Aussie mum secures deal with Shark Tank Australia judges with incredible invention
Two Australian entrepreneurs secured an impressive $250,000 investment on Channel 10’s Shark Tank Australia this week.
Sydney mum Lou Rice and her partner Ben Stainlay wowed the judges with their unique invention: a device for Kindle users.
The accessory, called a “Strapsicle,” costs $22.95 and allows users to strap a Kindle device to one hand for comfort.
It is especially useful for users who like to read in bed.
Rice and Stainlay debuted the product on Shark Tank Australia this week and so impressed the judges, Oodie founder Davie Fogarty and US Shark Tank veteran Robert Herjavec, that they raised a total of $250,000 for 22.5 percent of sales .
Rice and Stainley, who share a three-year-old son, Archie, launched the product in 2022 with a $10,000 investment.
The company is now valued at as much as $2.5 million after selling more than $200,000 worth of tapes in its first year.
The success continued into the second year, with the product generating $1.5 million in sales.
Two Australian entrepreneurs scored an impressive investment on Channel 10’s Shark Tank Australia this week. Sydney mum Lou Rice and her partner Ben Stainlay wowed the judges with their unique invention: a safety device for Kindle users
Rice and Stainlay debuted the product on Shark Tank Australia this week
Rice, a big fan of Shark Tank, said the couple went on the reality show looking for $250,000 to further build their brand.
“It was pretty surreal watching four of the sharks fight for a share of the company,” Rice said.
‘We never expected this to happen. But we agreed that we really wanted Davie and Robert to invest, so we were so happy when we turned around and saw that they had agreed to work with us.”
It comes after Rice revealed the device came about in an accident with her son almost three years ago.
The Strapsicle costs $22.95 and allows users to comfortably attach a Kindle device to one hand. It is especially useful for users who like to read in bed
In May, Rice said she was trying to read her Kindle while breastfeeding her then-newborn son when she dropped the device on his head.
“Archie was feeding and I found myself falling asleep but woke up to him crying,” she said News.com.
Fortunately, her baby was unharmed and Rice was left with an idea for a new kind of product.
According to the entrepreneurs, the brand has reached 100,000 customers worldwide and an astonishing 40 million views across their social media.