Long Chun went to Shark Tank to raise capital of 2 billion, was rejected by the "sharks", Shark Binh said 1 thing directly

H.ot TikToker Long Chun (real name Tran Hoang Long) surprised when appearing in episode 6 of Shark Tank Vietnam, with his sister Thu Tra, raising capital of VND 2 billion in exchange for 15% of shares for 2 bun thang shops.

It is known that the Long Chun sisters' brand of thang noodles is called "One Morning". With this fundraising, Long Chun hopes to be able to fulfill his father's cherishing, spreading bun thang as a "national soul" dish of Vietnamese people such as pho and banh mi.

"Are you just selling in the morning?" asked Shark Binh.

- "Nope. I sell all day," Long Chun replied.

- So why name it One Morning?

- I named it so that whenever someone asked, "Just sell every morning?" I would have a chance to talk more... 

After two years in business, One Morning has had an innovation, the reform is to bring eatclean vermicelli noodles made from brown rice to the menu. According to Long Chun, he wants to raise capital to focus more on healthy menus, shifting dishes with traditional flavors, but healthier.

With two stores in Ho Chi Minh City. In HCMC and Hanoi, Founder Thu Tra said that the company's current revenue is about 900 million VND/month and net profit ranges from 12-13%, the expected revenue in 2023 is 10 billion VND. At the time of launch, the company's revenue can be up to 1 - 1.3 billion VND/month.

Thu Tra shared, although it is a family model, it is transparent about financial and salary issues. Thu Tra revealed that she currently holds a 50% stake, Long Chun 35% and the rest belongs to other siblings. Besides her role as Founder, Thu Tra is managing the Ho Chi Minh branch, so she pays herself a salary of 20 million VND. As for Long Chun, he shared that he volunteered to work unpaid for life with this system.

The NextTech shark expressed that he wants to find out where the "dragon circuit" of this project is located, and he also thinks that Long Chun is the "dragon circuit" of the brand.

"Actually, if you go in the direction of very normal startups, you fail, there is no difference, no different from a lot of breakfast bars, eateries out there."

"You haven't emphasized your own 'dragon vein', which is business artists. It is also a very popular trend recently, especially with the support of social networks, it is possible to take advantage of that to do business," Shark Binh said.

In response to Shark Binh's comments, Long Chun admitted that he is also very confident to do marketing, but "The most important thing here, my parents often say that if you want to be good or you want to grow, you have to play with good people and rich people."

Assessing that this is a potential business model but has not seen attractive factors to develop into a chain, Shark Minh Beta decided not to invest. Shark Hung Anh also has the same view. Shark Tue Lam cares a lot about technology startups, so she does not invest in this deal.

Having a lot of experience in F&B investment in both Vietnamese and foreign markets, Shark Louis Nguyen said that this market is very competitive and fierce, with a capital calling for VND 2 billion, it should be called in the family. Faced with this opinion, Long Chun also frankly admitted: "Actually, I have 2 billion, I don't need to call from anywhere. But the core thing we need more of is strategic support, advice."

At this time, Shark Binh shared: "I evaluate your startup as a startup that can m.ake m.oney, how big it is, scale into a chain or not, it must have a very methodical investment strategy. For example, I know you have nearly 7 million followers, almost 200 million likes, that's a new breed of artists. I see that in you."

"The product has to be good, of course. And we start navigating very cleverly and skillfully so as not to be seen by the phenomenon of people coming to try Long Chun's shop once, just once, it will be a waste."

Shark Binh offered to invest VND 2 billion for 36% of the shares and in the future if the company develops well, needs more capital to invest, he will lend capital at preferential interest rates of shareholders. After consulting with his sister, Long Chun negotiated VND 2 billion for a 30% stake and pledged to accompany the startup to the end and Shark Binh will have a voice in the company as shareholders contribute 36%.

It is known that Long Chun grew up in a family with special circumstances. He took it upon himself to get to where he is now. In the peak month, Long Chun can earn a billion dong, he affirmed that "making a monthly salary of 10 million cannot live". Sharing more of his views, the male TikToker expressed, "It's not because I earn so to speak. But at the moment everything is going up. In the past, I wished to make 10 million a month, but now I must cry, I cannot live. Of course, I can still live, but in a way that has to be very detailed, measured and miserable here and there. That's not the life I'm aiming for.

Long Chun was upset, denying the statement that a salary of 10 million would only mean eating nonsense: Are you afraid of retribution? JLO11:43:00 11/11/2023Recently, on social media, there was a channel that posted a picture of Long Chun with his quote: To be honest, in this day and age with a salary of 10 million/month, all you have to do is eat...But how can you survive?