Black Sands Entertainment has closed a $500,000 deal on ABC’s multi-Emmy Award-winning entrepreneurial-themed reality show Shark Tank with Kevin Hart and Mark Cuban as major investors.
This was after the Black-owned comic book publishing house and budding animation brand made its debut on the show. The company was founded b Manuel and his wife Geiszel Godoy with partner Teunis De Raat.
The founders went to the show seeking $500,000 for a 5% stake in their brand. They pitched their company as a brand that stands for inclusivity and to educate people on Black history and culture through their work, Meaww reported.
The brand has chalked successes in the publishing world and it is now eyeing the animation and entertainment industry and decided to appear on Shark Tank seeking capital for its big dream. And thankfully, the company’s pitch got the attention of Shark Tank investors Hart and Cuban. Hart decided to be on board with the project after taking a critical look at the brand’s numbers and evaluation.
He touted himself as a one-stop-shop one-stop-shop that could help Black Sands Entertainment with production, animation, and even marketing, thus ensuring the success of the brand, Meaww reported. In addition, the actor said he felt passionate about the work Black Sands are doing hence his decision to invest.
At the end of the day, Hart and Cuban made an offer of $500,000 in exchange for a 30% equity stake in the brand. Not pleased with giving away a 30 percent stake of their company for $500,000, founders Manuel and Godoy made a counteroffer by giving a lower equity stake but with a royalty clause added to make it appealing to the Sharks, according to Meaww.
However, Hart and Cuban felt the royalty deal wouldn’t work for them and so Manuel finally agreed to the Sharks’ offer for a 30% stake and closed the deal.
The company has to date raised over 2 million from investors from its fundraising campaign. It has also produced comic books, novels, children’s books, and animation inspired by African mythology.