The world of startups is filled with highs and lows, and few stories encapsulate this rollercoaster better than that of Dmitri Love and his fintech venture, Bundil. Love’s appearance on Shark Tank in 2018 brought his innovative app into the spotlight, but the journey that followed was anything but straightforward. From a promising pitch to the eventual closure of Bundil, Love’s story is one of resilience, adaptation, and the challenges faced by entrepreneurs of color in the competitive tech landscape. Here’s a deep dive into what happened to Bundil, why the Shark Tank deal fell through, and how Love is thriving today with his new venture, Peas Technology.
The Bundil Pitch on Shark Tank
On October 21, 2018, Dmitri Love stepped into the Shark Tank to pitch Bundil, a fintech app designed to help users invest their spare change into cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The concept was simple yet innovative: round up everyday purchases to the nearest dollar and automatically invest the difference into crypto. At the time of the pitch, Bundil was just two months old, with 360 subscribers and a customer acquisition cost of $2.70 per user.
Love’s pitch started nervously, but he quickly regained his composure and impressed the Sharks with his vision. However, not all of them were convinced. Lori Greiner expressed skepticism about cryptocurrency, while Mark Cuban cited a conflict of interest due to his investment in a similar app, ChangED. Daymond John felt the idea was too early-stage, and guest Shark Matt Higgins encouraged Love to consider Kevin O’Leary’s offer.
O’Leary, known as “Mr. Wonderful,” saw potential in Bundil and offered $100,000 for a 50% stake in the company. Despite the steep equity ask, Love accepted the deal on the show, hoping O’Leary’s expertise and resources would help Bundil grow.
Why the Shark Tank Deal Fell Through
While the handshake deal on Shark Tank was a moment of triumph, it didn’t translate into a finalized agreement. Love later revealed on the Outside the Tank podcast that he ultimately turned down O’Leary’s offer. The primary reason? The terms were too restrictive.
Love explained that he asked O’Leary for two key commitments:
- Dilution Protection: If Bundil raised additional funding in the future, O’Leary would need to dilute his 50% stake.
- Additional Capital: O’Leary would provide more funding to ensure Bundil had a sufficient runway to grow.
When O’Leary couldn’t commit to these terms, Love decided to walk away. This outcome isn’t uncommon—Love noted that around 88% of Shark Tank deals fall apart during due diligence. Despite the failed deal, Love maintained a positive relationship with O’Leary’s team and continued to pursue his vision for Bundil.
Bundil’s Post-Shark Tank Journey
After the show, Bundil continued to operate and even secured funding outside of Shark Tank. Love highlighted the company’s inclusion in the Capital Factory Accelerator, a prestigious program that mentors promising startups. In a 2019 interview, he expressed optimism about Bundil’s future, mentioning plans to add new features and secure additional funding.
However, Love also faced significant challenges. In a candid LinkedIn post, he shared his frustration with the fundraising process, particularly as a Black entrepreneur. He pointed out that competitors with less traction, weaker teams, and no revenue were raising millions, while Bundil struggled to secure similar support. “Or maybe, we are just Black-founded,” he wrote, highlighting the systemic barriers faced by entrepreneurs of color.
Despite these obstacles, Bundil persisted for several years before Love made the difficult decision to shut it down in early 2023. Reflecting on the closure, he admitted that he should have considered pivoting or exploring new directions sooner.
What’s Next for Dmitri Love?
While Bundil may be gone, Dmitri Love’s entrepreneurial journey is far from over. In 2023, he launched a new fintech startup called Peas Technology, which aims to revolutionize how couples manage their finances. Peas allows users to split bills, save together, and manage their money using an AI-powered financial assistant—all without switching banks.
Love’s vision for Peas is rooted in solving real-world problems. As he explained in a LinkedIn post, the app is designed to make joint finances easier and more transparent, reducing the financial strain often associated with divorce or separation. Peas is currently in private beta, with a waitlist available for early adopters.
In addition to Peas, Love has built a stable career in the fintech sector, working as a product advisor for companies like Seeds and Robin Healthcare. His experience with Bundil has clearly shaped his approach to entrepreneurship, emphasizing resilience, adaptability, and a commitment to solving meaningful problems.
Key Takeaways from Dmitri Love’s Story
- The Reality of Shark Tank Deals: Not all deals made on the show come to fruition. Entrepreneurs must carefully evaluate the terms and ensure they align with their long-term goals.
- Challenges for Entrepreneurs of Color: Love’s experience highlights the systemic barriers faced by Black founders in securing funding and support.
- The Importance of Pivoting: Recognizing when to pivot or explore new directions is crucial for startup survival.
- Resilience Pays Off: Despite setbacks, Love’s ability to adapt and innovate has kept him at the forefront of the fintech industry.
A Story of Resilience and Innovation
Dmitri Love’s journey from Shark Tank to Peas Technology is a testament to the resilience and creativity required to succeed in the startup world. While Bundil may not have achieved its full potential, Love’s ability to learn from the experience and pivot to a new venture demonstrates his determination and vision. As Peas Technology gains traction, it’s clear that Love’s story is far from over—and the fintech world is better for it.
