In October 2016, biochemist Dave Cohen headed to Shark Tank to seek an $800,000 investment for 10% equity for the hand-held device that he invented, Sunscreenr. Armed with a built-in UV spectrum camera, Sunscreenr is able to identify areas that aren’t properly covered with sunscreen. By the end of his pitch, Cohen left with a deal from Kevin O’Leary, with the exact same amount of money that he was asking for but for a bit more equity. Below you’ll find a full Sunscreenr update after Shark Tank.
Shark Tank Sunscreenr Update
- Entrepreneur: Dave Cohen
- Business: Handheld device that lets you spot where missed applying your sunscreen
- Ask: $800,000 for 10% equity
- Result: $800,000 for 33.3% equity
- Shark: Kevin O’Leary
In essence, Sunscreenr is a camera for sunscreen. Specifically, it has been designed to reveal the spots on your skin that don’t have sunscreen properly applied. Cohen had already launched Sunscreenr on Kickstarter and Indiegogo prior to his appearance on Shark Tank, and at the time of the pitch had raised $119,629 from 1,319 backers on Kickstarter and $172,021 USD from 1,775 backers on Indiegogo.
With that said, Cohen’s high valuation came under fire rather quickly in the tank. Mark Cuban pointed out that Cohen’s biggest competition was the proper use of sunscreen, while Robert Herjavec and Daymond John weren’t really sold on the process either.
This left Kevin O’Leary and Lori Greiner. Kevin gave Cohen an offer for $800,000 for 33.3% equity of the company, as he thought that Cohen’s $8 million valuation of the company was too high. Although Lori did not make a formal offer, she did challenge Cohen to offer a better valuation, to which Cohen countered with 20% equity. However, she did not agree with the valuation and went out.
This left Kevin’s offer as the lone deal on the table. Eventually, Cohen would accept Kevin’s offer to give him a third of the company in exchange for $800,000.
Since appearing on Shark Tank, it turns out things haven’t gone well for Cohen and Sunscreenr. An official Sunscreenr update in January 2017 announced that the deal with Kevin O’Leary fell through, which, according to Cohen, forced the company to “seek out other investors.” Unfortunately, it seems like even his plan to seek out other investors did not go well either.
In a June 2018 Sunscreenr update, Cohen revealed on Kickstarter that the product was finally shipping, months later than expected. However, according to numerous user reviews and comments, it seems like Cohen has yet to fulfill all the original orders.
Sunscreenr’s social media channels and website are still up at the moment, but at the time of writing, no new updates have been posted since June 2019 on the Sunscreenr Facebook account. However, it looks like the company has launched a new Sunscreenr for Android and is the only product listed on its website at the time or writing.
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