Shark Tank Update
Shark Tank Pitch
Cuddletunes Shark Tank Update
Published:
3m
Seattle, WA
| Name | Cuddletunes |
|---|---|
| Main Presenters | Mike Robinson |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 3/1/2014 |
| Main Location | Seattle, WA Loading Map |
| Order Shown in Episode | 3 |
| Final Deal | All Sharks went Out |
Cuddletunes Shark Tank Pitch
Mike Robinson was a frequent traveler for business, which made it difficult to connect with his seven kids. Mike created Cuddletunes, a bear that can have custom audio set remotely and played through the bear.
Cuddletunes has had $1 million put into the business over three years most of which presumably from a third party with the money going toward paying Mike a salary that he considers a discounted price for his time and effort compared to the $300k a year he was making as CEO of Citel Technologies, a voiceover company out of the UK. Mike has put in around $500k of his money.
Mike prefaces his sales numbers by talking about his web traffic of 32k visitors generating about $90k of sales. Most of his traffic came from Groupon, which eliminated his profit and was the cause for the advertising.
If I invested my money in this I'd sleep like a baby. I'd wake up every two hours crying and asking my mommy 'Where's my money?'.
The sharks found Mike to be untrustworthy and didn't find the technology aspect of Cuddletunes to be that unique. All sharks went out.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $400k for 20% of company | |
| Sharks | Out | Barbara Corcoran | Out |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Daymond John | Out |
| Sharks | Out | Kevin O'Leary | Out |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Out
Barbara Corcoran
Out
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Cuddletunes After Shark Tank
Mike Robinson gave an interview https://www.sharktankblog.com/reality-check-mike-robinson with Shark Tank Blog after Cuddletunes aired on Shark Tank. In 2008 when Mike's flight home from London was delayed, his wife was left alone to go to a party where she spoke with David Le Penske, who had similar experiences of being away from his family. David created Cuddletunes with Mike, which I presume is where the rest of the money came from.Link Preview
interview
Mike left his job at Citel in 2008. They were unable to raise money, so they simplified Cuddletunes. David and Mike initially planned to make custom father-look-alike dolls but quickly moved to the more-approachable bear and also redesigned to use a USB instead of WIFI. Future plans include adding different plush toys, such as lambs, dogs, and dinosaurs.
Mike expected a likable edit focusing on military families and grandparents so was a little surprised to see more negative edit but knew that was a possibility. Mike saw about 16k visitors on the day of airing Shark Tank, an improvement to their typical 500 daily visitors.
According to Mike's LinkedIn https://www.linkedin.com/in/misterrobinson https://x.com/cuddletunes https://www.facebook.com/cuddletunes, he lists the end date of Cuddletunes as 2016 although the Twitter @cuddletunes Link Preview
LinkedIn and Facebook Link Preview
@cuddletunes pages haven't posted since 2014. From 2016 to at least 2018 Mike became a Business Mentor at the University of Washington. As of 2022, I don't see Mike listed on the faculty there but perhaps he switched departments or is doing something entirely different.Link Preview
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