Usually we hear of most apps getting funding on news sites such as TechCrunch – it’s a great way to find out what’s the next big thing. But what happens when you see a deal actually go down for real?
Cycloramic is an app for iOS and Android that takes panoramic pictures hands-free. You simply rest the device on a flat surface and with the vibration motor in the device, the device rotates by itself.
Bruno Francois took a shot at getting an investment from a Shark on the Shark Tank – a popular venture capitalist show where investors can invest in new businesses. After pitching his product the Sharks started flooding the developer with offers, you can clearly see he was taken back by the amount of offers he had on the table.
Bruno was only looking for $90,000 in return for 5% of his company. Instead he walks away with two investors and $500k in return for 15%.
Cult of Mac interviewed Bruno after the show aired. At the time of the recording (June 2013) Bruno states that the app only had 600k downloads, but today it now has 8 million downloads, many of those downloads of course being because it was on the show.
Right after the show aired, Bruno states that he received around 100k new downloads and that the app made $200k – all within 60 minutes.