Pavlok’s CEO Explains Why He Rejected Kevin O’Leary’s Offer on Shark Tank
Maneesh Sethi is the CEO of “Pavlok,” a wristband device designed to help you wean off bad habits like smoking or nail biting.
Pavlok works by shocking you through a push of a button every time you succumb to a bad habit. This is a form of aversion therapy
Sethi recently appeared on Shark Tank seeking a $500K investment for 3.14% of his company. All the sharks came out citing the fact that Sethi had no credible studies proving that his device actually works.
However, Kevin O’Leary was interested and offered Sethi a $500,000 loan at 7.5% for two years and 3.14% equity. Sethi claims that he’s sold $800,000 worth of product so far.
While even Sethi noted that the deal O’Leary offered was great, he declined without giving a specific reason why. When pressed by the sharks, Sethi revealed that it was because he didn’t want to partner up with O’Leary.
“I would take an offer from anybody besides Mr. Wonderful,” Sethi said on the show.
Then things got heated and sent the sharks in a fury…
Since the show aired, O’Leary and took to twitter to voice more opinions of Sethi.
Sethi recently did a live Facebook video going into further detail on why he rejected O’Leary’s offer:
“I don’t regret not taking his investment. The truth is Mr. Wonderful is just not the right partner for us. He’s very angry and very belligerent and very focused on money and not focused on helping people. I think that it was very obvious and evident from when I turned him down, he started cursing at me.”
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