Meet Jamie Siminoff , an entrepreneur who started off just like any other billionaire today, from the conventional garage and is now the owner of a billion dollar company , ‘Ring’. Jamie Siminoff, who came into ABC’s ‘Shark Tank’ in 2013 looking for $700k in exchange of 10% equity in his company.
Jamie had to leave without a deal, but he didn’t know what was in store for him five years later. Shockingly he returned to the show as a “Shark” himself. Here’s all about his journey.
His company, known as ‘Ring’ today, closed a billion dollar deal with the business giant Amazon, last year. The home security device company sells a Wi-Fi enabled doorbell that streams live audio and HD video from the user’s front porch. It lets users view what’s happening on their property and allows them to communicate with their visitors over a video call when no one’s home.
With built-in motion sensors and instant mobile alerts, this deal was a no-brainer for Amazon and proved to be a huge billion dollar mistake for the shark investors.
It all started from a conventional garage startup to a billion dollar company today with over 3 million users. Jamie Siminoff’s first pitch as founder on ABC’s ‘Shark Tank’ didn’t translate into a deal. He came in looking for $700k in exchange of 10% stake in his company then known as ‘Doorbot’.
The only offer on the table was Kevin O’Leary’s counter royalty deal of $700k for a 10% royalty that drops down to 7% after the $700k is recouped, and an additional 5% equity of the company on spot. Jamie had to let go of the seemingly weak offer and left the tank without a deal.
Fast forward to five years, ‘Ring’ has raised over 200 million dollars from top angel investors like Goldman Sachs, Richard Branson, Qualcomm, and Kleiner Perkins. Amazon officially closed the deal to buy the home security device company. It is reportedly a billion dollar acquisiton, so far one of Amazon’s biggest purchases.
Jamie returned to the show as a “shark investor” himself on Season 10. From being rejected without a deal, to closing a billion dollar deal with Amazon, and his comeback as a “shark” on the same show. This is Jamie Siminoff for you.