Regular toothpaste is terrible for the environment. The disposable packaging is not recyclable, and much of the product is wasted due to the design of the tube. Asher Hunt and Lindsay McCormick sought to change this with Bite Toothpaste Bits. Will the sharks take a bite out of this company during the Season 11 pitch? Find out in our
Shark Tank Bite Toothpaste Update
- Entrepreneur: Asher Hunt and Lindsay McCormick
- Business: Eco-friendly toothpaste tablets
- Ask: $325,000 for 5% equity
- Result: No deal
- Shark: None
Bite Toothpaste Bits aren’t an entirely unique product, but the entrepreneurs’ approach certainly is. Lindsay McCormick and Asher Hunt decided that they didn’t like the waste most ‘normal’ tube toothpaste produced and found that they used many unnecessary harsh chemicals.
Her solution? Natural toothpaste bits in recyclable bottles, which can be renewed on a subscription service. The toothpaste tablets are vegan, cruelty-free, and gluten-free. They sell two flavors: mint, and mint with charcoal, and these flavors are made with natural peppermint oils. Bite Toothpaste also sells bamboo toothbrushes.
Fortunately, Bite Toothpaste has been helped along by going viral. They are also the only toothpaste tablet among their competitors that don’t contain palm oil. However, it’s the sales that lure the sharks in–they project $1.3 million in sales by the end of the year.
Guest shark Katrina Lake loves the product but notes that this toothpaste doesn’t have fluoride. She stopped using similar products in the past due to concerns from her dentist. Lindsay responds that they are looking into formulating an option with fluoride. They’d be the only toothpaste tablet company in the US doing this.
Kevin O’Leary is concerned, as he often is, about the product not being proprietary. It’s a competitive market, and their costs will only increase as sales fall off (once their competitors key in on the market or the fad ends).
On the back of these concerns, Katrina drops out of the deal due to the crowded market. Robert Herjavec, on the other hand, drops out due to the low equity percentage.
Kevin makes a surprise offer of $325,000 for a 20% stake in the company. This is because of the associated risk. Before they can answer Kevin’s deal, Lori Greiner drops out as well, as she doesn’t think it’s a good idea for her.
But Mark Cuban wants to make an offer, too. He wants the entrepreneurs to try selling on Amazon again (the first try didn’t go so well). When they agree, he offers them $325,000 for 15% equity. The entrepreneurs have other ideas and counteroffers for 5% equity, plus 2% advisory shares. Mark is definitely not okay with this lower equity deal.
Kevin asks what they’re looking to do as far as equity, and the entrepreneurs reveal that they are not going to give away more than 7% equity. They decline Mark’s deal and then decline Kevin’s counteroffer for 20% equity. They walk out of
Despite not wanting to take his deal, Bite took Mark Cuban’s advice and started selling on Amazon again. Their sales through Amazon and its website remain consistent, despite numerous obstacles. Our Bite Toothpaste update research revealed that the company is doing about $4 million annually. Perhaps they didn’t need a shark after all!
You can find the other company updates from Season 11 Episode 14 here:
Don’t forget to take a look at our Season 11 products page! We’ve got more company updates from