Investing in crypto is too complicated for the average person, but it doesn’t have to be with Bundil. The app automatically invests a user’s spare change from daily spending. It was developed by software engineer Dmitri Love and he made a deal with Mr. Wonderful on Shark Tank. As of 2022, Bundil is worth $1.5 million.
About the Founder
Dmitri Love is from Cave Springs, Arkansas. While studying biochemistry at the University of Arkansas, he was a research scientist and a soccer player. But when he got a severe knee injury, he taught himself how to code.
In 2016, he interned as a developer at Adair Creative Group. The following year, he was hired to be the lead software engineer at Slipstream Creative and a web developer at Readingglasses.com.
The Arkansas resident later did contract work with companies such as Daystar Television Network, Lockheed Martin, Hidrent, and Method. He also exposed himself to the crypto industry.
Founding the Company
After learning about the nooks and crannies of cryptocurrency investing, Dmitri had a lot of friends and family ask him how to do it the right and easy way. He initially thought that everyone needed to go through what he went through.
That was until he created a solution that changed his mind. In 2018, Love developed a subscription service that helped users automatically invest their spare change from debit and credit card transactions.
Bundil offers exposure to all the top cryptocurrencies like Litecoin, Ethereum, and Bitcoin. He let his mother and other close people use it first, but they didn’t find it very practical.
Shark Tank Appearance
The programmer knew there was great potential for the business, but he needed help acquiring customers. Six months after launching Bundil, Dmitri Love appeared on season 10 of Shark Tank, asking for $100,000 in exchange for 10% equity.
Not long after starting his pitch, Lori Greiner said she was out because she didn’t believe in the hype around crypto. Even with this, the Sharks were impressed by how well Love knew his company.
Daymond John and Mark Cuban went out for different reasons. Kevin O’Leary was the only one left as he is a big investor in the space. Kevin offered $100,000 for 50% of the startup. Dmitri was very hesitant, but he accepted the deal.
After Shark Tank
After Shark Tank Bundil got media coverage from Forbes, CNBC and the CES Convention. According to Sharktankblog.com, there is no evidence the deal with Kevin closed. Typically, Kevin O’Leary promotes his investments during interviews and he hasn’t mentioned Bundil recently.
Nevertheless, the company is still operating and the number of digital currencies supported is growing as new upgrades are released. It has 3.9 stars on the App Store and 2.7 stars on Google Play. These reviews stack up well against competitors like Cash App, Coinseed Savings, and RoundlyX.
The business might not be performing as expected and the founder currently works as a Senior Product Manager for Method. Bundil makes an estimated $200,000 in annual revenue and is worth $1.5 million.