"Do not be bullied by him"— When Mark Cuban and Micheal Rubin went on a bidding war for Bot-it in Shark Tank

In Shark Tank season 15 episode 2, Bot-It founders Maurice Bachelor and Joel Griffith pitched their AI automation platform seeking $150,000 for 10% equity. The negotiation started with Mark Cuban offering $150,000 for 20% equity.

When Michael Rubin requested to partner, Cuban refused stating "I want these guys all to myself." The tension peaked as Rubin countered with $150,000 for 15% and directly challenged Cuban, telling the founders

"Guys do not be bullied by him you got me that's a better shark anyway."

Kevin O'Leary dubbed it "the battle of the billionaires." After multiple counteroffers, the Los Angeles-based startup secured a combined $300,000 investment for 30% equity from both sharks.

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Bot-It founders turned competition between Cuban and Rubin into a joint deal on Shark Tank

Maurice Bachelor started Bot-It, an automation software that allows the creation of bots without any technical knowledge, in December 2019, bringing his experience from leading LegalZoom's mobile division. Meanwhile, Joel Griffith joined as head of growth in February 2023 after spending 10 years managing social media advertising for major tech companies including TikTok, Amazon, and Snapchat.

The Shark Tank company demonstrated strong early traction with $30,000 in sales and 350 subscribers within their first three months of operation. Their tiered subscription model starts at $40 for standard packages and reaches $300 for professional-level access. Bot-It also offers custom pricing structures for larger business clients.

Before their Shark Tank appearance, they secured a significant partnership with Turkey's largest shipping and logistics company. The founders showcased their technology's practical applications, highlighting its success in the golf industry where it ranks as Google's top result for automated tee time bookings.

They explained how their system operates within standard automation guidelines while maintaining user privacy and security. Bachelor and Griffith emphasized their platform's ability to help individual consumers compete in a digital marketplace where automated systems handle most online transactions.

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Shark offers and negotiations

The negotiation intensified when Mark Cuban made the first move, offering $150,000 for 20% equity in Bot-It. The offer highlighted Cuban's interest in AI technology and its potential applications. Seeing the value proposition, Michael Rubin attempted to partner with Cuban for the investment.

However, Cuban firmly rejected the partnership proposal, stating he wanted exclusive rights to work with the Bot-It team. Rubin responded by presenting a competing offer of $150,000 for 15% equity, valuing the company higher than Cuban's proposal. The competitive dynamic between the Shark Tank investors escalated as Rubin directly challenged Cuban's approach.

Meanwhile, other sharks stepped back from the bidding. Barbara Corcoran declined to compete with either billionaire. Lori Greiner acknowledged that Cuban and Rubin brought more relevant expertise. Kevin O'Leary expressed concerns about automated purchasing systems and opted out.

Bachelor and Griffith, recognizing the potential value of having both investors, pushed for a joint partnership. They countered with $300,000 for 20% equity, aiming to secure both sharks while maintaining a higher company valuation. When this met resistance, they proposed $500,000 for 25%.

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Final deal and post-performance

The negotiations reached a critical point as Rubin warned they might lose both investors with continued counters. After careful consideration, the founders accepted the final joint offer of $300,000 for 30% equity from Cuban and Rubin.

The partnership proved beneficial immediately after the episode aired in October 2023. As per Shark Tank Blog, Bot-It gained 60 new subscriptions in the first 48 hours. By March 2024, the deal with both sharks had officially closed. The company leveraged Rubin’s connections with the Fanatics team, helping Bot-It users access exclusive product releases.

The founders also adjusted their pricing structure to accommodate increased demand, introducing more accessible subscription options for new customers.

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Shark Tank season 16 is airing on ABC network.