The Ring inventor returns as a guest shark in Season 10 of Shark Tank.
SEASON 5 EPISODE 9
Video doorbells and security cameras for your smartphone
$700,000 for 10% ($7M)
Doorbot is the video doorbell app that allows the owner to see and speak to whoever is at their door, through their smartphone from anywhere in the world.
The technology was invented by serial entrepreneur, Jamie Siminoff who spent many broke years developing the doorbell from within his garage before finding major success.
Jamie entered the Tank with over $1 million in annual sales, and confident in his $700,000k ask. Fortunately for him, it wasn’t enough to win over the Sharks who all backed out except for Kevin.
Jamie made the bold decision to refuse Kevin’s signature loan/royalty offer and the rest is history.
Life After Shark Tank (Update)
After their episode aired, the company went on to earn over $5 million in additional sales.
It wasn’t long before they captured the attention of outside investors including $28 million with future guest Shark, Richard Branson back in 2015 and a $109 million investment from Goldman Sachs in 2017.
In only five short years, Jamie Siminoff has gone from Shark Tank reject to Shark Tank Shark, after selling his company DoorBot (now Ring) to Amazon for $1 Billion, making it Shark Tank’s most successful business.
The company has grown to a team of over 1300 people with 10 core products sold in 16,000 stores including on their website and on Amazon.
The company which began with a mission to reduce crime in communities, has done that and more for customers who have saved time from trips to the post office and those who appreciate the increased sense of security.
However, the company is now facing a $5 million class action lawsuit after customers were hacked in late 2019. It also appears Amazon may be distancing itself from the company. Ring products are currently on sale for a discounted price on Amazon and are slowly disappearing from the online mega-retailer’s site.