Shark Tank has introduced us to countless innovative products and aspiring entrepreneurs over the years. One such product that caught the attention of viewers and sharks alike was Bevboy, a unique floating beverage holder. In this blog post, we’ll dive into the Bevboy pitch on Shark Tank, the deal that was struck, and where the company stands today.
The Bevboy Pitch And Deal On Shark Tank
In 2014, Kevin Waltermire, the founder of Bevboy, stepped into the Shark Tank with a mission to secure an investment for his innovative product. Bevboy is no ordinary beverage holder – it’s designed to float in water, making it perfect for pool parties and beach outings. Waltermire asked the sharks for $50,000 in exchange for a 15% stake in his company.
During his pitch, Waltermire demonstrated the product using a model in a hot tub, showcasing its unique ability to keep drinks afloat and upright. He also shared the business model behind Bevboy: each unit costs $2 to produce, wholesales for $5, and retails for $9.99. At the time of the pitch, Waltermire had already sold 2,500 units, generating approximately $10,600 in sales.
The sharks had mixed reactions to the Bevboy pitch. While Lori Greiner and Daymond John showed interest, offering $50,000 for 40% and 35% equity respectively, other sharks like Mark Cuban and Robert Herjavec were not convinced and chose not to invest.
Bevboy Is Still In Business
Despite not securing a deal on Shark Tank, Bevboy continued to operate and sell its floating beverage holders. The exposure from the show undoubtedly helped raise awareness about the product and attract new customers.
However, according to recent updates, it appears that Bevboy may have faced some challenges along the way. Reports suggest that the deal with Daymond John did not close, and the company allegedly went out of business in 2017.
Bevboy Net Worth
While the exact net worth of Bevboy is not publicly known, we can make some educated guesses based on the information provided during the Shark Tank pitch. With 2,500 units sold at a retail price of $9.99 each, the company had generated approximately $24,975 in revenue at the time of the pitch.
However, it’s important to note that net worth takes into account various factors such as expenses, debts, and assets. Without access to Bevboy’s financial records, it’s difficult to determine the company’s true net worth.
Overview Of Bevboy
At its core, Bevboy is a simple yet ingenious product that solves a common problem faced by pool and beach-goers: keeping their drinks afloat and easily accessible. The floating beverage holder features a counterweight at the bottom, ensuring that it remains upright and stable in the water.
Beyond personal use, Waltermire also saw potential for Bevboy as a promotional product or “swag” item. Companies could customize the beverage holders with their logos and branding, making them a fun and practical giveaway for events and marketing campaigns.
Conclusion
The Bevboy Shark Tank update reveals a story of an innovative product that captured the attention of viewers and sharks but ultimately faced challenges in the competitive business landscape. While the company may no longer be in operation, the creativity and entrepreneurial spirit behind Bevboy serve as an inspiration to aspiring inventors and entrepreneurs.
As for Kevin Waltermire, he has moved on to new ventures, currently serving as the Director of Business Development at ONE Cannabis Group. His experience with Bevboy undoubtedly provided valuable lessons and insights that he can apply to his current role and future endeavors.
In the end, the Bevboy story reminds us that the path to success is rarely a straight line. It takes perseverance, adaptability, and a willingness to learn from both triumphs and setbacks. As viewers, we can continue to watch Shark Tank, not only for the entertaining pitches but also for the valuable business lessons it imparts.
