Season 8 of "Shark Tank" sees Sean Wittenberg and Bryan Boches seek a $600,000 investment for a 3% equity stake in Safe Catch. The duo demonstrates their mercury-testing technology while informing the Sharks that fewer people are buying tuna due to concerns regarding mercury. Lori Greiner is among those who have issues with the lack of mercury regulation.
Each can costs $1.20 to produce and retails for between $3 and $4. While this is more expensive than average brands, it still costs less than similar premium lines. The company initially had 100 investors to aid in developing the mercury-testing device over 10 years. The team raised $14 million to bring on physicists and engineers. However, as things failed to move forward, the investors left and Boches and Wittenberg bought out the business for under $1 million, with Boches investing another $900,000 into Safe Catch. They have been in 2,100 retailers for a year with sales equalling $1.25 million. However, due to their $900,000 in accumulated debt, Safe Catch is losing money, having lost $530,000 at the time of their "Shark Tank" episode.
The iffy numbers give the wealthy investors cold feet. While many of them admire what the duo is doing to create a healthier market, they don't believe that the team can convince the industry to adopt their strategy in time to justify the $20 million valuation. As a result, the sharks don't grab the bait and all go out.
