Highlights
- Dmitri Love pitched Bundil, an app that rounds up spare change for cryptocurrency investments, on Shark Tank.
- Faced skepticism about cryptocurrency from the Sharks.
- Secured a deal with Kevin O’Leary despite concerns about competition and business scalability.
Overview
| Category | Details |
|---|---|
| Name | Bundil |
| Founder | Dmitri Love |
| Industry | Financial Technology |
| Product | Rounding and investing app for cryptocurrency |
| Funding | Self-funded pre-Shark Tank |
| Investment Ask | $100,000 |
| Equity Offered | 10% |
| Valuation | $1,000,000 |
Dmitri Love wants to make a bundle with Bundil, his rounding/investing app, in Shark Tank episode 1002. Bundil is a lot like other spending/investing apps. There are a lot out there and they all work pretty much the same. Link a credit or debit card to the app. When you purchase something, the app rounds up the cents to invest in stocks, pay down student loan debt, or just put the extra in a bank account. These apps work like a digital change jar and enable you to manipulate that change jar more easily than lugging a real jar on to the bank.
Bundil works like these other apps but with a hook: you round-up your change to invest in Cryptocurrencies. For those of you that don’t know, Cryptocurrencies are, according to Webster: any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.
Bitcoin
Bitcoin is the most well-known Cryptocurrency. It surfaced in 2009 as a method to let people conduct business online without a lot of regulatory interference. It was worthless when it was first issued. Last December it hit an all time high of $17,549.67. Since then it’s dropped to around $6600.
Bundil handles Bitcoin, plus Ethereum, Litecoin, and BitcoinCash. Users choose how much they want to invest or round-up per purchase. For example if you rounded up 50 cents per transaction three times a day, you’d invest $45 per month. Bundil charges around $2 per month for the services. The app is only available for iPhone now, but an Android version is in the works. Love likely wants a Shark to help him roll out development.
Will a Shark bite on this?
Bundil Company Information
Video
Posts about Bundil on Shark Tank Blog
App Turns Spare Change Into Cryptocurrency
Bundil Shark Tank Recap
Dmitri enters the Shark Tank seeking $100,000 for 10% of his business. He gives his pitch and tells the story of cryptocurrency. When he stumbles over his words during the pitch, the Sharks encourage him. He has displays to help explain how it works and explains cryptocurrency.
Right now it invest in Bitcoin, Ethereum and lite coin. He makes his money by charging users $3 a month or $24 per year. He soft launched 60 days ago and Mr. Wonderful wants to know how he’s going to get customers. Dmitri says his customer acquisition is $2.60.
Lori doesn’t believe in crypto; she’s out. Mark has a conflicting business with ChangED; he’s out. Daymond calls crypto the wild west; he’s out. Kevin offers $100,000 for 50%. Matt thinks it’s too easy to create a competitor; he’s out. Dmitri decides to take Kevin’s deal.
Bundil Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. I found no evidence this deal with Kevin closed. The fact that the app didn’t get “gasoline poured on it” as Kevin promised is pretty good evidence. As of June, 2021, version 4.0 was launched. The app is now compatible with hundreds of banks. There are at least 8 competing apps. As of December, 2022, the company is still in business with annual revenue of less than $1 million. Dmitri shut the business down in June, 2023.
In February, 2024, Dmitri founded Peas Technology. It’s an AI driven app that allows couples to plan their finances, split bills amicably, plan a budget, set savings goals and more. Couples interact with an AI bot named “Penelopea” to accomplish this. The company raised $750,000 from Techstars, Gurtin Ventures, and Tricia Martínez-Saab and Antler in January 2024 to get things off the ground. As of August, 2024, it’s still in Beta but I logged in to the app and played around with it – it looks cool.
