Highlights
- Greg Smith, Lisa Love, and Brad Johnston seek $500,000 for 8% equity in Tanoshi, a company that makes affordable, kid-friendly computers designed to support STEM education.
- Daymond John offers $500,000 for 20% contingent on a licensing deal, which the founders accept.
- Despite booming sales during the pandemic, Tanoshi’s website indicates the product line has been discontinued as of July 2024, raising questions about the company’s future.
Overview
| Category | Details |
|---|---|
| Name | Tanoshi |
| Founders | Greg Smith, Lisa Love, Brad Johnston |
| Industry | EdTech (Educational Technology) |
| Product | Affordable computing devices for kids |
| Funding Sought | $500,000 |
| Investment Ask | $500,000 |
| Equity Offered | 8% |
| Valuation | $6,250,000 |
Greg Smith, Lisa Love and Brad Johnston show the Sharks Tanoshi, their line of affordable computing devices for kids, in Shark Tank episode 1114. Tanoshi means “fun” in Japanese and its creators wanted a fun, affordable computer so all kids can have access to technology. The company is dedicated to providing access to technology with an emphasis on STEM related curriculum. They’re big supporters of Code.org.
Each Tanoshi computer has a detachable keyboard so it doubles as a tablet. It has an Android based operating system with Google’s parental control Family Link app pre-installed. Google docs and spread sheets plus kid friendly coding apps are preloaded too and kids have access to the Google apps store.
The company mission is to bridge the education gap. Many children do not have access to computers outside of school because of the cost of computers. It’s also designed for kids because it has gateways to inappropriate content pre-installed. At $189, it’s the most affordable computer aimed at kids on the market. Johnson and Love are the co-founders and the company employees have a combined hundreds of years of experience in software, coding and computer technology. They’ve taken about $300,000 in venture money since opening up in 2015. They’d like to add a Shark to their list of investors.
Company Information
Video
Posts about Tanoshi on Shark Tank Blog
Tanoshi Shark Tank Recap
Greg, Lisa and Brad enter seeking $500,000 for 8% of their company. They explain how they invented a computer that it accessible to most kids. Parents have a measure of control too as they can remotely track screen time through an app. Since they started selling a year and a half before taping, they’ve done $720,000 in sales. They say they need cash to help grow the business and create new software.
The Sharks are wary of thin margins and competition in the electronics space and only one Shark makes an offer. Daymond likes the social mission of the business and thinks licensing is the future of the business. He offers $500,000 for 20% contingent on a licensing deal and they accept.
Tanoshi Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. While there is nothing on Daymond’s site about the deal closing, Tanoshi announced the deal in a press release shortly after the episode first aired. In the release, Daymond says “Their focus on making education more accessible through the availability of affordable tech for kids is inspiring, especially considering recent developments with so many parents having to juggle homeschooling as well as numerous kids who are at home without access to computers.”
Trouble Brewing?
Sales boomed during the Covid-19 pandemic as more parents sought affordable computers for their home-schooled kids. In November, 2020 they introduced the Tanoshi Scholar. This computer has greater durability, more educational content and Zoom and Google Meet compatibility. The new model costs $299. In May, 2021, they opened up to investors on Start Engine. As of March, 2022, they raised a total of $82,866. In July, 2022 Brad told Freethink that the company has been approached by several private equity firms seeking to buy them out. So far he’s rejected the offers because they were too low and he wants to be certain “whoever acquires the company is going to continue the goal of closing the digital divide by providing high-quality technology at affordable prices.” Annual revenue is $4 million.
Also in July, 2022, Greg Smith left the company to go to work for a business called Fingerpaint. In a July, 2024 check-in, something is afoot with this business. Both Lisa Love and Brad Johnston list the business as “open” on their respective LinkedIn pages, but the company website says the computers have been “discontinued.” There is only one computer left in stock on Amazon at this time too. Is this business on the way out? Shark Tank Blog will keep an eye out.
