A mother-of-three has secured a $250,000 investment in her six-year old business from a Shark Tank judge, with the funds going towards trebling her workforce over the next three years.
Caroline Africh, who launched distribution and consulting business Things 4 Bubs, inspired three of the judges on the popular TV pitchfest.
While the business was founded in 2012, Ms Africh said it was the launch of a consulting arm in 2015 that really saw the enterprise pick up steam. Today, the company has more than 300 consultants nationally, accounting for roughly 60 per cent of turnover.
Things 4 Bubs has exclusive Australian distribution rights for a number of baby-related products, and also owns babywear brand Petit Bamboo.
“Becoming a consultant is the most empowering thing any stay-at-home mom can do. It removes the need to have a ‘job’ or ‘workplace' to create an income,” she said.
“We teach our consultants ways to generate both active and passive income and work around their families in a flexible manner. With the rise of technology and social media, Things 4 Bubs Consultants has gone from a concept to a real, thriving business.”
On the show, Ms Africh said she wants to “turn our $1 million business into a $10 million business”, by expanding the number of consultants, or on-sellers, that the business works with, as well as other support needed to expand into the US.
“I basically need a digital marketer, an in-house IT person and to buy stock,” she told the “sharks”.
Boost Juice founder Janine Allis didn’t like the consulting model, but three of the other judges did appreciate the concept, and all three made offers of a $250,000 investment. But it was HR firm Talent2 founder Andrew Banks who Ms Africh sided with, accepting a $250,000 investment for a 30 per cent stake in her company.
“I’m thrilled that Andrew Banks saw my vision and was willing to invest in me. I’m incredibly excited to see what the future brings,” Ms Africh said.
Shark Tank airs on Network Ten.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
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