Shark Tank Season 16 commenced on ABC on October 18, 2024. The Sharks have come across some very interesting products this time and some of them have left them fighting to get a deal over the line.
One such product on the show was part of Episode 6, which went live on November 22, 2024. 'Pepper Pong,' which appears much like a beer pong game set, was introduced to the judges by its founder, Tom Filippini. Although the product has been in the market since last year, Tom was on the show for the first time, seeking sharks' expertise and money to help him and the company grow.
Even though Tom's pitch didn't impress the sharks right away, he still managed to get himself a deal with Todd Graves.
Let's find out the details behind this deal.
Tom Pitched Pepper Pong on Shark Tank Season 16
Tom got on the Shark Tank stage to pitch his product Pepper Pong with an ask for $150K in exchange for 10% equity. He provided a look at the stats of his business to the sharks. The price of one 'Pepper Pong' kit was $99.99, while the cost of production was $60. Along with that, he also mentions a customer acquisition cost of around $21-$22.
He also stated the last year's sales to be $160,000, which he invested back into the business in order to increase his product variations. At first, the sharks didn't seem too happy with the numbers. However, the episode moves along with two sharks countering each other's offer in order to be a partner in the company.
Sharks' response Pepper Pong on Shark Tank Season 16
Lori Greiner was the first one who decided to back out as she believed it wasn't the best fit for her. Kevin O'Leary felt the same and decided not to make an offer. Mark Cuban assured Tom that he didn't need any external investor right now and he could carry things forward himself and backed out.
Two sharks who got interested in the product and made an offer were Daymond John and guest Shark Todd Graves.
Daymond countered Tom's offer with a 30% equity in exchange for $150K. Graves, however, felt that this product could be the next Pickleball and offered the same money of 25% equity.
Who invested in Pepper Pong on Shark Tank Season 16?
When it came down to Tom, he decided not to go ahead with Daymond and his expertise in retail as he didn't want to pursue that frontier in the short run. Agreeing to this, Daymong decided to pull his offer.
The only offer Tom had now was of Todd for a 25% equity. While negotiating, Tom counter-offered 17.5% equity. Todd initially countered it with 20%, but after a bit of back and forth, they both agreed upon a 19% equity for $150K.
Trending
Do not miss out on another Shark Tank episode. Head to ABC on every Friday at 8 pm and watch sharks making huge deals.
Reply
