iCapsulate attracts US$1.9m investment from TV pitch

Australian capsule company iCapsulate has set a novel record, attracting the largest ever investment – US$1.9 million for 22.5 per cent of the company – on the Australian business pitch TV show, Shark Tank. iCapsulate’s CEO, Kane Bodiam, presented to the panel of potential investors, telling them his 18-month-old company is worth an estimated $12.5 million, producing 35 million capsules per annum. The Clincher was Bodiam's assertion that his company is poised to launch a “world first biodegradable, hermetically sealed capsule”. Bodiam says he was offered $19 million for the business six months ago, but turned it down because he sees so much potential in it. Andrew Banks was the ambitious investor who shared Bodiam's belief in the company’s potential. Banks has made an estimated $228 million as an operator in the recruitment industry, as well as an investor in Krispy Kreme.