Icapsulate Net Worth 2022

There’s nothing worse than bad coffee. Bad coffee is just awful, however, coffee with perfect aroma and just the right crema, well now that can set the mood for the day… And that’s exactly what most of us want and need to keep us going.

Unfortunately going the instant coffee route may not suffice so we don’t even go there. Of all the brands you’ve tried, I’m talking about the good stuff, which one comes out tops? We would like to look at a brand that took the “wow factor” to the next level and actually received the biggest ever Shark Tank investment down under.

Who or What is Icapsulate?

Icapsulate is a name that you may not have heard of. Kane Bodiam founded and Icapsulate a coffee company that specialized is pods, capsules, and roast beans and had contracts with Australia’s largest coffee companies supplying to organizations such as Woolworths.

The remarkable thing about these capsules is that they are bio-degradable and so much better for the environment. Kane also stated that with their 16 000 000 AUD manufacturing setup their coffee is hermetically sealed with the lowest oxygen levels making it the freshest coffee available.

How Did Kane Become a Coffee Connoisseur?

During his pitch to the Sharks Kane told the story of how when he was young he used to help his Mum when she worked in the restaurant business by running the bar and enjoying barista duties.

There he developed his love of coffee and worked his way up the ladder at Douwe Egberts. After Gloria Jean’s lured him away to run their world-wide technical division he decided to go out and wing it on his own which he certainly did and took the coffee industry by storm.

What Was Icapsulate’s Net Worth in 2022 At the Time of the Shark Tank Appearance?

At the time of his pitch Kane said their sales for the previous year amounted to 4 mil AUD with a 16.6 mil AUD evaluation, that Icapsulate were producing 37 500 000 capsules per anum, and were aiming at increasing that by a further 20 000 000 once they had secured contracts that were in the pipeline.

Shark Tank Appearance

Season 3 Episode 3

Business Type

Coffee Roasting and Packaging

Owner

Kane Bodiam

Offer Accepted on Shark Tank

2.5 Mil AUD for a 22.2% Stake

Shark

Andrew Banks

Current Status

Offer Rescinded

Current Net Worth 2022

Company Under Voluntary Administration

What Happened to Icapsulate After Shark Tank?

This post by Smart Company claims that many of Kane’s statements were inaccurate regarding their distribution and coffee companies that they were manufacturing pods for. It also seems that there were some inconsistencies with Icapsulates ability to produce bio-degradable pods and according to this Financial Report post,

Andrew Banks, the Shark who invested 2,5 mil Australian dollars for a 22.2% share, withdrew his funding which left Icapsulate in a bit of a financial pickle. There were a few other factors that, coupled with this financial loss, forced Icapsulate into voluntary administration.

There are also two other issues regarding a mortgage and funds made available by two of the company’s biggest credit providers. It seems that none of these allegations have been thoroughly proved or disproved but at the end of the day a business venture that seemed so promising fell apart.

Conclusion

We have become accustomed to assuming that happy endings of Shark Tank episodes automatically mean great success for the startups that are featured but alas that isn’t always so.

However, Kane Bodiam is a dynamic entrepreneur and I doubt whether this bump in the road will hold him back for long. We might even see him presenting another pitch to the Sharks in the near future. A

nd for now, it seems that you and I will have to get our java fix from our usual spot which remains good enough seeing as we will never actually know what we’re missing out on…