Bot-It Worth Shark Tank Update

Human beings are incredible on their own but with the development of technology people now have to compete with robots and artificial intelligence. A lot of the time people lag behind in completing tasks and in that situation, robots can be helpful.

Maurice Bachelor and Joel Griffith, the owners of Bot-It, have launched a friendly robot program for completing tasks within seconds. They have introduced an online app software that can process our demands and make them possible in a few seconds. It can be helpful in making reservations for the plane, concert, or even a restaurant before the seats are sold out.

The owners came on Shark Tank to request $150K in exchange for 10% of their company. Let’s explore their journey on the show. 

Bot-It Worth Shark Tank Update

Maurice and Joel were looking for an investment of $150K in exchange for 10% equity in the company. At the time of the episode, they valued their company at $1.5 million. They successfully secured a deal with Mark Cuban and Michael Rubin for an investment of $300K for 30% equity in the company. The investment adjusted the company’s net worth to around $1 million. After the show was aired, the company experienced a good boost in exposure. As per my rough estimate, the current net worth of Bot-It in 2024 is around $4 million.

Shark(s) name	Offer & Demand	Counteroffer	Accepted?
Kevin O’Leary	Out	N\A	N\A
Mark Cuban + Michael Rubin	$150K for 10% equity	$300K for 30% equity	Yes
Barbara Corcoran	Out	N\A	N\A
Lori Greiner	Out	N\A	N\A

The Owner’s Backstory

Maurice related that his background is in software engineering and for 15 years he has been helping businesses. He helped start the mobile division at LegalZoom as well.

He met Joel while playing golf through a mutual friend. Joel had spent 10 years in social media advertising for platforms like LinkedIn, Snapchat, TikTok, etc.

Then they worked together and launched the program Bot-It with their individual expertise.

Initial Pitch

The owners came on the show to seek $150K for a 10% equity stake. Their program is a robot that initially notes all the information we provide them and then they use the information to make our desired reservation. The information is then stored in the system for later use.

Queries about the Product

Rubin, the guest shark, asked the first question about the danger of hacking the robot by bigger companies to stop them from quick reservations. Maurice replied that they have designed their bot in an undetectable way that can get into any website they want. However, they follow all the standard practices of automation without breaching any laws and regulations.

The guest shark also inquired about their sales and profit. Joel highlighted that for the time being they have a subscription-based model. They started three months ago and have made $30K in sales. He also added that they have over 350 subscribers for the time being.

Maurice also pointed out that their business is B2B and they have signed-in to the largest logistic company in Turkey using their system. 

Lori questioned their charges for a subscription to their system. The owner replied that for their standard package, it is about $40, for the Pro version it is $300. Moreover, they also have a couple of upsell items like using a bot to pick up canceled events, etc.

Rubin was also curious to know about the duration of signing up on the system. Maurice highlighted that it would be done in seconds. He added that their bots set themselves automatically however sometimes it is operated manually too through a process.

He also asked about their competitive business in the same field. The owner replied that there are competitors on the B2B side. Their program is only for businesses not for an individual one-time reservation, which makes them unique.

Kevin inquired about the ethical concerns regarding bots. Joel pointed out that they were on the show for the same reason. They want people to know that bots are not always on the bad side.

Shark’s Response and Final Decision

Cuban was the first shark to offer them a deal of $150K for 20% equity in their company.

Rubin immediately jumped in and asked Cuban to be his partner in the deal. Cuban disliked the idea.

Rubin then offered them $150K but for a 15% equity stake.

Corcoran and Lori backed out of the offer as they didn’t want to compete with the other two sharks.

Kevin dropped the deal too because of the moral concerns regarding the bots.

Afterward, Maurice counter-offered Cuban and Rubin to become partners with $300K for 20% equity. They rejected the offer.

Then the two sharks offered them $300K for 30% in their company.

Finally, they accepted the offer.

Product’s Availability

After securing huge success on Shark Tank with two Billionaire sharks on their side, Bot-It met with more success after the show. Maurice in an interview highlighted that “Only 48 hours after the show aired, we received over 60 new subscriptions,”.

He also explained that Mark has helped expand their sales channels, while Michael connected them with the Fanatics team to assist customers in reclaiming exclusive product releases. They’ve also introduced more subscription options, with the Standard plan starting at just $9.99 per month.

They have their own website as well.

Conclusion

Bot-It is an innovative software that helps businesses quickly make reservations by automating the process. The founders, Maurice Bachelor and Joel Griffith secured a $300K investment from Mark Cuban and Michael Rubin on Shark Tank in exchange for 30% equity. Since the show, they’ve seen growth, gaining many new subscribers. With strong backing, Bot-It continues to grow, offering affordable subscription options to businesses.