Songlorious co-founders Ellen and Omayya Atout pitched their personalized music company in an Oct. 15 Shark Tank appearance and secured a $500,000 investment from four "dream mentors" they anticipate to propel their startup into significant growth mode.
The pair accepted a combined offer from Daymond John, Mark Cuban, Kevin O'Leary, and guest Shark Peter Jones, all of whom have business relationships that are relevant to Songlorious' business model.
Songlorious is a marketplace that allows musicians to make money by creating and recording studio-quality songs that are tailored to each customer's story and genre choices.
Over 11,000 song requests have already been received, $2.1 million in revenue has been generated, and $650,000 has been paid out to 160 musical artist who have created original songs for romantic breakups, prom invitations, business jingles, marriage proposals, anniversaries, birthdays, new mothers and so much more.
"This is a game changer for Songlorious. We not only got the funding we were looking for, but we also have a dream team of four Sharks who clearly see the potential in our business," Omayya said. "We now have both the resources and the guidance to help us reach more people, scale our operations, and do something we thought we'd never be able to do: turn our passion for music into a full-time job."
The Atouts eventually accepted the $500,000 four-Shark deal in return for a 40% ownership in the firm. The pair had entered the room hoping for a $400,000 investment with a 10% stake, but they immediately concluded that the higher payout would be offset by the business skills and contacts that all four Sharks could bring to the table to help the company expand.
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