Did Cab20 Get A Deal On Shark Tank? 

Cab20 is a musical duo that introduced their innovative blend of blues and hip-hop to the popular Television show Shark Tank. Cab20 was able to grab the attention of the sharks within no time with their electrifying performances and soulful sound. They also won over the hearts of the sharks with their devotion and skill.

There were young musicians in the Cab20 rock band. The Cab20 band was based in Los Angeles with an 18-year-old lead vocalist and guitarist named Bert Hoover.

It was a garage rock band that played and produced music with blues and stoner rock elements. Tom Callahan pitched Cab20 band on Shark Tank season 3, episode 315 intending to get an investment of $200,000 in exchange for a 20% stake in the business. 

Now in this article, we are going to dive into the story behind Cab20 band and their journey to success. So,  stay tuned with us.

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Who Is The Founder Of Cab20?

Tom Callahan was the manager of the Cab20 band. He is the person who represented Cab20 on the popular television show Shark Tank.

Tom had been handling marketing and promotions for various bands for more than 25 years. He wished Cab20 to become a super hit with the assistance and support of the sharks.

He had full faith that Cab20 had the potential to become on top of the music industry.

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Did Cab20 Get A Deal on Shark Tank?

Tom Callahan, the manager of Cab20 pitched Cab20 on Shark Tank in episode 315. They were looking for an investment of $200,000 along with the expertise and marketing connections of the sharks for which they were ready to give up 20% of all future royalty streams.

Mark Cuban asked him what the 360 deal was. In reply, Callahan said that they would obtain all the revenues excluding publishing.

Publishing referred to the royalties that would be generated from a song written,  performed by a band member or licensed to any other artist. Mark Cuban appreciated the music of the band but he went out of the deal as he thought that it was the riskiest business. 

Daymond John had already invested in a similar deal.  That is why he backed out of the deal. 

Barbara Cocoran appreciated the band and even praised the band members but she did not though the band manager was a reliable person. That is why she also went out of the deal. 

Kevin O’Leary was ready to invest $200,000 in exchange for 50% of the potential revenue. Callahan made a counteroffer of $300,000 for 40%.

Robert Herjavec showed his interest in joining Kevin O’Leary in the deal. Callahan went out to talk with the band members and came back with an offer of $250,000 for 50%.

But the sharks as well as Tom did not want to negotiate. That is why finally no deal was made. 

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How Was Cab 20 Going Before the Shark Tank Show? 

Cab 20 is a garage rock outfit based in Los Angeles. The sound of the band can be described as garage rock inspired by the blues and stoner rock.

According to the frontman of the band, singer or guitarist Bert Hoover, the band is usually equated to The Black Keys, The White Stripes, and more recently Queens of the Stone Age.

The other driving force behind the Cab 20 band is Band Manager Tom Callahan. In the interviews, Tom said that he had been working with the band for nearly a year on various aspects of their performance before they made up their decision to take part in the Shark Tank show.

Cab 20 was supposed to be the first band to come up on Shark Tank in 2012. They appeared on the show intending to get some investment from the sharks for their band.

They were sure that if they were able to impress the sharks it would bring a remarkable change in the way music was invested.

Callahan has said that the Venture Capitalist route to invest in music or entertainment is nothing unknown but the procedure of getting investment was unusual in terms of being on a reality show.

Moreover, it implied the band would perform in front of a viewership that was 7 million strong, everyone was a potential fan.

At the time that was a possibility that Callahan guessed was guaranteed, even if the investment was not.

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What Occurred to Cab 20 on Shark Tank? 

Cab 20 appeared on Shark Tank with a usual offer, a band as a business investment. Tom Callahan represented the band as the brainchild of an 18-year-old musician Bert Hoover. He also appealed to the sharks for an investment of $200,000 in exchange for a 20% stake in the revenues acquired by the band.

After that, the band gave performances for the sharks. They were able to impress the sharks visibly as well as audibly. They cheered the band and praised them. The pitch was going well for the Cab 20 band.

After that, Callahan started to depict that the investors would obtain the above-mentioned percentage of revenues from everything excluding publishing. The shares did not take the declaration as warmly as they took the performance of the band.

The sharks became nervous instantly and started to point out the drawbacks quickly in the plans of Cab 20. The sharks asked Callahan about his experience in the music business. In reply, Callahan said that he had worked promoting a wide range of artists along with Lenny Kravitz and Shania Twain.

Daymond John saw that this would be the first band that Callahan was going to spearhead from conception all the way through and thus they were going to invest in the ability of Callagan as a promoter. Callahan agreed to that.

Kevin O’Leary then quickly pointed out that the percentage of bands that break out and make money for their backers was very small and the venture he considered was full of risk.

At this time Mark Cuban declared that he was going to leave the deal saying that the music business was supposed to be the worst business on the globe.

After that, Daymond John also went out of the deal saying that he had already experienced losses dealing with the music business before and hence he was not willing to take that chance once again.

Barbara backed out of the deal citing that she did not feel that Callahan was the ideal person to see this band through even though she appreciated the band as a package.

After that, Kevin O’Leary,  out of enjoyment, made up his mind to invest $200,000 in exchange for 59% of all the revenues. Kevin appreciated the band and although the music industry was a complete crap-shoot as per him, he wanted to find them if they accepted the proposal of $200,000 at 50% of everything.

Then Tom Callahan made a counteroffer of $300,000 in exchange for 40%. Being interested in this, Robert Herjavec came in and proposed to go 50-50 with Kevin O’Leary. This made the deal sweeter for O’Leary.

He joked he was going to change the name of the band to Greed as soon as Callahan went out with the band to talk about this new deal.

Callahan came back with a proposal of $250,000. The sharks did not change their minds. Callahan also remained stuck on his proposal. That is why no deal was made between Tom Callahan and the Sharks.

The pitch could have been successful if Callahan had not insisted on maintaining the control of the publishing rights. Callahan told the sharks that he had handled bands that had gone on to make millions of dollars and that he had 100% confidence in the band and their abilities and could not accept an unsatisfactory deal.

O’Leary then told him jokingly to rename the band You’re Dead to Me. Backstage, Callahan said that he had full faith in the band and that the sharks would repent one day for not investing in them in a few years when they would be selling out arenas and playing all over the world.

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Cab20 Shark Tank Update

It was a matter of sorrow that the band was not able to get any deal that they expected on the Shark Tank show. However, they got incredible exposure from the show and before they knew it, they found themselves talking to different record labels and agencies.

But unfortunately, nothing came out of the meetings. They disbanded themselves in 2014 just two years after appearing on the Shark Tank show. 

Their website went dark. They also left their social media accounts. By that time,  they were able to release only three albums, the last one was released in 2013. They did not announce officially their disbandment. That is why there is no other option than guessing what occurred.

There is no change as of 2023. Bert Hoover has created a new psych-rock band named Hooverii. Other members are Gabs Flores (guitar), Mark Rains (mixer), Kaz Mirblouk (bass), and Jaiq Styne (sy.)

In 2018 they introduced a single titled, Guillotine through Permanent Records. They also dropped a mini-album titled HighlandPark TV, which comprised five tracks- Bird On a Wire, New Shoes, Electric Eyes, Reptile and Destroya. Recorded live at Highland Park TV (thus the name), the album, which was limited to 100 copies, was only available for a little time at Hooverii’s live shows.

They launched a full-length eponymous album in 2019. It was recorded in Los Angeles. It contained nine tracks including Head-Squeeze, Turn Blue, Mercy, Inbetween, Mudd, Inbetween, and a few others. And like their earlier projects, it featured Bert Hoover on vocals and guitar.

From then on, Hooveriii has released some other tracks including See, Control, Lazy Susan, The Pearl, and Cindy. Those who are interested in their music should know that most of them are available for streaming on YouTube.

If you look at their music video See for instance, you will find that it has already been played more than 5,700 times since it was first uploaded on 18 May 2022.

In case you are willing to know what Bert Hoover is up to, you can follow him on social media. He has an Instagram account (@berthooveriii) with more than 1.4K followers. You can also follow Hooverii’s official Facebook page.

The former manager of Cab20, Tom Callahan is now working with other artists such as Amy Hef, Justin Hopkins, Karisa Winett, David Boyles, Michael Shapiro, and Irish Sharma, among others.

Moreover, he is also a guest lecturer at the Musicians Institute, a private music school in Los Angeles, and also takes part in different convention panels all over the US. You can find him on Twitter at @tacallan.

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What Is The Net Worth Of Cab20?

When Cab20 appeared on Shark Tank, the valuation of Cab20 was nearly $1 million. The band had launched three albums but their revenue was not disclosed. When Hooverii was set up they launched 6 albums but they did not disclose any revenue yet. 

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Is Cab20 Still Active In Business?

Although the band got some fame, it did not work so well. They started their journey again with a new name Hooverii but they did not earn much revenue.

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Final Opinion

Although Cab20 tried its best to earn a name and fame in the music industry, it did not succeed in doing so. All the sharks refused to invest in the band. The band was finally disbanded. 

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