In a thrilling turn of events, Shark Tank Vietnam witnessed its first rapid investment deal of the seventh season with KaloToys, a startup developing educational toys for children. Shark Binh and Shark Minh Beta officially sealed the deal, investing 1 million USD in KaloToys just one week after the episode’s broadcast.
KaloToys, a startup that creates educational toys for children aged 0-5, initially caught the Sharks’ attention. They impressed the Sharks with their unique business model, distributing their products through their website and popular e-commerce platforms in the US, Australia, and Canada, including Amazon and Etsy.
During their pitch on Shark Tank, KaloToys successfully secured an investment of 1 million USD from Shark Binh and Shark Minh Beta in exchange for a 10% stake in the company. Additionally, Shark Minh Beta committed to helping raise 3 million USD for the next round of funding if KaloToys achieves a revenue target of 220 billion VND in 2024. Demonstrating their confidence in the startup, the co-founders of KaloToys turned down a golden ticket worth 5 billion VND from Shark Binh to secure investment from both Sharks.
At this point, the Sharks have signed the agreement, but the funds have not yet been disbursed. Speaking to us, Dong Duc Thanh, co-founder of KaloToys, shared that the startup is in the process of finalizing the necessary paperwork to meet the conditions for disbursement.
Addressing queries regarding the absence of the KaloToys brand on Amazon and Etsy, Thanh explained that in the US market, KaloToys employs a “school of fish” strategy, utilizing multiple smaller brands. He added that they had previously encountered issues with e-commerce teams reporting false information, which impacted their business operations, and therefore, they chose not to disclose the specific brands during the show.
KaloToys’ brand is not visible on Amazon or Etsy.
Prior to their appearance on Shark Tank Vietnam, KaloToys’ founders shared that they began their business journey in 2020, primarily targeting the US, Australian, and Canadian markets. By 2023, the startup had achieved impressive financial figures, with a revenue of 95 billion VND and a profit of 9.6 billion VND.
KaloToys emphasized that their participation in Shark Tank Vietnam was not a marketing stunt but a sincere and serious approach to seeking investment and mentorship from the Sharks. While it is too early to declare the deal a success, the KaloToys team considers it a launching pad for their future endeavors.
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