'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAAHAAoDASIAAhEBAxEB/8QAFQABAQAAAAAAAAAAAAAAAAAAAAf/xAAhEAACAQMDBQAAAAAAAAAAAAABBAIAAxEFEiEGIjFBcf/EABUBAQEAAAAAAAAAAAAAAAAAAAAB/8QAGREBAQADAQAAAAAAAAAAAAAAAgEAESHw/9oADAMBAAIRAxEAPwCbPIM9JP6Sm3bnZ1WKgu3FxKN0YJPO7wOwk4BPNTlvUWYt3hAQ2icgMj1n7SlUtVW7wyYJNe5n/9k='%3E%3C/image%3E%3C/svg%3E)
Shark Tank season 10, episode 7 introduced the viewers to BottleKeeper founders Adam Callinan & Matt Campbell, seeking $1 million for 5% of their business. Their product could keep beer bottles cold, solving a problem faced by the majority.
Then, Matt and Adam revealed they had made $1 million in the previous ten days and up to $20 million in the past three years. Upon hearing this, Kevin questioned:
"We can criticize your customer acquisition in your marketing span, I get it. What I'm struggling with is, what's this $20 million BS. Look you have down a great job but it's just about valuation at this point. We're so far apart."
BottleKeepers founders agree to Shark Tank investors Lori and Mark's offer
The BottleKeepers founders pitched their product, an insulated bottle that can be used to keep beer bottles cold for a longer period. When Adam Callinan & Matt Campbell revealed that they had made $1 million during the past ten days, this shocked all sharks. Despite having an innovative product that would attract customers, Kevin O'Leary struggled to come to terms with the $20 million valuation. Meanwhile, Mark Cuban questioned why Adam and Matt were on Shark Tank in the first place.
They explained that they needed expertise and guidance from one or multiple sharks to expand their business. For two people, this rate of success and managing their business was getting difficult, which is why the founders wanted to get into retail stores and establish a strong brand with the help of sharks. Kevin O'Leary was the first to place an offer. He said:
"Let's talk about $1 million for 5% imputing a $20 million valuation. Now that's very aggressive, even on Shark Tank and that's why I'm so excited to hear about your sales."
Mr. Wonderful stated that he was ready to give $250,000 for 10% equity and $750,000 as a line of credit. He continued:
"Alright, you want my million bucks to help you launch into retail. I'm struggling with how to structure this thing. Cause I love revenue, I really do, I love cash flows and I love royalties too."
When guest shark Alex Rodriguez decided to make an offer of $500,000 for 20% equity alongside a $500,000 line of credit, Kevin joined as well. Hence, there was a new offer on Shark Tank, and Kevin said:
"How about this deal, I give you 250 for 10% and $750,000 as a line of credit which is basically factoring at 11%. Then you have a shark and I don't feel like a schmuck paying for a ridiculous valuation. Frankly, you need capital. I'm interested in that deal, get two sharks there's your million bucks."
Initially, Shark Tank investor Mark Cuban backed out after pointing out the struggle in scaling the business. He also thought he would be unable to make as much money back if he were to invest in BottleKeepers. Then, Lori offered $1 million for 3% equity, plus $3/unit royalty, until $2 million was to be paid back.
Trending
After Mark joined her, they made another offer of $1 million for 5% equity, plus a $1.50 royalty, until $2 million is paid back, which was accepted by Adam and Matt. As of 2022, the business has expanded to CanKeeper, PintKeeper, and ChillKeeper, which are available on Amazon, making up to $10 million each year.
All episodes of Shark Tank are available to stream on ABC.
Your perspective matters!
Start the conversation
