Two Miami University students started a side hustle called Mad Rabbit Tattoo that sells tattoo aftercare products. The entrepreneurs Oliver Zak and Selom Agbitor have got a six figures investment from billionaire “Shark Tank” star Mark Cuban.
Oliver Zak said in the show that was telecasted on Friday that they started this with $300 each. They were profitable from the first week. The entrepreneurs made their first product in the college kitchen with the products purchased from Amazon.
Mad Rabbit tattoo sold $400,000 worth of products like body balms, gels, and sunscreens in the first year. In 2020, sales hit $3 million. According to the company’s website, the products range in price, from $15.99 for tattoo balm to $29.99 for sunscreen or soothing gel. They also provide a subscription service, from $11.99 to $22.49, where customers can choose to receive a product every one to three months.
The company’s growth impressed the Sharks, especially after Zak and Agbitor shared their story and achieved this success while still working full-time jobs outside of Mad Rabbit Tattoo. Cuban said $500,000 investment for 12% equity in Mad Rabbit is an amount of equity he called “non-negotiable.” Zak and Agbitor accepted the deal, which values their company at nearly $4.2 million.
Kevin O’Leary said that he respects entrepreneurs. They are not even working full time but they are earning a lot. The entrepreneurs added that Tattoos require constant maintenance and upkeep to continue looking healthy. The company uses all-natural ingredients to keep tattoos looking vibrant and prevent ink discoloration.