Seven of the biggest Shark Tank success stories

After a five-year hiatus, Shark Tank is back with a fresh shiver of sharks to fight over hopeful startups. The first run of the series ran for three years and helped skyrocket some small Australian businesses.

So to celebrate the return of Shark Tank to our screens, we’re taking a look at some of the best success stories from the show

Car Next Door

Launched in 2012, Car Next Door was a car-sharing platform that allowed individuals to rent out their vehicles. Similarly, drivers in need of a car could use the app to ‘hire’ a nearby car.

It went on Shark Tank in 2016 looking for a $300,000 investment for a 4% stake in the business. While the sharks weren’t convinced at first, Steve Baxter offered a deal after the founders added more equity to the table.

By 2022 it had over 50 investors, including Hyundai and Caltex and in January of the same year, it was acquired by Uber for an estimated $50 million.

The service has now been rebranded as Uber Carshare.

Be Fit Food

Be Fit Food was founded in 2015, promoting itself as Australia’s first meal program designed by a dietician and doctor, with a focus on science-based programs.

Before appearing on Shark Tank in 2017, the business had seen a 50% failing. But that changed overnight after securing investment from Janine Allis.

Founder Kate Save said that the business grew 1500% overnight and went from five to 63 staff within weeks. Revenue jumped to $4.5 million in its third year and by 2019 it was on track to double that figure.

Now Be Fit Food has received accreditation as a National Disability Insurance Scheme (NDIS) and home care services provider.

It has also partnered with major Australian health insurance providers such as nib, HCF, and Medibank so its customers can actually receive rebates as well.

Qpay

QPay is a fintech startup that primarily targets students. It simplifies transactions by integrating payments, ticketing, and other e-commerce solutions.

Launched in 2015, it started its life as an online marketplace for Australian National University (ANU) students. However, the three founders saw an opportunity in the Australian open banking sector and focused on making Qpay a digital bank for students, including a prepaid debit card product.

Qpay went on Shark Tank in 2018 after completing $10 million in transactions and landing $570,000 in capital from Sydney Angels. They were looking for a $380,000 investment for 8.4% equity.

And they got it in a Shark Tank first — Steve Baxter and Naomi Simpson splitting the deal and equity between them.

Since then the business has launched in other countries and has branched out into serving clubs as well as students.

In 2021 it raised over $1.15 from an equity crowdfunding campaign with Birchal.

Hegs

Pegs with hooks to hang clothing — this was the simple idea behind Hegs — and it worked.

In 2015 founder Scott Boocock landed $100,000 from Naomi Simson for a 15% stake in the company. She also managed to beat out Steve Baxter by offering the company an additional $280,000 loan.

Eight years later Hegs is still powdering along. It is sold all over the world and is stocked by major retailers such as Woolworths, Coles, and Amazon.

Cardly

Cardly is a design startup that launched in 2015. It allows customers to purchase and write on digital greeting cards which are then printed and sent to the recipient by the company.

One of the unique selling points is that the platform can replicate your handwriting so it feels personal.

Cardly went on Shark Tank in 2017, looking for $250,000 for a 7% stake in the business.

And things got messy with Naomi Simson who didn’t want to give away so much for such a small amount of equity. In the end, they landed on 15% for $150,000, plus a $100,000 loan that would convert into an additional 5% if she delivered 50,000 customers in six months.

However, after filming the deal fell through.

But Cardly is still going strong as an international business and even raised $230,000 back in 2018.

The Quick Flick

The Quick Flick made waves when it actually turned down a deal on Shark Tank back in 2019.

Founder Iris Smit went on the show with a pre-loaded eyeliner stamp invention. Andrew Banks offered $300,000 for a 25% stake in the company, but Smit rejected it.

“It was $300 grand I didn’t need,” Smit told SmartCompany back in 2019.

And it was the right call. Within the month the product had gone viral and Smit had made deals with the likes of Priceline, Nourish Life, Princess Polly, and Riley Rose in the United States. Within 12 months she was sitting on a $10 million company.

Now The Quick Flick has branched out into a variety of beauty and skincare product lines, including sunscreen and serum sprays.

Modibodi

If you don’t remember seeing Modibodi on Shark Tank, it’s because it technically wasn’t. That is to say — its episode never aired.

Founder Kristy Chong only found out that her 2016 pitch wouldn’t appear on the show just one week before the scheduled air date.

But she got the last laugh.

Chong’s ‘leak proof’ undies invention has now turned into a powerhouse brand that also sells activewear and swimwear. In 2021 its sales were sitting at over $56 million and back in 2022 the business sold for $140 million.