Find Out What Happened with iCapsulate After shark Tank

When Kane Bodiam presented his pitch on Shark Tank Australia, he declared his product the first biodegradable coffee capsule on the market. 

He had practiced his delivery over 500 times prior to pitching it, so he knew exactly what he was going to say. The problem was that the claim turned out not to have been true. 

This came to light only after three of the four investors had fought it out on the show, and after an offer from Andrew Banks of 2.5 million dollars for a 22.5% share in the business had been accepted. 

Subsequent to the show having been aired the offer was withdrawn.  Today Icapsulate’s net worth is probably $0. 

At a Glance 

After Bodiam made his presentation to the Sharks, some of them were impressed by the amount of revenue the company had already managed to pull in within a short time. 

They were told that during the previous year alone the company had generated more than $4 million in retail sales, and had contracts with some of the largest coffee companies in Australia and New Zealand. 

One of their number though, Steve Baxter, had reservations about some of the data that was being presented. 

Who is the Founder? 

Kane Bodiam is from Sydney and is a graduate in mechanical engineering from the University of Technology. 

There he specialized in coffee machines, their repair and technical operation.  He went on to be engaged as a technical expert by Douwe Egberts, the Belgian coffee company. 

He also worked for some time at Mad Coffee Capsule but fell into dispute with the firm when he allegedly claimed to have been its owner. 

Did Icapsulate Get a Deal on the Show? 

What came later was a different matter entirely, but on the show, Icapsulate did manage to secure one of the biggest deals in the history of Shark Tank Australia when Andrew Banks agreed to invest $2.5 million for 22.5% equity. 

Bodiam had originally offered 15% equity for this amount, but Banks successfully negotiated up his share. 

What Happened to the Entrepreneur After the Show? 

A deal was done, but as ever it was subject to the customer’s due diligence.  Some months later it came to light that, contrary to earlier claims, Icapsulate was not involved in any recognizable retail chains and the product was in fact not unique or the first of its kind. 

According to Shark Andrew Banks, it was at this point that he withdrew from the deal, although Bodiam maintains the decision not to pursue Banks’ interest was made by him. 

About the Product 

The business idea was a simple coffee pod that was both biodegradable and compatible with Nespresso machines. 

Had this been the only such design of its kind, the investment by Andrew Banks would likely have been an inspired one. 

The offer made was one of the largest in the show’s history. 

Some Interesting Facts 

In 2018 Icapsulate went into administration. Kane claimed at the time that this was due to an internal disagreement between shareholders and directors. 

Andrew Barnden from Rodgers Reidy was appointed to the role of liquidator. However, he expressed the view that the company was not insolvent, and was likely to continue trading.   

Nevertheless, the absence of a company website or of any public social media presence casts doubt upon the company’s commercial aspirations and shrouds the entire operation somewhat in mystery. 

It is difficult under the circumstances to form an accurate picture of the company’s net worth, but most assumptions are that it is somewhat south of $100k, and some suggest it may actually be zero.