Cab20 Shark Tank Update | Cab20 Net Worth

Cab20 is a musical band with the unique opportunity to appear on Season 3 of Shark Tank. Unlike typical products or services featured on the show, Cab20 was not offering a tangible item, but rather their music and talent as their product.

Cab20 had developed a distinctive sound under the guidance of their manager, Tom Callaham, an accomplished band promoter. Cab20 presented a unique case on Shark Tank as it sought to blend the realms of music crowdfunding and venture capitalism.

By appearing on the show, they aimed to tap into the power of television’s most famous Angel Investors and raise awareness for their band in front of millions of viewers. This unprecedented appearance marked a first for Shark Tank, opening up a new avenue for bands to raise funds and gain widespread exposure.

Despite not securing a deal with the sharks, the band’s appearance on the show positioned them as trailblazers, the first musical band to step into the Shark Tank.

Their venture provided a potential opportunity for bands to harness the power of television to gain an instant fan base, which is highly beneficial for up-and-coming artists.

In terms of what they offered the sharks, they were seeking a $200,000 investment in exchange for a 20% equity stake in the band. However, the deal did not include publishing rights, which was a sticking point for the investors.

Cab20 represents an unconventional but potentially fruitful investment opportunity that blends the music world and venture capitalism. Their appearance on Shark Tank suggests a new era in which talented bands can leverage the power of television to boost their funding efforts and fan base.

The potential for rapid fan base growth and increased visibility in the music industry makes Cab20 a distinctive and interesting choice. Despite not securing an investment deal on the show, the exposure they garnered could potentially lead to significant returns in the future.

What Is Cab20?

Cab20 is a distinguished, independent Southern California, United States rock band. Established in early 2010, the band has grown in popularity through its creative blend of blues, classic rock, and folk sounds.

This eclectic mixture has garnered a loyal following who resonate with the band’s uniquely grounded and resonant acoustic melodies, paired with hard-hitting electric guitar riffs. 

Comprising multi-talented artists, namely Bert Hoover on vocals plus guitar, Eric Contreras on drums, and Patrick Salmon on bass, the Cab20 band consistently creates music that transcends traditional genre boundaries.

Their emotionally charged, lyrically profound, and thoughtfully crafted music resonates with diverse audiences, earning the band a distinct reputation in the American music scene.

Cab20’s musical portfolio reflects their commitment to authentic, boundary-pushing creativity from their debut release in 2011 to their recent EPs. Cab20’s music embodies passion, rawness, and diversity, making it an exemplar of 21st-century music.

The band continues to inspire and engage their audience, affirming the timeless blend of their musical styles. Their performances are a testament to their commitment to gritty, passionate rock ‘n’ roll artistry.

Who Is The Founder Of Cab20?

Bert Hoover, an 18-year-old music prodigy from Los Angeles, conceived Cab20. Hoover is the lead singer and guitarist of the band. Before their appearance on Shark Tank, the band was described as a garage rock outfit influenced by the blues and stoner rock. 

Cab20’s unique sound drew comparisons to popular bands such as The Black Keys, The White Stripes, and Queens of the Stone Age. Hoover, who had a passion for music from a young age, had the vision to create a band different from the norm.

He aimed to bring a fresh approach to the music industry, inspired by the raw sounds of garage rock and blues, and he sought to infuse this with a hint of stoner rock. This led to the formation of Cab20, where Hoover served not only as the frontman but also as the driving force behind the band’s music and direction.

Another key figure in the formation and management of Cab20 was Tom Callahan. Although he wasn’t the founder, Callahan played an integral role in shaping the band’s identity and sound.

As the band’s manager, Callahan used his experience promoting a wide range of artists, including renowned musicians like Lenny Kravitz and Shania Twain, to guide and nurture the band.

He worked with Cab20 on various aspects of their performance for about a year before their appearance on Shark Tank. Before their innovative Shark Tank appearance, Cab20 was making strides in the local Los Angeles music scene.

They embodied the spirit of garage rock and built a local fan base with their distinctive sound. Despite the challenges of the music industry, they had the determination and ambition to take their project to the next level.

This led to their groundbreaking appearance on Shark Tank in 2012, making them the first band to appear on the show, with a unique proposal of the band as a business investment.

However, despite the exposure gained from their appearance on Shark Tank and discussions with various record labels and agencies, Cab20 didn’t secure the funding they needed and disbanded in 2014.

Despite the end of Cab20, Bert Hoover continued his musical journey and formed a new psych-rock band called Hooveriii, carrying forward the passion and drive that led to the creation of Cab20.

How Was The Shark Tank Pitch Of Cab20?

Cab20, managed by Tom Callahan, entered the Shark Tank with a unique and unprecedented proposal: the band as a business investment. They were seeking a $200,000 investment in exchange for a 20% equity stake in Cab20, valuing it at $1 million.

The pitch began with the band delivering a powerful performance of their song, ‘Stomp.’ This performance impressed the Sharks, and things initially seemed promising for Cab20.

However, as Callahan laid out the terms of the proposed deal, stating that the investors would receive a percentage of revenues from everything except publishing, the atmosphere in the tank shifted.

The Sharks were immediately apprehensive about excluding publishing rights, often a significant income stream in the music industry. 

Daymond John highlighted that this would be the first band that Callahan was spearheading from conception through to success, and thus, the Sharks would be investing as much in Callahan’s abilities as a promoter as in the band itself.

Kevin O’Leary mentioned that the number of bands that break out and make money for their investors is very small, indicating that he saw the venture as risky.

Mark Cuban opted out first, expressing his view that the music business was extremely challenging.

Daymond John followed, citing previous losses he had made in the music industry. Barbara Corcoran also withdrew her interest, stating that she did not believe Callahan was the right person to guide the band to success, even though she liked the band itself.

Then, Kevin O’Leary, showing interest in the band despite his declared reservations about the music industry, offered $200,000 for a 50% stake in all revenues.

This prompted a counter-offer from Callahan of $300,000 for 40%. Intrigued, Robert Herjavec offered to split O’Leary’s deal 50-50, increasing the appeal of the offer for O’Leary. 

However, when Callahan returned with a final offer of $250,000, the Sharks held firm on their original proposal. Despite some negotiation, no one was willing to budge on their offers, and ultimately, no deal was struck.

Despite not securing a deal, the very appearance of Cab20 on Shark Tank marked a historic moment, as they were the first band to pitch on the show. This exposure gave them a platform that reached millions, showcasing their music and novel approach to seeking investment.

What Happened To After Shark Tank?

After appearing on Shark Tank, Cab20 didn’t secure the investment they sought, but they did gain significant exposure. This led them to discussions with various record labels and agencies. However, no concrete deals or agreements came out of these meetings.

Unfortunately, the band didn’t sustain its momentum after the show. They disbanded around 2014, roughly two years after their appearance on Shark Tank.

Cab20 social media accounts went silent, and their website became inactive. They released three albums in total, with the last released in 2013.

While there was never an official announcement about their disbandment, the silence and lack of activity suggested that the band had stopped producing music together. As of 2023, there has not seen any revival or reunion of Cab20.

The members of Cab20 didn’t abandon their musical pursuits entirely, however. Bert Hoover, the former frontman of Cab20, formed a new psych-rock band called Hooveriii, which released a single titled “Guillotine” in 2018 and a full-length eponymous album in 2019.

Bert remains active in the music scene and maintains a presence on social media. Meanwhile, Tom Callahan, the former manager of Cab20, moved on to work with other artists.

He also shares his expertise and insights by serving as a guest lecturer at the Musicians Institute, a private music school in Los Angeles, and participating in convention panels across the United States. Thus, while Cab20 as a band may have disbanded, its members contribute to the music scene in various ways.

Cab20 Shark Tank Update

Cab20, a rock band led by Bert Hoover, appeared on Shark Tank in an episode that aired in 2012. They sought a $200,000 investment for a 20% equity stake in their garage punk rock band.

Despite their strong performance, the Sharks declined to invest in Cab20 due to concerns over revenue sharing and publishing rights. Following their appearance on the show, Cab20 faced mixed outcomes.

After Shark Tank, Cab20 did not release any new music. However, their song “Stomp” was featured in an episode of Nickelodeon’s Degrassi. Despite the lack of new releases, Bert Hoover, the band’s lead vocalist, pursued his musical career.

He formed a new band called Hooveriii and released an eponymous album. Hooveriii signed with Mock Records, a vinyl record label in Los Angeles, and released their music through this label.

Regarding the band’s status, Cab20 disbanded around 2014. Their online presence has been inactive since then. As for the former manager of Cab20, Tom Callahan, he is currently involved in working with other artists and is associated with music education and conventions.

After appearing on Shark Tank, Cab20 faced revenue sharing and publishing rights challenges, which led to the band’s disbanding. However, Bert Hoover continued his musical career with a new band called Hooveriii and released an album under Mock Records.

Is Cab20 Still In Business?

According to our research, Cab20, the garage rock band from Los Angeles, disbanded around 2014. Since then, Cab20 has been inactive, with its social media and website remaining inactive. Therefore, it can be concluded that Cab20 is no longer in business.

However, after the disbandment of Cab20, the former frontman Bert Hoover formed a new band called Hooveriii. Hooveriii has released multiple albums and gained popularity through its music videos on platforms like YouTube. Bert Hoover’s musical career continues with Hooveriii, but Cab20 as a band is no longer active.

What Is the Net Worth Of Cab20?

According to our research, the net worth of Cab20 is unavailable as of 2023 since the company went out of business. The valuation of Cab20 was $1 million when it appeared on Shark Tank.

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