Two Miami University alumni who pitched their startup on ABC’s “Shark Tank” in March 2021 have received follow-on funding from billionaire Mark Cuban
Oliver Zak and Selom Agbitor, founders of Mad Rabbit Tattoo, a fast-growing e-commerce tattoo after-care company, received $4 million in fresh funding from Cuban and others, including New York City-based Acronym Venture Capital, Revolution's Rise of the Rest Seed Fund, LB Equity and Seamless Capital.
Additional investors include NFL wide receiver Stefon Diggs and rappers Riff Raff and Yelawolf.
With the new funding, Mad Rabbit said it intends expand its product portfolio and grow its retail footprint.
Mad Rabbit’s product line includes a tattoo balm, sunscreen, a gel tailored for new tattoos, and its most recent addition, a daily lotion — all of Mad Rabbit products are non-toxic and paraben-free and help keep tattoos looking vibrant.
Mad Rabbit plans to expand into shower products, a spokeswoman said. The company maintains an e-commerce shop and is available instore and online at Urban Outfitters, along with an array of tattoo shops nationwide.
Cincy Inno first chatted with Zak and Agbitor, who both earned finance degrees at Miami, leading up to their appearance on ABC’s Shark Tank last March.
Zak, who is from Cleveland, and Agbitor, who grew up in Columbus, started working on Mad Rabbit in 2019. They created the company's first batch of balm in a crockpot in Zak’s college apartment from products ordered on Amazon.
Mad Rabbit reeled in a $500,000 investment from Cuban on the show for a 12% stake in the company. Zak called Cuban was the most natural fit for the brand, particularly given his ownership of the NBA’s Dallas Mavericks.
“Our balm lends itself well to the sports market,” Zak said. “It’s really cool for people to tell their life stories through tattoos.”
Cuban has continued to invest in the company. He was part of a $2 million seed round Mad Rabbit raised in July 2021. RedHawk Ventures, a venture fund run by undergraduate students at Miami University, also participated in that round.
The raise comes on the heels of Mad Rabbit’s exclusive partnership with Inked Magazine announced in early January, a three-year digital media deal valued at $4 to 5 million. Mad Rabbit’s total funding now stands at roughly $7 million.
The company has eight employees and plans to add a few more in the coming months. Mad Rabbit’s operations are based in Los Angeles, while its management team is working remote.
