CuddleTunes is a smart teddy bear that can play any music or recorded voice via the cloud. In Shark Tank Season 04, CuddleTunes founder Mike Robinson asked for a $400,000 investment in exchange for a 20% stake in the company.
Unfortunately, no sharks found this an investible business, and Mike has to return without any deal on the Shark Tank show. However, his product became popular after the airing of the episode.
So, what happened to CuddleTunes after Shark Tank? Is this business still in operation, and is the company making any profit? Find out all answers in CuddleTunes update Shark Tank.
|Smart teddy bears for kids
|$400,000 for 20% equity
CuddleTunes Updates Shark Tank (Season 4)
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to CuddleTunes after Shark Tank.
Mike Robinson appeared on Shark Tank Season 04 with an ask of $400,000 for 20% equity, but no sharks invested in his business.
Unfortunately, Mike had to return without a deal, but his product has got huge exposure among the audience. After the airing of the episode, CuddleTunes recorded a huge boost in sales.
He continued to receive orders and positive feedback from parents who travel a lot. They loved the concept of a teddy bear that could play personalized messages and songs remotely.
About CuddleTunes Shark Tank Season 04
Mike Robinson pitched in the Shark Tank Season 4 to fund his smart teddy bear company, which can play personalized voice messages and songs for people who travel a lot for office or business purposes.
This company was founded in 2009 by Mike Robinson, and it took almost three years and a million dollars in the development of this product.
After hearing this, Barbara wanted to come straight to the product. Did he spend a million dollars on the development? Then, Mike clarified that he counted the price of his time in the development.
Barbara asked how much money he actually put into the business, and Mike said $500,000.
After that, Mike handed over the product to the sharks and demonstrated how it works. Barbara asked what is the value of his time and Mike said $300,000/year as a CEO of another company.
After that, Mark asked what happened to his previous company and why he wasn’t involved in that.
Mike said that the board of directors had a different vision of the company after the launch of the IPO, so he resigned from the position.
Daymond asked if Mike was fired, but he denied it.
Later, all sharks decided not to invest in CuddleTunes because that’s very niche-specific and tough to scale.
CuddleTunes Update 2024 Shark Tank Season 4
CuddleTunes hasn’t got any investment in the Shark Tank, but the company keeps focused on its growth and expansion. The show gave them huge exposure among the TV audience, and they recorded a great boost in their sales and revenues.
In the entrepreneurial journey, Mike has gone through lots of challenges, but the company also kept its focus on enhancing the quality of its product.
In early 2024, we checked that the CuddleTunes website was up and ready to take orders. When enquired further, we got to know that Mike has sold this business and and currently working as a Business and Residence Mentor at the University of Washington.