The owners of Springfield-based StepNpull struck a "wonderful" deal on network television.
Investor Kevin O'Leary, aka Mr. Wonderful, agreed to inject $300,000 into the business for a 6% equity stake on the April 2 edition of "Shark Tank." The TV show's Facebook page posted a portion of the segment.
StepNpull President Mike Sewell, who pitched to celebrity investors on ABC, actually received three offers during the show – one each from O'Leary, Lori Greiner and Daymond John. O’Leary and John went back and forth, until O'Leary sweetened his offer at the last moment by lowering his previous equity stake bid to win Sewell's approval.
“Kevin, let’s do it,” Sewell finally responded.
After reaching the deal, Sewell told the camera, "We've been blessed to have an opportunity that does help businesses open back up. It helps keep their employees and customers safe. For us to be in this position is very humbling. We're so grateful."
Prior to the investor bidding process, Sewell and StepNpull sought $300,000 for a 3% stake in the company.
StepNpull produces foot-operated door openers that have spiked in popularity amid the coronavirus pandemic. Sewell said on the show that annual revenue is nearing $7 million, with $1.7 million of that generated in March 2020 alone. Springfield Business Journal previously reported the company’s 2019 revenue was $336,000.
"The COVID-19 pandemic has triggered hyperawareness around this product," Sewell said during his pitch.
O'Leary's other investments on "Shark Tank" have included cat DNA service Basepaws and rechargeable padlock maker BenjiLock, according to his website.
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