Experience has taught Matt Campbell and Adam Callinan that warm beer is almost the worst thing that can happen to a beer drinker. And on Sunday’s episode of “Shark Tank,” Mark Cuban and Lori Greiner offered their company, Bottlekeeper, a million-dollar deal for their simple but excellent answer to the issue.
“Mark and Lori have exceptional insight into hundreds of companies’ growth and best practices, and the guidance they’ll be able to share — alongside their incredible networks and contacts — will be invaluable,” Callinan tells CNBC Make It. “We’re going to invest heavily in inventory and are excited to introduce new products to our cold beer lovin’ community over the next year and beyond.”
Facts about Bottlekeeper :
Bottlekeeper’s net worth:
Campbell and Callinan came to Shark Tank looking for $1 million in exchange for a five per cent ownership in the company founded in 2013. They gave the Sharks samples and excellent beer along with them. The $20 million valuation was seen to be “quite aggressive, even on ‘Shark Tank,'” according to Kevin O’Leary. The net worth is thought to be $100 million.
Bottlekeeper is a stainless steel bottle that is padded, insulated with neoprene, and designed to hold glass bottles while keeping them cold and guarding against breakage in the event of a fall. Beer bottles can be inserted into the steel holder by removing the bottom, and the top cap that secures the bottle also functions as a bottle opener.
According to Callinan, sales at Bottlekeeper increased by 300 per cent on just the first day after the “Shark Tank” episode aired.
Bottlekeeper in Shark Tank
Campbell initially had the concept while relaxing on the beach and attempting to enjoy a beer with his cousin and co-founder Callinan. According to the company’s website, Campbell’s Brew was “simmering” in his red party cup within minutes on that sweltering day. At that moment, he had the idea, Why not use a beer bottle in one of those stainless steel water bottles to keep water cold?
Campbell and Callinan came to Shark Tank looking for $1 million in exchange for a five per cent ownership in the company founded in 2013. They gave the Sharks samples and excellent beer along with them.
The $20 million valuation was seen to be “quite aggressive, even on ‘Shark Tank,'” according to Kevin O’Leary.
However, the business owners claimed they had the sales to support it. Callinan stated that the business had made more than $1 million in sales in the previous ten days, $2 million in the preceding 30 days, and more than $20 million during the previous three years (at the time of the recording in June).
“Wait. Greiner, in disbelief, demanded that the businesspeople repeat their amazing sales figures while saying, “Reel it back, repeat it, slower.”
According to Callinan, they had over 3,000 U.S. retail locations on a waiting list for merchandise, so Campbell and Callinan indicated that they needed a money infusion and assistance scaling the business. (At the moment, Bottlekeeper is only available online.) The business made $9 million in revenue during the previous 12 months, according to the entrepreneurs on the show. Still, they lost $400,000 since they had to spend a lot of money on marketing and put an end to imitations (they hold patents).
O’Leary stepped in and offered the business partners a $750,000 line of credit at an interest rate of 11% in exchange for a 10% ownership in the company and $250,000 cash. Alex Rodriguez, a guest judge, came in and offered to work with O’Leary on a fresh proposal: $5,000 for a 10% stake and $500,000
However, the business owners were unwilling to part up so much of their enterprise.
Greiner started to show interest at that point. Cuban gave her a shoulder tap and spoke softly into her ear.
Greiner praised the conversation, saying, “That was interesting.” She then presented a $1 million contract to Bottlekeeper in exchange for a 3% interest and a $3 per unit royalty up until $2 million is recovered.
The business owners reacted with $1 million in exchange for a 3 per cent interest and a $1 per unit royalty until $1.5 million is recovered.
The entrepreneurs countered, and then Cuban said, “If you stay at the 5 per cent, I’ll do that deal.”
Following some further discussion between the investors and founders, Cuban has one last proposal: Cuban and Greiner will
Greiner and Cuban will invest $1 million for a $5 million interest and a $1.50 royalty per unit until a $2 million profit is realised.
The cousins declared that everything was finished.
Greiner said, “That’s what you get for gifting drinks,” and Cuban quipped, “Why is it that every time I drink myself into spending a million dollars?”
What is Bottlekeeper’s net worth?
The net worth is $100 million
BottleKeeper appeared on Shark Tank when?
Adam Callinan and Matt Campbell appeared on Shark Tank in Season 10, Episode 6, to ask for $1 million for 5% of their neoprene insulated bottle cooler and protection, the BottleKeeper. Before we get into the BottleKeeper Shark Tank update, let’s quickly review what happened.
Can keepers be put in the dishwasher?
After each use, avoid putting it in the dishwasher to avoid wearing out the glue or adhesive pads holding the neoprene in place. Additionally, avoid using the dishwasher to clean the lid because the inner seal may come off.