Ring, the video-doorbell company that Amazon.com Inc. bought Tuesday for more than $1 billion, was rejected by a panel of investors on ABC’s “Shark Tank” in 2013.
Jamie Siminoff, the founder and chief executive of Ring — then called DoorBot — went on the show seeking investors for his nascent business. Pitching it as “caller ID for your door,” Siminoff was seeking $700,000 for a 10% stake in the company — a $7 million valuation.
No one bit, except for investor Kevin O’Leary, who offered a $700,000 loan, 10% of all sales until the loan was paid off, 7% royalties on all future sales and a 5% stake in the company, an offer that was refused by Siminoff.
Read more at NY POST.