Black-Owned Animation Studio Secures $500K Deal on Shark Tank with Kevin Hart and Mark Cuban
Black Sands Entertainment, a Black-owned comic publishing house and budding animation company founded by married couple Manuel and Geiszel Godoy and their associate, Teunis De Raat, were able to successfully close a $500,000 deal with comedian Kevin Hart and serial investor Mark Cuban on a recent episode of Shark Tank.
Black Sands Entertainment is the fastest-growing comic publisher in the country that aims to educate people on Black history and culture through their work. Its founders appeared on Shark Tank to pitch their plans to expand their brand to the animation and entertainment industry, seeking $500,000 for a 5% stake in their brand.
The brand’s uniqueness and potential instantly impressed Kevin Hart, who was a guest Shark on that episode, as well as Mark Cuban. Hart expressed his passion to partnering with them and said he could help the company with production, animation, and marketing. Cuban also hopped on saying he could help with the technology aspect. Together, they offered $500,000 in exchange for a 30% equity stake in the brand.
Manuel was not initially convinced with the deal as they would have to give away such a significant amount of the company’s equity. He made a counteroffer for a lower equity stake with a royalty cause. But Hart and Cuban said they prefer actual revenue through movie or series deals and brand sponsorships than a royalty deal. Eventually, Manuel agreed to the offer and finalised the deal.
Source – blackbusiness.com