'Shark Tank' Season 9 News: Clothing Company Gets $150,000 Offer from Mark Cuban
A clothing company based in Detroit has received $150,000 from billionaire Mark Cuban on "Shark Tank." Formerly known as Ash & Anvil, clothes seller Ash and Erie reportedly received the said amount after a generous offer by Cuban.
According to reports, the company initially aimed for just $100,000 at 12.5% stake on "Shark Tank" season 9. However, Cuban decided to step up and offer the company $150,000 in investment for 25% of the company.
Established by Eric Huang and Steven Mazur of Venture for America Fellows, Ash and Erie is a clothing company that makes clothes for shorter guys, particularly for those 5 foot 8 and shorter. The prices of their products range from $70 to $219, depending on whether the shirts are bought individually or in bundles.
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Before the deal was closed, Ash and Erie launched an "Indiegogo" campaign to promote its products, and it turned out well. For the last several months, the clothing company has reportedly earned at least $130,000 just through online sales. Since the campaign, the company has so far been able to go far beyond its target earnings and is now at 255% of its goal.
In other "Shark Tank" news, Justin Rietema and Doug Schultz of Human Bobber are reportedly eyeing $120,000 for 15% equity on the show. Human Bobber is a company that sells personal floatation devices, including the Scuttlebutt, Scuttlebutt Kayak Edition, Bottoms Up, and Beverage Bobber.
On its website, the company says that "the versatility of their devices draw from prior experiences floating in the water and enjoying life." The company is also known for its bottoms-up life jackets, which can be worn either on the top or bottom of the body, making them practical to use for whatever situation.
Produced by Mark Burnett, "Shark Tank" debuted in 2009 and is now in its ninth season. It airs Sundays at 9 p.m. EDT on ABC.
