What is the Bundil Investment App, and what happened to it after appearing on Shark Tank Season 10? Bundil was an investment app that allowed users to invest their spare change from everyday purchases into cryptocurrency. The founder, Dmitri Love, appeared on Shark Tank seeking an investment. He secured a deal with Kevin O’Leary for $100,000 in exchange for 50% equity in the company. Despite initial success and updates to the app, Bundil ultimately shut down in 2023.
Summary
- Bundil was a mobile app that allowed users to invest spare change from everyday purchases into cryptocurrency.
- Founder Dmitri Love appeared on Shark Tank Season 10 seeking $100,000 for 10% equity.
- He secured a deal with Kevin O’Leary for $100,000 for 50% equity.
- The app continued to release updates and expand its features for a time.
- Ultimately, Bundil shut down in 2023.
- Dmitri Love shared his experiences and lessons learned on LinkedIn.
Bundil Investment App Shark Tank Update | Shark Tank Season 10
What is Bundil?
Bundil was a financial technology app designed to make investing in cryptocurrency accessible to everyone.
It operated on a simple premise: round up your everyday purchases to the nearest dollar and invest the spare change into popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
This “round-up” approach aimed to remove the intimidation factor often associated with crypto investing, allowing users to passively grow their portfolio with minimal effort.
The Pitch on Shark Tank
| Entrepreneurs | Dmitri Love |
|---|---|
| Business | Cryptocurrency investment app |
| Ask | $100,000 for 10% equity |
| Deal | $100,000 for 50% equity |
| Sharks | Kevin O’Leary |
| Season – Episode | Season 10, Episode 3 |
| Original Air Date | October 14, 2018 |
| Website | Bundil Investment App |
| Key Points of Pitch |
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| Why Sharks Accepted |
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The Shark Tank Deal
1. Dmitri’s Ask
Dmitri Love, the founder of Bundil, entered the Shark Tank seeking $100,000 in exchange for a 10% stake in his company.
He confidently presented his app as a solution to simplify cryptocurrency investing for the average person.
2. The Sharks’ Responses
The Sharks had mixed reactions to Bundil. Some, like Lori Greiner and Mark Cuban, expressed skepticism about the long-term viability of cryptocurrency and potential conflicts of interest.
Daymond John felt the company was too early in its development to warrant an investment.
3. Kevin O’Leary’s Offer
Kevin O’Leary, known for his shrewd investments, saw an opportunity in Bundil.
He offered Dmitri the requested $100,000 but countered with a demand for 50% equity in the company.
4. Final Deal
Despite initial hesitation and concerns about losing control of his company, Dmitri ultimately accepted Kevin O’Leary’s offer.
He recognized the value of O’Leary’s expertise and network in navigating the financial world, even with the significant equity stake involved.
Bundil After Shark Tank
1. Updates and Features
Despite securing a deal with Kevin O’Leary, it appears the partnership never fully materialized. However, Dmitri Love continued to develop Bundil after the show.
He introduced new features and updates, expanding the range of supported cryptocurrencies and increasing the app’s compatibility with various banking institutions.
This dedication to improvement showed his commitment to making Bundil a success.
2. Company Closure
Unfortunately, Bundil ultimately ceased operations in 2023. The reasons behind the closure are not entirely clear, but likely include the challenges of operating in the volatile cryptocurrency market and the competitive landscape of fintech apps.
3. Dmitri Love’s LinkedIn Post
In late 2023, Dmitri Love shared a reflective post on LinkedIn announcing Bundil’s closure.
He candidly discussed the valuable lessons learned throughout his entrepreneurial journey, highlighting both the successes and setbacks.
He emphasized the importance of perseverance, adaptability, and continuous learning in the face of adversity.
His post served as an inspiring message for aspiring entrepreneurs, demonstrating that even in the face of business closure, valuable experience and knowledge are gained.
Lessons Learned
1. Challenges in the Cryptocurrency Market
Bundil’s journey, though ultimately ending in closure, provides valuable insights into the challenges of building a business in the cryptocurrency space.
The crypto market is known for its volatility, with rapid price fluctuations and evolving regulations.
This unpredictable environment can make it difficult for startups to gain traction and achieve sustainable growth.
2. The Importance of Adaptability
Bundil’s experience underscores the crucial role of adaptability in the ever-changing tech landscape.
While the app initially focused on a “round-up” investment model, the company needed to remain agile and responsive to market trends and user feedback.
This could have involved exploring new features, expanding into different crypto-related services, or adjusting its monetization strategy to stay competitive.
FAQs
Is Bundil still available?
No, Bundil is no longer in operation. The company shut down in 2023.
What happened to Bundil after Shark Tank?
While Bundil initially secured a deal with Kevin O’Leary on Shark Tank, it appears the partnership did not fully materialize. The company continued to operate and release updates for a while but ultimately closed down.
What cryptocurrencies did Bundil support?
Bundil initially supported Bitcoin, Ethereum, and Litecoin. It later expanded to include other cryptocurrencies.
Can I invest my spare change in crypto with another app?
Yes, there are other apps available that offer similar “round-up” investing features for cryptocurrency. Do your research to find a reputable app that suits your needs.
The Bottom Line
Bundil’s story is a reminder that even with a promising concept and a Shark Tank deal, success in the entrepreneurial world is not guaranteed. The company’s journey highlights the challenges of navigating the volatile cryptocurrency market and the importance of adapting to changing conditions.
While Bundil ultimately closed its doors, its legacy serves as a valuable lesson for aspiring entrepreneurs. It emphasizes the need for resilience, continuous learning, and a willingness to adjust strategies in the face of adversity. Bundil’s innovative approach to micro-investing in cryptocurrency paved the way for other solutions in the fintech space, contributing to the ongoing effort to make crypto more accessible to everyone.
