Icapsulate is an Australia-based coffee company that specializes in biodegradable coffee pods. Kane Bodiam, the founder of the company claimed Icapsulate to be the first biodegradable coffee shaft capsule on the market. He pitched the same on the third season of Shark Tank AU.
Although his presentation on the show was impressive, he ended up losing the deal because of false claims. Many viewers are eager to know the net worth of the company or how it’s doing after Shark Tank. We will cover all that information in the below post.
What is Icapsulate?
Icapsulate is an Australian coffee pod-making company. They make biodegradable coffee pods that can be used with Nespresso machines.
Icapsulate is founded by Kane Bodiam, who appeared on Shark Tank AU season 3 with an offer of a 22.5% stake for $2.5 million.
Who is the founder?
Kane Bodiam, the founder of Icapsulate hails from Sydney, Australia. He is a mechanical engineer who acquires his degree from the University of Technology, Sydney.
He started repairing and making coffee machines in his university days. This helped him become a skilled coffee machine technician.
After graduation, he secured a job at Gloria Jean’s Coffee where he worked as a technical expert. He also worked at Douge Egberts.
Later, he was hired by Mad Coffee Capsule. But for some reason, he promoted himself as the owner of the roasting company on social media. This landed him in legal trouble in 2015. He was ordered by the court to stop pretending as the owner of the Mad Coffee Capsule Company.
After getting out of the legal trouble, he decided to set up his own coffee company. He had enough knowledge to start a company from scratch.
In 2016, he officially launched his own company called iCapsulate and started promoting the products as biodegradable in the market.
A year later, Bodiam claimed that his business was manufacturing 35 million pods for their stores and some other brands. In 2017l, he reported that the company’s annual revenue is $4 million.
Icapsulate On Shark Tank
Bodiam appeared on Shark Tank AU in 2017. He came in with an offer of a 15% stake in his company for $2.5 million. The high valuation of the company shocked the Sharks, but they were interested in his business.
Except Steve Baxter, Glen Richards, Naomi Simson, and Andrew Banks took the bait and battled it out among themselves. In the end, Banks offered him a counter deal of a 22.5% stake for $2.5 million.
The deal was accepted by Bodiam, making it one of the biggest deals on the show. However, the deal didn’t close as Banks found out about all the false claims made by Bodiam.
In 2018, iCapsulate was put into administration. Bodiam tried explaining that it was due to an internal dispute between shareholders and directors. At the time of writing, the net worth of the company is lower than $100K. It is reported that Bodiam shifted to the UK and started a new coffee company.