Dawn Myers, Shark Tank

Dawn Myers Scores 6-Figure ‘Shark Tank’ Deal For ‘The Mint’ Hair Infuser

Mark Cuban and Emma Grede made Myers a final offer for The Mint: $150,000 for 15% equity, plus an additional 5% in advisory shares.

Dawn Myers, the founder and CEO of The Most, a parent company for brands Richualist and The Most Curls based in Washington D.C., recently secured a six-figure investment offer on ABC’s Shark Tank for her thermal hair infuser, The Mint.

During her pitch, Myers presented the $400 product designed to detangle and evenly distribute heated conditioners and gels through the hair strands. According to CNBC Make It, the 38-year-old entrepreneur sought $150,000 in exchange for a 10% stake in the innovative device, which utilizes coffee pod-like cartridges, retailing at $6 each or a monthly subscription of $36 for a 6-pack.

Myers shared that The Mint took her five years to perfect.

While the Sharks initially expressed concerns about Myers’ pricing and vision for The Mint, she addressed these by explaining that the high cost was due to limited initial production runs of only 100 units at $120 per unit. However, she had identified a way to halve the manufacturing costs, enabling her to reduce The Mint’s price tag.

After Kevin O’Leary, Robert Herjavec, and Lori Greiner declined to invest, Mark Cuban and Emma Grede made an offer: $150,000 for a 20% equity in her invention. Hesitant to compromise her existing investors, Myers was able to prompt the duo to offer a more attractive deal of $150,000 for 15% equity plus an additional 5% in advisory shares.

The Sharks were inspired by Myers’ unwavering determination. “I ended up selling my home…I eventually would liquidate my 401(k) so that we could build this product,” she said. Myers also recounted her journey: “I put together this really rudimentary prototype [in 2017], and I started applying to accelerators and incubators and pitch competitions…Everybody who I went to said, ‘There’s no way you can make this.'”

Funding for The Mint became even more challenging in January 2022 after the inventor was diagnosed with stage three colon cancer. Despite undergoing surgeries and chemotherapy treatments, she persevered and ultimately raised $1.1 million in venture capital for her innovative hair care product.

As previously mentioned by BLACK ENTERPRISE, Cuban has invested approximately $2 million in 13 Black-owned businesses over his 13 years on Shark Tank. The Dallas Mavericks minority owner said he proudly supports diversity, equity, and inclusion.