Barbara Corcoran and Remento Founder Charlie Greene (Image source- @sharktankabc)
How often do we regret not asking a question to our loved ones that we lost? If only we had a mechanism to preserve all the precious memories with the ones we lost in life!
Charlie Greene had to go through the same lane of pain and regret, which led him to create a platform, Remento, that helps families store their cherished memories together in a keepsake.
With a background in journalism and valuable experience as a speechwriter in the Obama administration, the founder of Remento delivered a brilliant pitch that left the sharks intrigued and emotional.
Continue reading to find out if Charlie secured a deal with any of the sharks for his innovative venture, Remento.
About Remento
| Category | Details |
| Founder (Plural if multiple) | Charlie Greene |
| Product Type | Digital and Physical Memoirs & Personalized Books |
| Funding (Pre-Shark Tank) | $3 million |
| Investment Asked | $300,000 |
| Equity Offered | 5% |
What Happened on the Shark Tank Episode?
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When the sharks asked Charlie about the reason behind his idea, he shared how losing his dad in the 9/11 attacks, right after his tenth birthday, completely changed his life. Charlie spent years reflecting on the legacy his father left behind.
He was left with a heart full of “what ifs.” Years later, when his mom faced a serious illness, he wasn’t going to let those chances slip away again.
Luckily, Charlie’s mom has fully recovered from her illness now.
Daniel told Charlie about his father, “He would be very proud of him, to stand with such strength and such beauty.”
Daniel was so impressed with the way Charlie presented the pitch that he asked him about his background, saying the presentation was so flawless, “You could be President Obama.”
Charlie shared his career background—he started as a journalist, then became a speechwriter in the Obama administration. After that, he worked at 21st Century Fox for some time, pursued an MBA, and then started working on Remento.
The sharks were, once again, very impressed!
Questions Asked by Sharks
- Sharks asked about the cost to do the project. Charlie explained that the base price for Remento is $99. For that price, they bundle a one-year subscription to the digital product with a credit for a hardcover, color-printed book. The average order value is $119 since people generally choose from a couple of add-ons that are available. If we subtract the production cost of the product, which is $16, that leaves us with $103—an 86% profit margin.
- Mark interjected, saying, “Here’s the problem,” explaining that kids these days are not that interested in a paper book. He asked if they could integrate it with social media to make it a platform where kids go. Charlie addressed Mark’s concern by explaining that his product is a digital platform with a physical complement.
- Kevin asked when the business started and how much it had grown. Charlie shared that the business started three years ago, and in the last 10 months—the duration the product has been in the market—it has generated $620K in sales.
Remento is one of a kind, featuring speech-to-story technology that automatically transforms recordings into written stories and compiles them into a keepsake book.
- The final product is available both digitally and in colorful printed form with customizable covers.
- It sends you a prompt every week that is super easy to answer. The good thing is that you can access it from any device.
- Professional storytellers and scientists were involved in building the right technology for formulating engaging story templates.
- The product is priced at $99 without the add-ons.
Did Remento Get a Deal on Shark Tank?
Kevin, even though he liked the numbers, did not like the long list of VCs on top. According to him, 15%-20% is the accurate, more reasonable equity. Daniel agreed with him and offered the same deal.
- Kevin and Daniel then offered to come together on the deal: $300K for a stake.
- Shark Barbara had a bit of a different way of saying that she was “out.” She read from her notes, “Offer nothing, save your money.”
- Mark offered to do $300K for 10% equity.
Among all the offers, Mark’s deal made the most sense to Remento’s founder, Charlie, and a successful deal was made.
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What Happened to Remento After Shark Tank?
Remento has seen an increase in the number of website visits and sales ever since they appeared on Shark tank.
It is expected that the next versions of Remento will let you add things like maps, songs, news stories, and official papers. This will make your family history feel like a real, explorable story, not just a picture book or a list of names.
Where Can You Buy It?
Find the product on the official website of Remento and preserve every memory with the people you cherish.
Quick Summary
- Remento helps families preserve cherished memories by turning spoken stories into written keepsakes, using weekly prompts and speech-to-text technology.
- It creates both digital and printed memory books, making it easy to capture and share life stories.
- Charlie Greene, founder of Remento, secured a deal with Shark Mark for $300K in exchange for 10% equity.
