Zoobean Shark Tank Update

Zoobean is an application that can be used for the early development of a child. A child’s basic level of education is a very important part of their growth as it largely determines the hard work required to gain an advanced level of education. Zoobean matches the child with their interests and suggests the best books and materials required for their learning.

The staff working with Zoobean includes librarians, parents, and educators. There are two options that a person can choose from- SmartList and a subscription service. Both cost differently. SmartList suggests the necessary books and apps for the child and parents can buy those themselves. The subscription service suggests the books and apps and delivers those to the child’s doorstep. Zoobean is the ‘Pandora for children.

Zoobean at a Glance:-

IdeaZoobean:- An application to learn, improve and challenge your reading.
FoundersFelix Brand Llyod and Jordan Llyod Bookey
Asked For$250,000 For 15%
Accepted Deal$250,000 For 25%
SharksMark Cuban
Business statusIn Business
Episode No.Season 5, Episode 25
WebsiteZoobean

Index:

Who were the founders of Zoobean?

Felix Brandon Llyod and Jordan Llyod Bookey are the founders of Zoobean. Felix was a former D.C. teacher of the year and Jordan was a former head of K-12 Education at Google and is having the vision to make Zoobean a kid’s education kit in every household. In 2015, they changed their brand name from Zoobean to Beanstack and were also authorized in more than 600 libraries by 2017.

The team of Zoobean includes educators, librarians, parents, matchboxes, and apps that understand the needs of kids and teach accordingly as per their interests. Zoobeans have solved the problem of getting a quality education by sitting at home or any place via technology. Parents don’t need to worry anymore, Zoobean will be the guardian of your children.

Did Zoobean get a deal on the Shark Tank?

Jordan Bookey and Felix Brandon came on the shark tank seeking an investment of $250,000 for an exchange of 15%equity in Zoobean. After the demonstration of the product, Kevin O’Leary asked them about CAC ( Customer Acquisition Cost), to which Jordan responded with a figure of $6.03. Lori  Greiner asked a question and found out that there was no unique quality in the model and so she went out. Barbara Corcoran and Robert Herjavec follow Lori Greiner and go out for the same.

Kevin O’Leary was very excited because he knew it was his market place but the CAC didn’t allow Mr. Wonderful to invest and he went out too. Mark Cuban said ‘I think a bit differently about the business as I believe that it can be expanded. Mark Cuban gave an offer of $250,000 for 30% equity in the business. Jordan and Felix gave a counteroffer of $ 250,000 for 20% equity. Mark asked them to meet in the middle and the deal was finalized at $250,000 for 25% equity in Zoobean.

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What happened to Zoobean after the Shark Tank Show?

After the Shark Tank Show, there was a huge delay in the closing of the deal, but it wasn’t bad news for Zoobean as they had enough time in hand to build their website and other offerings. When the show was finally aired, the stake in exchange was increased to 16% for Mark Cuban. After the show, they raised more than $500,000 from other investors. After a while, they decided to modify the whole concept of business and changed their business name to Beanstack. Founders shifted their focus from individual customers to schools, libraries, and other services related to children. Beanstack has brought success to founders. 

During the pitch, they came up with a valuation of $1,666,666.6, which was updated to $1,000,000 by Mark Cuban. Beanstack got a contract with their first library in 2015, which quickly gave a boom to Beanstack earlier branded as Zoobean. In 2017, they are placed in over 20 schools. By 2019, they have captured half of the US  libraries. 

After the show, Zoobean became popular nationwide and they also launched their application. Also, Amazon Alexa has invested in 2019. During the period of the pandemic, they launched free reading challenges which raised their popularity. 

As of 2022, they are doing great in the market. In 2017, they were available in 600 libraries and by 2019, they have spread over half of the US. The journey of having 85 subscribers to half of the United States is remarkable.

Competitors of Zoobean are:-

  • Biblionasium
  • MyOn
  • Bookoplois
  • Dojo Panda
  • Filter X

What is the net worth of Zoobean?

The estimated net worth of Zoobean is $5 million. The valuation during the show was $1.66 million, which was brought down to $1,000,000 by Cuban.

Is Zoobean still in business?

Zoobean is still in business and is very successful. Zoobean changed its name to Beanstack in 2015. By 2017, they have been placed in over 20 schools and more than 600 libraries. As of 2022, they are spread in over half of the United States. Bizz Bucket wishes them more prosperity ahead.

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FAQs:

What is Zoobean?

Zoobean is an application that can be used for the early development of a child. A child’s basic level of education is a very important part of their growth as it largely determines the hard work required to gain an advanced level of education.

What's the net worth of Zoobean?

The estimated net worth of Zoobean is $5 million. The valuation during the show was $1.6 million, which was brought down to $1,000,000 by Cuban.

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