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Northern Star Sharktank Article

Northern Star Sharktank Article

May 16, 2018 1 min read

The other contestant to walk away with a deal on Tuesday night's episode was NSW mum Lori Phegan, who came in seeking $100,000 for 10 per cent of her controversial gifting business, The Inappropriate Gift Company.

"The idea for the Gift Co. came after a particularly stressful week at work as an HR manager. I thought, there must be more fun to life than this," she said.

Since launching a basic website in November 2016, the company has sold nearly 24,000 products to more than 9000 customers in 36 countries, making $470,000 revenue. Ms Phegan said the goal was "to be the global home of inappropriate gifts".

Impressed by the pitch and her solid sales figures, Steve offered $100,000 for 20 per cent, Janine offered $100,000 for 18 per cent, while Andrew and Naomi both offered $100,000 for 15 per cent.

Naomi swooped in with a last-minute offer of $100,000 for 15 per cent, plus another $100,000 for another 10 per cent if she could double the business within 12 months - and Ms Phegan took the deal.

"We wanted Naomi because it's an obvious choice because she's in the gifting business," she said. "I'm so happy."

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