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Valued at 85 billion despite not selling anything, the biotechnology startup surprised the sharks

Wednesday, May 12, 2021 12:00 PM (GMT+7)

This startup brings Shark Tank a very meaningful environmental protection biotechnology solution, but has not yet been released to the market but is valued at up to 85 billion.

Facing the concerns of the successor generations about a green planet, a clean world without plastic waste, Mr. Nguyen Chau Long – founder and operator of Thien Kim An company with the Bioplas brand brought Shark to Shark. Tank Vietnam season 4 a one-time solution to prevent white pollution, plastic waste pollution. They are bio-plastic beads, biodegradable plastic bags with the main ingredients PLA, PBAT and wheat starch produced by his own company.

The eco-friendly bio-resin startup has raised funds at Shark Tank.

Founder Nguyen Chau Long said, his product is “100% bio-resin, no ordinary plastic, after self-destruction will not leave microplastics”, “the product has been tested in Europe and USA, OK-Compost certified. Currently, he has completed phase 1 with an investment of 16 billion VND. To prepare for the next journey and expand production, Chau Long comes to Shark Tank to call for 4.5 billion VND for 5% of the shares and only sell up to 35% if there is an investment request.

“I want the Shark to pay attention to keep this earth greener, cleaner and more beautiful for our children,” Chau Long called for the companionship of the “sharks”.

Although Mr. Chau Long’s business has not yet entered the market, there is no revenue and profit, but has valued 85 billion (equivalent to about 4 million USD), making the sharks surprised. Therefore, the sharks have continuously asked many questions “interrogating” startups about products, technology, prices, target markets, availability conditions, …

The startup representative shared that now his business has technology, factories, machines, certifications, and real products, so he is confident and ready if customers come to him. With the available advantages, he has divided his target market into 2 categories with 2 different main products: In the international market, he aims to export plastic resins and plastic packaging to Europe, Japan and America. ; On the contrary, in the domestic market, besides selling products, he aims to transfer technology, helping Vietnamese customers to self-produce, thereby continuing to export to other countries.

Besides, the competitive price of finished products, equal to the price of ordinary plastic bags is also an advantage that Mr. Chau Long is confident in bringing his products to the market. He also affirmed: “Every step is going in the calculated direction so there are no difficulties”.

Valuing 85 billion even though nothing has been sold, the biotech startup makes the "shark"  surprise - 3

Shark Phu is the only investor to participate in this deal.

Shark Lien said that this is a startup with an aspiration, an ideal and a desire to contribute to the community and the environment. However, the business is not complete, so shark Lien withdrew from this deal and wanted to support the startup in another form.

Shark Hung shared, this is a case that makes him think a lot: “Biotechnology is a new trend of society and this is a good direction. However, at this stage, equipment, materials, and product features are still in a relatively early stage. Your startup is just in the lab stage and coming to the program a bit early.” Therefore, Shark Hung does not invest.

Continuing with shark Hung, shark Phu commented that the bio-resin product is quite popular, so the price will determine the conversion of users. After a period of analysis, shark Phu made an offer of 4.5 billion in exchange for a 25% stake.

Shark Viet also commented that this startup is a brave person, but everything is still in its infancy, so shark asked to withdraw. Shark Binh also shares the same thoughts, admires, respects and supports the dream that Chau Long is pursuing. However, the strength of shark Binh did not support the startup during this period, so shark Binh also withdrew, ceding the negotiation to shark Phu and the startup.

With the only offer from shark Phu, founder Chau Long was a bit confused because the price was a bit low. He declared “for sure with the sharks, this road will be successful, but I need the support sharks to run fast, to capture the market as quickly as possible” and suddenly committed the opposite to shark Phú “if you fail. If I fail, I will return the exact amount to the shark. I have 4 houses left to sell for this project.”

Shark Phu convinces the startup to accept its proposal by offering benefits when the startup returns to him such as the output system, the production system, the existing values ​​of the ecosystem, … Startup just needs creating products as quickly as possible with the lowest possible price, while shark Phu will be in charge of bringing the product to market.

“Money doesn’t matter to us, it’s important that you use your ecosystem to create a large amount of product, consume it, and make money. If I go alone, 10 houses may not be successful. 4.5 billion is just the initial capital contribution. We could raise a trillion if it works, ”said shark Phú.

Still wondering about the number that shark Phu gave, the startup proactively suggested another number: “15 billion gives 25%. Within 3 years, if I can’t do it, I go bankrupt, I keep 3 of my current houses for shark ”. With the unexpected offer of the startup and the advantage of being the only investor to deal, Shark Phu decided to make the final offer: 15 billion convertible loan, 10% interest rate / year with a commitment to mortgage 3 apartments home. After 3 years, if converted, it will be equivalent to 35% of the shares.

After a period of consideration, founder Chau Long decided to close the deal with Shark Phu and expressed his wish that the sharks could help him go far on this path.


The female CEO of technology is pretty - green - clean,

Although he commented that this startup was “dumb” in pricing, shark Binh still bid to compete with shark Phu.


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