Jeff Cohen and his son Josh Cohen brought an investment opportunity to Shark Tank with their foldable guitar business. They asked Sharks for $500k for 5% stake at a $10 Million valuation. Their guitar stays tuned when folded or unfolded, and due to the hinged neck, the guitar folds, making it easy to carry in a backpack.
Did any Sharks interested in investing in this guitar business, or no one wants to put their money into this business, and what happened to this guitar business after Shark Tank we will learn in this post.
| Company Name | Voyage Air Guitar | |
| Founder/Co-Founder | Jeff Cohen and Josh Cohen | |
| Founded | 2009 | |
| Product | Foldable Guitar | |
| Asked For | $500K for 5% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S1 E3 | |
| Air Date | Aug 23th, 2009 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Livermore, California, United States | |
| Lifetime Sales | $10M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Jeff revealed that their hinged neck design is patented, and they launched the product in January 2009, selling about 800 units of foldable guitars in just one month, making $400,000. However, the profit is negative.
Sharks are concerned about the $10 million valuation of the business because the sales report is not justifying the valuation.
Sharks showed interest in the patent of the product, so Jeff offered $1 million for 49% of the patent. But they wanted control of the patent, so Kevin Harrington and Kevin O’Leary offered $500k for 51% of the patent. Besides this one offer, Jeff doesn’t have any other offer, but he’s not willing to dilute such a high percentage.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | $250k for 25.5% of the patent |
| Kevin O’Leary | $250k for 25.5% of the patent |
| Robert Herjavec | No Offer |
| Barbara Corcoran | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | $1 million for 49% of the patent |
| Final Deals | No Deals |
Voyage Air Guitar Shark Tank Update
From our research on the Voyage Air Guitar update, we found out that Kevin O’Leary had signed a deal with Jeff, and also helped him in securing a licensing deal with the popular guitar maker brand Fender. After the licensing deal, they succeeded in generating millions of dollars in profit every year.
Fender’s official website has removed the foldable guitar, so it’s possible that the licensing deal has ended.
Below are some business update reports for you to visit.
