iCapsulate Net Worth 2022
iCapsulate is a company that manufactures biodegradable coffee pods in Australia. The company was featured on an episode of Shark Tank. The owner of iCapsulate is Kane Bodiam, who graduated from the University of Technology, Sydney. The founder has several contracts with big coffee shops in Australia and New Zealand. He has also received awards, including the “Best Coffee Pod” from the International Coffee Association.
In July 2017, Andrew Banks, the founder of Morgan & Banks, made an investment in Kane Bodiam. In exchange, Mr Banks would receive 22.5 percent of the company. It is the second largest deal in the history of Shark Tank. However, Mr Banks has since withdrew the offer after he found out that the data he was provided was misleading. He was also skeptical of the claims he was given about the competitive advantage of iCapsulate’s product.
It is no surprise that iCapsulate has been the topic of a lot of debate. This is because of the tumultuous history the company has had. In addition, the company’s executives have been known to make some contradictory statements. There is also a possibility that the company is insolvent. It is currently in voluntary administration.
Although the iCapsulate website has gone down, the firm’s phone number and office address are still active. The company’s Instagram page is active as well. The company has also been awarded several awards. Icapsulate has been a role model to young people all over the world. He has also received accolades from important people.
In fact, the biggest deal the company ever made was on Shark Tank. In the show, iCapsulate’s CEO, Kane Bodiam, pitched the company’s product, claiming that the pods were the “first” biodegradable coffee pods on the market. He told the audience that he would manufacture 35 million pods for the company’s customers. He subsequently sweetened his pod pitch by saying that the pods were compatible with Nespresso machines, which is a popular brand of coffee machine. He also claimed that iCapsulate’s coffee pods are the “first” to be completely biodegradable. The company reported that it generated $4 million in revenue in 2017.
In a similar situation, a biodegradable coffee pod manufacturer in Australia called iCapsulate into voluntary administration in 2018. The two directors of the company, Michael Koskoff and David Davidson, broke their duties under the Corporations Act. A deed of company arrangement was also issued. The deed of company arrangement is a document that appoints an administrator. The administrator is Andrew Barnden, who is a director at Rodgers Reidy. He is also the liquidator of the company. The administrators are currently seeking third-party expressions of interest in the company.
The other three companies that appeared on Shark Tank with iCapsulate are Petbarn’s Dr Glen Richards, RedBalloon’s Naomi Simson, and Zipz Wine. They all issued statement after the show was aired. The other three companies are owned by different entities associated with Mr Bodiam.
The iCapsulate biodegradable coffee pods are compatible with most of the popular Nespresso machines. The company is backed with $500,000 of paid share capital.
