"I'm not your guy" — When Shark Tank investor Robert Herjavec rejected Round21 pitch

Robert Herjavec declined to invest in Jasmine Maietta's Round21 during Shark Tank season 13 episode 17. Jasmine Maietta pitched her artistic sports equipment company, seeking $250,000 for 3% equity, valuing Round21 at $8.33 million.

The company produces basketballs, ping pong paddles, and soccer balls featuring designs from various artists, expanding from physical products into NFTs. As the Sharks provided feedback, Herjavec shared his thoughts, saying:

"Jasmine I have a huge amount of respect for your background really really impressive and what a unique business model is it going to work I don't know but the road to revenue is not clear for me. I'm not your guy for this. I'm sorry.'I'm out."

While Herjavec and three other Shark Tank investors declined, Kevin O'Leary offered $250,000 for 10% equity, plus 1.5% of NFT sales, which Maietta accepted on the show.

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Shark Tank’s Robert Herjavec passes on Round21 despite “impressive” founder background

Jasmine Maietta stepped into Shark Tank with a business that merged sports and art. Her company, Round21, creates sports equipment featuring artistic designs from diverse artists, released in limited edition "drops." Her presentation highlighted collaborations with athletes and artists who share revenue from product sales.

She began with ping pong paddles adorned with artwork before expanding to basketballs, footballs, soccer balls, and backboards. Product pricing ranged from $59 for basketballs and soccer balls, $115-$160 for ping pong paddles, and $150 for NFLPA-licensed footballs featuring players like Tom Brady and Patrick Mahomes.

Her background added credibility to her pitch. She played varsity basketball at Bowdoin College and professionally in Spain with Club Baloncesto de Tres Cantos. She later coached for six years before transitioning to marketing roles at major companies like Reebok, Under Armor, and Hasbro, and eventually becoming Global VP at Peloton.

In June 2020, she launched Round21 after leaving the corporate world. However, Maietta revealed that the company was burning $10,000 monthly in cash with negative net profits. She had previously raised $1.39 million at a 6.25% valuation, which contributed to the Sharks' hesitation regarding her $8.33 million valuation request.

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Shark Tank investors’ reactions

During the pitch, Robert Herjavec expressed admiration for Maietta's background but declined to invest, citing an unclear revenue trajectory. As he was about to step out, Maietta tried to convince him by explaining the company's strategic partnerships. However, Robert didn’t change his decision.

Lori Greiner found Maietta impressive but felt she wasn't the right shark for this particular business. Daymond John expressed his unfamiliarity with the NFT space and stepped out.

Mark Cuban, despite owning the Dallas Mavericks and having experience in both sports and technology, questioned why Round21's sales weren't higher. He mentioned he was already doing similar promotional activities with the Mavericks, which might create conflicts of interest.

Kevin O'Leary emerged as the only interested investor. He highlighted his ownership of NFT.com and extensive work in the NFT space. Initially, he offered $250,000 for 15% equity. After negotiations, they settled on $250,000 for 10% equity plus 1.5% of all NFT sales. Mark Cuban encouraged Maietta to accept this offer, which she did.

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Round21's journey after Shark Tank

Following the Shark Tank appearance, Round21 continued to grow its business through strategic partnerships. The company expanded beyond its initial product line to form relationships with major sports organizations. These included the NFLPA and the USWNT Players Association, which helped create new merchandise opportunities.

The retail strategy evolved to include a physical store presence. Products became available at Dick's Sporting Goods locations nationwide and in art museum gift shops, expanding beyond online-only sales through their website and Amazon.

Artist collaborations remained central to the business model. The company released limited edition Keith Haring and Jean-Michel Basquiat basketball designs, which received positive market reception. These high-profile artistic partnerships helped differentiate Round21 from traditional sports equipment manufacturers.

On the digital side, Round21 partnered with Coinbase and Bored Ape Yacht Club to strengthen its NFT offerings. However, the cryptocurrency market downturn in 2023, including the FTX bankruptcy, negatively affected the NFT sales portion of the business.

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Fans can watch new episodes of Shark Tank on the ABC network.