Shark Jimmy won 2 deals in an episode for his advantages in digital transformation and technology
15 September 2022 By papmall®
The only successful deals of episode 11 belonged to Shark Jimmy Lee and his advantages in digital transformation, showing the importance of technology to the market and especially to young startups. This episode includes an education startup, a coffee shop, a proptech real estate platform, and a virtual library startup.
Shark Jimmy got a baby shark gift from a special startup
An education startup came on the show looking for a partner to support them in digital transformation
The prominent long-standing education brand Á Châu English was the first startup to pitch in episode 11 of Shark Tank Vietnam. Having been around for 17 years with over 20 branches all over Hồ Chí Minh city, and 12.000 students, the English academy has achieved a revenue of 5 million Dollars, and 1.5 million Dollars profit in 2019. However, with the effect of the pandemic, the education brand’s performance was cut by half in 2020, forcing Á Châu English to adapt to an online learning platform in 2021.
The academy’s representatives Mr. Nguyễn Đình Hải and Ms. Trương Kiều Oanh shared that they got some difficulties converting their English academy to a digital form and could use a lot of support from the Sharks. They also wanted the $100.000 funds for 1% to rebounce from the epidemic and expand the business scale with more province branches.
Shark Hưng was the first to raise an offer, stating that he would need a financial audit to confirm the owner’s equity because the founders could not clarify their numbers in the presentation, then his investment would be the equity multiplied 1.38 for 10% of the education startup. Despite Shark Liên's statement that she had seen multiple facilities of Á Châu English in Hồ Chí Minh city, she loved the brand, and had a passion for online education startups, Shark Liên was unassured about the investment, so she chose not to accompany the business. Shark Erik seconded the decision and backed out of the bargain.
Shark Jimmy, on the other hand, was confident in the English academy and offer $1.000.000 in exchange for 12% of Á Châu English, he also promised to help the startup with the digital transformation technology. Shark Bình once again asked the startup about their outlook on life and wanted 11% for one million.
When the founders were in the middle of their consideration, Shark Jimmy Lee stood up from his mighty armchair and made a move for the Golden Ticket, making him the only one who had the bargain chance with the education startup. His effort to win this deal was not in vain because the representatives finally decided to choose the offer of Shark Jimmy with 12% for one million Dollars and a $4.500 Golden Ticket. They then added that they would close the deal with Shark Jimmy anyway since the business is in desperate need of a proper digital transformation.
Shark Jimmy Lee closed a million Dollars deal with Á Châu English academy
Proptech real estate digital platform won multiple collaboration chances and a big investment from the Sharks
Following the success of the previous offer, Shark Jimmy went ahead and close yet another deal with a real estate digital platform called Remaps. Remaps defines itself as a proptech - a property technology platform that gives users data on real estate all over Vietnam. Different from Google Maps, which only provides the locations and destinations of properties, Remaps gives users access to all of the ownerships, site areas, land bank and planning, estimated pricing, statistics, and creates a community between land sellers, brokers, and buyers.
Mr. Lê Minh Đức, CEO and founder of Remaps, claimed that he had the information of over 17.5 million properties across 21 provinces in Vietnam. Therefore, his users can easily sit, search and see everything about their desired properties within 30 seconds. They can interact with the platform as well by creating leasing, selling posts, and sharing, commenting on these posts to get the perfect listing.
After 2 years in operation, the startup has gained over 1.2 million users, 110.000 subscribers, a daily 8 to 10 thousand traffic, and ranked 6 on the real estate platform in Vietnam. Although haven’t had any revenue from the business yet, Mr. Đức wanted to raise $1.000.000 for 20% of his business. Had he gotten the investment, he would spend 60% of the funds on marketing, media, advertising, and 40% on product development to improve the Remaps’ speed, database, and enhance its customer experience.
As a real estate entrepreneur, Shark Hưng asked a lot of questions about the startup regarding its functionalities, its accuracy and how up-to-date the information are, its legality, and the business’s way of making money. Shark Jimmy also had the same set of queries since he is also the owner of the real estate agency - Khải Hùng Group.
In response to all the questions from the Sharks, Mr. Đức said that when the land data is posted on the government website, it only took the startup team from 4 to 8 hours to immediately digitalize and update them on Remaps website, most of the information is taken legally from public sources and is free for everyone to access. Remaps’ main profit source is from on-site advertisement and providing API to other parties to make the most of the virtual real estate data.
After understanding the startup’s model, Shark Hưng said that it would create a conflict with his current business, therefore he would prefer being a partner to Remaps rather than an investor. Shark Liên and Shark Erik also backed out from the deal.
Shark Jimmy was the only one eager to make an offer with the proptech startup, in his opinion, the business’s product was good and potential, so he was willing to invest at least $430.000 for maximum 40% of the company stocks, and support the startup with more advanced digital transformation technology to improve their platform.
Shark Bình took an interest in the deal at the last minute and suggested that he would collaborate with Shark Jimmy to support the startup if Shark Jimmy wanted him to. This offer was tempting to Mr. Đức, so he decided to accept the deal and shook hands with both of the Sharks to mark their partnership.
Shark Jimmy and Shark Bình joined forces for the second time to accompany the Remaps proptech startup on Shark Tank Vietnam
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About Shark Tank
Shark Tank is the most prestigious reality show for venture capitalists and startups. Shark Tank program originated in the US and has created a big buzz back home, ever since the show has been franchised by many countries around the world including Australia, India, Mexico, Columbia, Indonesia, Nepal, Malta, and Vietnam. Hence, Shark Tank becomes a global platform for future startups despite borders and generational differences. Shark Tank comes to Vietnam under the name “Shark Tank - Thương Vụ Bạc Tỷ”, bringing a whole new playground for Vietnamese startups and businesses.
With 4 seasons and dozens of broadcasts, Shark Tank Vietnam has brought the opportunity to improve and expand the business scale for hundreds of Vietnamese startups. The Shark Tank 2022 season 5 promises to bring potential investment projects for sponsors, as well as breakthrough and development opportunities for new talented entrepreneurs.
The eleventh episode of Shark Tank Vietnam season 5 ended with the success of the following startups
- Education startup - Á Châu English academy: Shark Jimmy closed the deal with $1.000.000 for 12% of this company stocks.
- Coffee store startup - NECTAR: unsuccessful to convince the Sharks for an investment.
- Proptech real estate platform - Remaps: Shark Jimmy and Shark Bình joined together and closed the deal with at least $430.000 for maximum 40% of this company stocks.
- Virtual library startup - Thư Viện 100 Năm: unsuccessful to convince the Sharks for an investment.
Stay tuned for more exciting news & information about the million deals of Shark Jimmy Lee at papmall® Newsroom.