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.
Contents
| Business details: | Coffee Pod |
| Founders name: | Kane Bodiam |
| Founded in: | 2016 |
| Location (Country): | Sydney, Australia |
| Investment Asked by Company: | $2.5 million for 15% equity |
| Sharks on board (Investors): | Andrew Banks |
| Accepted Deals: | $2.5 million for 22.5% equity |
| Shark Tank Episode: | Season 3 Episode 3 |
| Net Worth | $100K |
| Business Status: | Active |
| Social Media | |
| Last Updated: | June 11, 2024 |
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.
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 2017, he reported that the company’s annual revenue is $4 million.
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.
After iCapsulate appeared on Shark Tank, Kane Bodiam and Andrew Banks struck one of the biggest deals in the show’s history. Unfortunately, the deal fell through after filming ended.
Months later, questions arose about the accuracy of the claims Bodiam made during their pitch. It turned out that iCapsulate wasn’t featured in any well-known retail stores. Also, they weren’t the only ones making eco-friendly coffee pods.
Things got worse for iCapsulate when the company went out of business in 2018. Bodiam was quick to blame the company’s leaders because of which things didn’t work out. After that, Bodiam moved to the UK and started a new coffee business called BBC Coffee in Southampton. Their website says they can make over 2.2 million coffee capsules every day.
During their appearance on Shark Tank, some of the sharks were skeptical about moving ahead with the investment. It was Andrew Banks who offered the owners a $2.5 million investment for 22.5% of the company.
iCapsulate is owned and founded by Kane Bodium, who is also the person that introduced the product on Shark Tank and shared his pitch in front of the sharks.
According to the rough reports and estimates, iCapsulate has managed to do around $36 million in lifetime sales until now, which is quite impressive.
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