Shark Tank Australia recap: $300,000 for 35mm Co. a picture-perfect deal
Madison Stefanis, the founder of 35mm Co., used last night’s episode of Shark Tank Australia to secure a handshake investment deal valued at $300,000.
A picture may be worth a thousand words, but the right camera could be worth hundreds of thousands of dollars.
Ask Madison Stefanis, the founder of 35mm Co., who used last night’s episode of Shark Tank Australia to secure a handshake investment deal valued at $300,000.
Stefanis, 23, is the founder of 35mm Co., a brand dedicated to film photography and preserving its old-school charm for a new generation.
High-quality optics are a baseline requirement for the standard smartphone user, and social media platforms like Instagram have totally reconfigured how people capture, display, and store the photos they capture.
Yet film photography is having its own moment in the sun, and in the darkroom, thanks to the surprise resurgence of point-and-shoot cameras.
Ageing film cameras like the Contax T2 have earned late-in-life cult status, partly through their adoption by celebrities like Kendall Jenner and Zendaya.
For young photographers looking to emulate those pop culture stars, options are somewhat limited.
A used Contax T2 can easily cost upwards of $1,700, while cheaper SLRs, complete with bulky lenses, are harder to slip into a pocket or handbag on a big night out.
On the cheapest end of the spectrum are disposable film cameras, which still exist on some supermarket shelves, but come with significant plastic waste — a real deterrent for the gen Z crowd intrigued by film photography.
35mm Co. meets that consumer with reusable plastic cameras, combining the welcoming vibe of disposable point-and-shoot options with the form factor of desirable vintage models.
Perhaps more impressive to the Sharks was Stefanis’ business success so far: at the time of filming, 35mm Co. claimed 40,000 units sold and $3.6 million in revenue in just 18 months.
Wielding those figures with pride, Stefanis sought a $300,000 investment for 10% of the enterprise.
Even so, 35mm Co.’s inventory management, and the more technical aspects of the company’s finances, raised questions among the Shark Tank panel.
Rob Herjavec countered with an offer of $300,000 for 15% equity, followed by Jane Lu, who latched onto Stefanis’ original terms and touted her own experience launching products in North America.
Sabri Suby swooped in with an audacious bid of $300,000 for 30% of the enterprise while touting his own digital marketing skills.
Herjavec butted in with a revised offer: $300,000, split evenly between himself and Lu, for 20% equity.
Stefanis hit back with an offer of 15% equity. A brief back-and-forward led to the final terms: the Sharks would share in a 17.5% stake in the business.
The deal was sealed with a selfie, taken on a 35mm Co. camera.
Speaking to SmartCompany, Stefanis, who watched the episode in the company of supportive friends, said the Shark Tank Australia experience came at the perfect time in her business journey.
“I grew up watching the show, but I think it was just a matter of incredible timing that the show had come back in Australia,” she said.
“The business being where it was at the time, I think it was just a really good time to go on show and I probably wouldn’t want to go on at any later stage of the business’s journey.”
Since filming, 35mm Co. has not taken on any extra staff, as suggested by some members of the panel.
However, the cash flow-positive business is working very closely with external accounting experts to keep its books in check, Stefanis said.
Like many other deals brokered on the show, the deal’s final structure is yet to be revealed.
What Stefanis can share is the input from Herjavec and Lu, the latter of whom now stocks 35mm Co. products on the Showpo website.
“I think that the support has been incredible,” she said.
“They’ve both been really lovely, giving the brand lots of social media coverage, so it’s been great.”
Other successful founders included Regan and Nathan Merka, whose all-in-one beach wagon business secured a massive $450,000 handshake deal from Fogarty.
The Burleigh Wagon was devised as a safe, durable wagon capable of carrying children, cool drinks, and even an umbrella on outdoor adventures.
Beach wagons are not common in Australia, and the panel expressed concerns over the complexity and cost of constructing the product.
Even so, the feature-packed wagon won the support of Fogarty, who ultimately pledged $450,000 in return for a 25% stake in the business and a $10 royalty from each sale.
A separate handshake deal secured by earphone entrepreneur Nevada Smith may have brought a smaller dollar figure into his business, but the emotional value was no less significant.
Smith’s innovation is the Nevabud, a set of Bluetooth earphones that connect to each other with a small magnet.
Instead of pocketing (or simply losing) a regular set of Bluetooth earphones, Nevabuds can be worn around the neck while not in use.
Unlike other entrepreneurs to appear on the show, Smith was adamant what his business needs was not money, so much as guidance: market stall sales had only carried the business so far, he said, while admitting to difficulties converting a sizeable social media following into sales.
Ultimately, the business secured a $28,000 handshake deal from Catriona Wallace, who took on 49% equity in Nevabuds.
The deal earned a tearful reaction from Smith, who spoke of his deep gratitude for the faith shown by Wallace.
The episode began with Vanable, the van conversion company led by Sebastian Langton.
Capitalising on the ‘van life’ trend, where would-be homebuyers and travelers choose to live in souped-up vans, Vanable claimed $2.7 million in fitout sales since launching in 2021.
Herjavec, a yachting connoisseur, compared the Vanable cabinets, bedding, and kitchenette fit-out favourably to those found on the high seas.
Yet the scale of Langton’s proposed deal — $300,000 of investment for just 5% equity — was a tough sell.
After turning down deals from both Fogarty and Sabri, who sought 20% of the business, Langton walked away without a new investor.
Read more about Shark Tank Australia here.
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