Unable to impress ABC's "Shark Tank" investors, Jaime Siminoff refused to give up on his company, DoorBot, now called Ring. And his determination paid off! Siminoff turned his supposed failure into a success with a $28 million investment, one of the investors being Richard Branson, according to Tech Insider.
In September 2013, Siminoff went on the popular show in the hopes of raising money for the company he thought was worth $7 million, according to Business Insider. At the time, he was already making $1 million in annual sales.
His product, a video doorbell that was intended to protect against burglars, failed to gain the attention he hoped. One of the "sharks," Kevin O'Leary, offered a $700,000 loan, taking 10 percent of all sales until the loan was paid off, according to Business Insider. But Siminoff rejected the offer, moving on to bigger and better things.
Two years later, Smirinoff announced that his company, Ring, had raised $28 million in funding which brings its total private capital to $37.5 million. Richard Branson, along with American Family Insurance, True Ventures, Upfront, and Shea Ventures were heavily involved, according to Fortune.
The funds raised will help expand the company, making the vision of a connected video doorbell, among other items to enhance home security, a reality for the company.
Branson became interested in the product after he witnessed a friend using it to talk to a UPS delivery man, according to Tech Insider. Forty-eight hours later, Branson agreed to join the next round of fundraising.
