Vending machine founders get $1.5 million ‘Shark Tank' offer—despite a business model Mark Cuban called ‘a huge mistake'

Dan Braido, Audley Wilson and Andy Siegel are the co-founders of RoboBurger, which makes vending machines that dispense customized burgers — a concept they call"the future of fast food."Kevin O'Leary called the presentation"chaotic," and initially declined to make an offer, after the co-founders struggled to explain the specifics of how the company could eventually become profitable.

At the time of filming, RoboBurger had been in"beta testing" for 18 months, with more than 12,000 burgers sold, the founders said. They projected $1.4 million in annual revenue by the end of the calendar year — but an overall annual loss of $700,000, they added. Rubin also expressed doubts about the business model — specifically, whether tens of thousands of people would be willing to pay $3,000 per month, plus food costs.

"I think this is a very high-risk project a very low probability of working. What you heard here was a lot of skepticism," he noted.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vending machine founders get $1.5 million 'Shark Tank' offer—despite a business model Mark Cuban called 'a huge mistake'RoboBurger's 'chaotic' presentation scared investors on ABC's 'Shark Tank,' but the burger vending machine startup still got a big loan offer. Here's how.
Source: CNBC - 🏆 12. / 72 Read more »