Marc Furigay is the creator of Classroom Jams, a company that earns money by selling educational class set records. He appeared on Shark Tank Season 1 and asked the Sharks for $250k in exchange for only 10% equity in his record label and publishing house.
In this deal, songs’ copyrights are not included because he doesn’t want to give control to anyone. Will the Sharks invest their money in this business without songs, or will there be a change in this deal? Read on to find out.
| Company Name | Classroom Jams | |
| Founder/Co-Founder | Marc Furigay | |
| Founded | 2007 | |
| Product | Educational Record Label | |
| Asked For | $250K for 10% equity | |
| Final Deal | $250k for 100% equity plus 5% royalty goes to Marc | |
| Shark | All 5 Sharks | |
| Episode | S1 E2 | |
| Air Date | Aug 16th, 2009 | |
| Business Status | Out of Business | |
| Website | Visit Website | |
| Headquarters | Chicago, Illinois, United States | |
| Lifetime Sales | N/A *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Classroom Jams Shark Tank Recap
Marc calculated his company’s valuation at $2.5 million. He disclosed that one Shakespeare class set, which includes 30 CDs and a teacher’s guide, costs $499. He explained that he created records on the topic of Shakespeare because it was difficult for kids to understand.
His further plan is to release class sets on history, science, and other subjects, which will help kids relate to different subjects. He appeared on the Shark Tank show with a great idea, and all the Sharks are showing a lot of interest in his business. Kevin O’Leary kept Marc backstage for some time to discuss the business with the other Sharks
All five Sharks came together and made an offer of $250k for 100% ownership of the company, with Marc receiving a 5% royalty on the profits forever. Robert Herjavec made his own offer of $250k for 100% equity with one condition: after the company starts making profits, Marc can buy back 49% equity.
Marc is not very interested in Robert’s offer because he wants all five Sharks to come together for one deal. In the meantime, Robert made another offer of $250k for 51% equity. However, Marc expressed that he is more comfortable making a deal with all five Sharks.
After a lengthy negotiation, he finally accepted the offer from all five Sharks. This is a very unique deal because it’s the first time in Shark Tank history that all the Sharks have come together to invest in one company.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | $50k for 20% equity (All 5 Sharks) |
| Kevin O’Leary | $50k for 20% equity (All 5 Sharks) |
| Robert Herjavec | $50k for 20% equity (All 5 Sharks) $250k for 51% equity |
| Barbara Corcoran | $50k for 20% equity (All 5 Sharks) |
| Daymond John | $50k for 20% equity (All 5 Sharks) |
| Founder’s (Countered) | No Counter |
| Final Deals | $250k for 100% equity (5 Sharks) |
Classroom Jams Shark Tank Update
Marc released many more educational music tracks, including “Lady Macbeth Blues,” “Acoustic Interlude,” and more, but his company couldn’t grow as much as expected. Kevin O’Leary had told him that he could get rich from the deal, but it doesn’t seem to be happening.
After our research on Classroom Jams, we found that the company has been completely shut down, and Marc is currently employed as a teacher at The Ancona School in Chicago, Illinois.
For updates on other businesses from Season 1, click on the links provided below.
