Freeze it for facial treatments, or flood gutters to battle bushfires: the third episode of Shark Tank Australia, Season Five showed how local innovators are harnessing water for modern purposes, with two separate companies securing major deals for their savvy use of H₂O.
Sarah Forrai and Lewis Battersby, partners and co-founders of Contour Cube, were the first to dive into the tank on Tuesday night’s episode.
Founded during the COVID-19 lockdowns of 2020, Contour Cube offers specialised silicon moulds for ice blocks.
But unlike the traditional ice cube trays found in freezers across the country, Contour Cubes products turn regular tap water into graspable ice blocks, used as a cooling, relaxing facial treatment.
The company has come a long way from its foundation with a 3D printed prototype, as Contour Cube products are already stocked in retailers like Priceline and Chemist Warehouse New Zealand.
A Kardashian shout-out has certainly helped, too, with Contour Cube claiming model, influencer, and reality TV star Kendall Jenner as an early adopter and advocate on social media.
“It’s still so early in our business journey, so to have so much exposure in the different areas is so valuable,” Battersby told SmartCompany.
Negotiating those deals and navigating social media notoriety has given Contour Cube solid business experience, yet stepping on stage was still thrilling, Forrai added.
“As soon as the doors open, we were like, ‘Wow, this is happening’. All the Sharks are there staring at your face, and you’re like, ‘Okay, this is our moment. We just got to do what we can do our best’.”
Their practice obviously paid off.
The pair sought an investment of $250,000 for 10% equity in the firm, and a solid pitch and product demonstration led to four identical offers: Rob Herjavec, Sabri Suby, Davie Fogarty, and Jane Lu each offered $250,000 for 20% equity.
After a brief negotiation, Forrai and Battersby resolved a deal involving all four Sharks, worth $375,000, offering 30% equity overall.
“We were trying to be as positive as possible, walking into the tank,” Forrai said.
“But then there’s always that doubt in the back of your mind, like ‘Oh, God, are they just gonna absolutely hate it, are we delusional?’
“So, for them to all see so much potential as a product and love the brand… it was just a really amazing feeling.”
“Yes, there were some challenging questions, but they were also really supportive of our business,” Battersby said.
Due diligence remains underway on the deal, which has not deviated from its $375,000 overall investment, the pair added.
Advice from the Sharks has already led to business improvements, they said, with the first major post-investment goal being the expansion of its product line.
The Shark Tank heated up with the appearance of Frank Inzitari and Frank Capomolla, two cousins who said their Fire Halo innovation can protect homes from severe damage during bushfires.
The system, which connects to a water tank or mains water supply, floods rooftop guttering systems.
Ensuring debris caught in home gutters is saturated during a bushfire can reduce the chance of rogue embers setting those dry leaves alight, the pair said.
Pitching for $100,000 in investment for a 20% stake in the business, the pair received a counter-offer from Herjavec, who said the innovation could find a customer base not just in Australia, but in bushfire-prone regions like California.
“I want to be a Frank,” Herjavec said, proposing to invest $150,000 for a third of the company.
The deal was accepted, with Herjavec proposing an acceleration of wholesale operations before broader building codes adapt to new risk-mitigation tools like the Fire Halo system.
Flames were not isolated to the Fire Halo pitch.
The founders of Tiny Science Lab, an at-home science education kit that includes a miniature Bunsen burner, did not secure investment after the Sharks questioned its $5 million valuation.
Pum’s Kitchen, a business focused on ready-made meals and sauces, impressed the panel. However, a lack of clarity over the funding needed to ramp up sauce production saw the company leave without a new cash injection.
In both cases, the founders vowed to carry on with their enterprises, optimistic of success beyond the reality TV arena.
Read more about Shark Tank Australia here.
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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