Founder Yunha Kim appeared on Shark Tank season 9 episode 1, which aired on October 1, 2017, to pitch her wellness and relaxation app, Simple Habit. The company aimed to change people's lives through simple meditations.
All the sharks agreed that the company’s $12 million valuation was overly inflated and felt the request for $600,000 in exchange for 5% equity was equally unreasonable.
The sharks poked fun at the evaluation while trying to meditate using the app. Guest shark Richard Branson expressed that the sharks were being disrespectful to the Shark Tank contestant and her pitch.
"These people are horrible... Don't do business with them they are horrible people," he said.
Richard shared that he had a bad experience with meditation. He wanted to change that, noting how people who practiced meditation "seem a lot happier than those people who don't." However, he said that he'd be reluctant to invest $600,000.
Mark Cuban and Daymond John tested the guest shark and interrupted him, acting surprised at how he wasn't able to offer $600,000. Feeling a bit insulted, Richard threw a glass of water onto Mark's face, who returned the favor.
"Excuse these very rude people on this panel, which of course I've punished one. We'll sort the other one as in a minute," Richard said.
As Mark commented on the high valuation of the company, Richard tried to interrupt him by hiding his hand. This enraged Mark, who told the guest shark to back off and leave him alone.
"Leave me alone! Yo, bro leave me alone," Mark told Richard.
Simple Habit on Shark Tank: Yunha Kim fails to secure a deal with the sharks
Founder Yunha Kim appeared on season 9 episode 1 to pitch Simple Habit, seeking a $600,000 investment for 5% equity in her company.
"Simple habit is meditation made simple. Our five minute meditation app is designed for your busy lifestyle. It's so easy to use. First, download and open the app. Second, tell the app what you're up to. For example, let's try 'Before work' [and just sit back and meditate]," she pitched.
Guest shark Richard Branson expressed interest in the app, mentioning his desire to start meditating. However, he felt the $600,000 investment was too high and instead offered $300,000 for 10% equity.
Robert Herjavec matched Richard's offer, proposing a combined offer of $600,000 for 20% equity.
The Shark Tank contestant asked if the two sharks would consider a $10 million valuation. She stated that her company was "going to build the world's largest platform for health and wellness." Moreover, she emphasized that they were changing people's lives, including those going through cancer and divorce.
"I just get a lot of letters from people that we change our lives with, and I'm not lying... I understand this investment opportunity, but I really think that we can really change the world together," she added.
Robert appreciated Yunha's drive and how personal the company was to her. He expressed his desire to be involved and, in consensus with Richard, offered $600,000 for 15% equity.
"You've seen this show, there's tremendous value in being on here. I actually think there's a value add to your investors that perhaps you're not factoring in," he added.
The Shark Tank contestant stated that she couldn't make a deal at 15%. Noting that she wasn't realizing the value of a shark's investment, Robert felt she was being a "little short-sighted" and decided to exit the deal.
Richard believed that Yunha wasn't being shortsighted. He felt that she was just doing what was right for her, her shareholders, and her company.
"She's got the money. Congratulations on creating an incredible company. Good luck, but sadly I'm out.," the Shark Tank investor continued.
As of December 2024, the Simple Habit app remains available in app stores with active users. However, the brand hasn't been active on its Instagram page since their last post on June 21, 2023.
Shark Tank season 16 episodes air every Friday on ABC.