After the Sharks got their hands on the sleek frames, Lori Greiner started the conversation by pointing out the blue light-blocking properties, which Croft confirmed, noting that Gunnar’s patented lenses block 65% of harmful blue light emitted from digital screens.
Even with what seemed to be a proven formula and revenues ranging from $6.5 to $8 million, both Barbara Corcoran and Robert Herjavec were quick to drop out. For Barbara, it was Croft’s small 20% stake in the company that left her feeling uneasy. Robert, who’s deeply rooted in tech, didn’t see a need for the blue light-blocking lenses.
Croft’s confident pitch certainly appealed to some of the Sharks, though, particularly Mark Cuban, who was impressed with Croft’s ability to stay alive in the oversaturated eyewear market, and Vitamin Water alumni Rohan Oza, who personally liked Croft and Gunnar’s branding. Unfortunately, both ultimately dropped out, Cuban fearing Croft’s inability to paint a clear picture for Gunnar’s future and Oza seeing no direction for creative branding opportunities.
That left Lori, whose QVC connections appealed to Croft. She offered $375,000 as an investment and a $375,000 loan at 8% for 8% equity. After a tense back and forth, they landed on a $750,000 loan at 8% for 5% of the company.
