Bitsbox founders Scott Lininger and Aidan Chopra learned that when you come into the “Shark Tank,” there’s a chance of getting bit. In the 2017 episode, the pair initially sought $250,000 for 3% equity in their company. Their pitch featured an actual user, 10-year-old Grace, who demonstrated the code for building a “Shark Tank” app. The founders explained Bitsbox earned $1.3 million in revenue in its first two years of operation. Even though the company had not yet made a profit, Chopra and Lininger emphasized to the panel how their $20-$40 per month subscription helped children gain a vital skill in today’s digital age.
“Coding is a golden ticket to a great job and a great future,” Chopra highlighted in the episode. “And the best thing is that anybody can learn.”
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After the other Sharks dropped out of the deal due to lack of experience or competition in the coding market , the only panelist to give Bitsbox an offer was Season 8 guest investor, billionaire Chris Sacca. When Sacca made an offer valuing the company for $3 million less than the owners initially stated, Lininger and Chopra revealed they were hesitant to dilute the value of their other investors. The three tried to negotiate, but Sacca became offended by what he described as “nickel-and-diming” the deal, so he tanked the offer. Bitsbox left with no investment from the sharks — but they did have millions of new eyeballs on them.
