition with iCapsulate – said the letter was motivated by the desire to ensure that “our industry is represented in the most professional manner.”
A spokesman for Endemol Shine Australia, the production company that produces Shark Tank, told news.com.au that “it performs a thorough inspection before our entrepreneurs enter the tank, and after the program, our sharks manage full checks Before checking to be finalized “.
The spokesman could not comment on the agreement between banks and Andrew Kane Bodiam was finalized.
Although the success of Shark Tank has the potential of Mr. Bodiam a family name and take his business to the next level, remains to see how iCapsulate benefit the capacity of the 2.5 million Banks and vision for business, provided That the agreement was approved.