This world is nothing more than a fleeting moment and one day, everything and everyone can be forgotten. But, Remento is bringing a change in how we remember our loved ones. Read on to find out more:
Pitch Summary
- Asked for $300K for 5% equity in Remento.
- Various sharks offered the deal, but it was Mark Cuban who secured it.
What is Remento?
As someone who has lost his dears and loved ones, I believe their memories play a massive role in our lives. Well, it is impossible to have them back in our lives, it’s those memories that we cherish as they are significantly vital to us.
Charlie Greene is on a mission to change the way how we remembered our loved ones. Introducing Remento, the life story books of our loved ones. And it’s almost true that when we lose someone, we sometimes lose their stories too. But not anymore, as Remento is here.
You can have a Quick Read About Remento Shark Tank App Review
How Does the Product Work?
Remento, via its digital app sends a story telling prompt to your loved ones. Now, you may understand that you will need to choose your loved one and tell them how it works. Then, Remento will send a reminder, where your loved ones only have to speak to record their stories.
Charlie explained that most times, elders may have a hard time writing but they can speak easily and hence, it’s a great way to make this activity more interesting.
The speech-to-story technology in Remento automatically converts voice into a digitally written storybook.
Well, that is not it, the best and most heart felting thing about Remento is the QR code that comes with every story. If you scan the code, Remento will take you to the original version of the story and to time when your loved one recorded the story. Pretty amazing, right?
What are the Numbers?
Sharks, as well as me loved the concept. However, we all know that how important numbers are in the shark tank. So, starting with the product price, Charlie explained that the base price is $99 for a 1-year subscription, and this includes a hard-copy, colored book as well.
The average order value is around $119, and it takes $16 to print the book and delivery charges. So for him, the business is booming as he is securing around $103, with around 86% profit margin.
That said, one of the biggest hurdles that came for Charlie was his already too much-diluted company. Charlie confessed that he has already raised $4M in three years, at a valuation of $11M.
However, different entities invested in Remento and he gave a breakdown as well. 3 institutional investors, 10 angel investor, and 30% of the business is gone. To date, he is left with only $561K and that is why he has come to shark tank to offer his company shares to raise more capital.
Remento Expected Net worth
| Base Price | $99 |
| Avg. Order Price | $119 |
| Last 10 Months | $620K |
| Sales in 2024 | $1.5M (projected) |
| Sales in 2025 | $4.6M (projected) |
| Net Profit in 2025 (expected) | $1.5M |
What Did the Sharks Decide?
First of all, start with the ladies, Barbara and Lori. Both the women did not like how Charlie had already sold 30% of his company. And with more than 5 angel investors and 3 institutional investors, both the ladies were pretty uncomfortable. So, they both took out an early exit.
As for Daniel, he as particularly emotional in this pitch and decided to make an offer with Kevin. For both the Sharks 5% seemed too low and after hearing the pitch, everyone wanted a share. So, they offered all the amount of 15%.
On the other hand, mastermind Mark was thinking something else and put forth his unbeatable offer for the same amount but for 10%. Since Charlie wasn’t willing to go over 10% in any case, Mark met his standard.
However, Charlie did say that some of those will be in the advisory to which Mark said he couldn’t care less and yes, that is how the deal was done while Daniel shouted; “No, no, no, waittt”.
| Sharks | Deal Offered | Remarks |
| Lori | No | Too many investors |
| Barbara | No | Too many investors |
| Kevin | Yes | Offered $300K for 15% with Daniel |
| Daniel | Yes | Offered $300K for 15% with Kevin |
| Mark | Yes | Offered $300K for 10%. |
What Do I Think?
The product is rock solid, as was Charlie. He truly represented how such great products have the potential to change our lives. Anyway, you know it’s my ritual to use my accounting and finance degree here and draw some sound financial conclusions for the next 5 years of the company. Again, these assumptions can be wrong as I only draw them with the data I have.
| Year | Sales Revenue | Growth Rate | Estimated Net Profit (30% margin) |
| 2025 | $4.6M | 206% | $1.5M |
| 2026 | $11.5M | 150% | $3.45M |
| 2027 | $23M | 100% | $6.9M |
| 2028 | $40.25M | 75% | $12.07M |
| 2029 | $60.38M | 50% | $18.11M |
So yeah, Remento may reach a net worth of more than $18M in the years to come, thanks to Charlie, his determination, and not to forget his mentor; Mark Cuban.
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