Bringing to Shark Tank Vietnam a unique snack made from crickets that made the sharks hesitant to try, Bicky Nguyen - co-founder and Director of Rec Rec called for a maximum investment of 250,000 USD, converting shares for the next round of capital calling with a maximum valuation of 1.5 million USD.
The fundraising campaign of a snack brand made from crickets
Shark Minh Beta contributes to making the "game" atmosphere more exciting
Offering many options, but in the end, Shark Tue Lam refused to invest.
Shark Hung Anh is concerned about the market and output for the product.
Bicky said that Rec Rec was born to meet the demand for environmentally friendly, healthy products that still bring an enjoyable feeling when enjoyed. Currently, Rec Rec products include whole dried crickets of various flavors, dry cricket crackers...
Surprised by a unique product, the sharks asked Bicky Nguyen many questions to clarify the benefits, safety and competitive advantages of the product. In response to shark Minh Beta's concern about the possibility of causing allergies to consumers, Bicky Nguyen replied: "This issue depends on the body, just like some people are allergic to peanuts, some people are allergic to seafood. Therefore, the brand is required to put a warning on the product packaging."
Speaking more about the profit outlook, Bicky Nguyen predicted: "Rec Rec will be launched in the market from the beginning of 2023. The brand's sales have increased from 2,000 USD to about 7,000 USD now. The expected revenue in 2024 is 700,000 USD".
Shark Tue Lam raised the issue of consumer behavior, that is, eating snacks for fun and needing to supplement protein, there will be other options such as chicken breast, beef, nuts. How will Rec Rec build the market and help consumers overcome psychological barriers...
Bicky Nguyen confidently answers questions
Shark Erik really likes this business model.
Shark Binh does not invest
A happy ending between shark Erik (left) and Bicky Nguyen with a successful fundraising round
Realizing that the business model had potential, but because the market data was unclear and the company was new, Shark Minh Beta also refused to invest. Shark Hung Anh, Shark Binh and Shark Tue Lam, although very fond of mobile phones, also turned around one after another.
Only Shark Erik remained, he said he did not understand why the dried cricket dish was "so memorable", and he also really liked this business model. Bicky Nguyen convinced that Rec Rec's market was retail and retail had no borders.
Convinced by Bicky's confident answer and seeing this as an interesting opportunity, Shark Erik offered a convertible loan of $100,000 with a maximum business valuation of $1 million. Bicky Nguyen immediately accepted the offer and successfully closed the capital raising deal.
Shark Tank Vietnam episode 9 aired on the evening of November 27 also featured a fundraising session for interesting products: Sales Book - a mobile sales management application for small businesses and Sencar - a self-driving car rental application with prices starting from only 200,000 VND/2 hours. The result: startup Sales Book accepted the investment offer from shark Erik and shark Tue Lam, while the self-driving car rental application Sencar went home empty-handed.
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