Bottlekeeper Drink Cooler Update | Shark Tank Season 10

While hanging out on a warm summer day, Adam Callinan and Matt Campbell got frustrated when their beer kept getting warm in plastic cups. That led them to create BottleKeeper, a stainless steel holder that keeps bottled beer cold and prevents it from breaking. Will the sharks see the potential to keep drinks colder for longer? Let’s find out in our BottleKeeper update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to BottleKeeper after Shark Tank.

Adam and Matt entered Shark Tank Season 10, seeking $1,000,000 for 5% equity in their beer bottle cooler. After their pitch, they made a deal with Mark Cuban and Lori Greiner for $1,000,000 for 5% equity + $1.50 royalty.

In terms of a BottleKeeper update, the company grew its product line, secured major retail partnerships, grew to around $13 million in annual revenue. However, despite the success it seems the compnay may have eventaully gone out of business.

Shark:	Result:
Lori Greiner & Mark Cuban	$1,000,000 for 5% equity, plus a $1.50 royalty until double their investment is recouped
Kevin O’Leary & Alex Rodriquez	$500,000 for 20% equity, plus a $500,000 line of credit
Barbara Corcoran	No offer

Shark Tank BottleKeeper Pitch

• Entrepreneurs: Adam Callinan and Matt Campbell
• Business: Beer bottle cooler
• Ask: $1,000,000 for 5% equity
• Result: $1,000,000 for 5% equity + $1.50 royalty
• Sharks: Mark Cuban and Lori Greiner

Matt and Adam, cousins and best friends, stepped into Shark Tank to pitch their product, BottleKeeper.

They opened their pitch with a bold claim that warm beer is a global epidemic, and they had the solution.

Their product, BottleKeeper, is an insulated stainless steel container designed to keep bottled beer cold.

Adam demonstrated how it worked by placing a beer bottle inside, locking the base, and using the built-in opener on top. It didn’t just keep drinks cold, it also protected the glass bottle from breaking.

They handed out samples, and Lori Greiner quickly noted she liked the integrated opener.

Matt added that the design allowed users to drink straight from the BottleKeeper while keeping their beer protected.

Kevin O’Leary shifted focus to their $20 million valuation. Adam explained they had done over $1 million in sales in just the ten days leading up to the pitch.

Over the past three years, the company has brought in more than $20 million.

Things seemed to get better when they told the sharks that their gross margin was over 90%, while their net income was only around 10%.

Each unit retailed for $34.99 and cost just $3.50 to produce. However, scaling was one of their primary problems.

They struggled with fulfilling retail demand quickly and had spent heavily on marketing, burning $3 million on Facebook ads the previous year.

The good news is, after discussing the financial numbers relating to their company, some of the sharks seemed interested in making an offer.

Barbara Corcoran dropped out first, citing concerns over marketing spend and potential legal fees. Mark Cuban followed, worried he wouldn’t see a return on investment.

Guest shark Alex Rodriguez asked about profits. Adam said they grossed $9 million and netted $400,000. The sharks questioned where the money had gone.

Adam explained that an investment bank specializing in drinkware had valued them at four times gross revenue.

Still, the sharks stayed skeptical. However, Kevin made an offer of $250,000 for 10% equity and a $750,000 line of credit at 11% interest.

Alex then offered to partner with Kevin. Together, they proposed $500,000 for 20% equity and a $500,000 credit line.

Matt and Adam hesitated. They felt 20% was too much.

Just then, Lori jumped in with a new offer of $1 million for a $3 per unit royalty until she recouped double, along with 3% equity.

Matt raised concerns about cash flow, and Adam countered with $1 million for 3% equity and a $1 per unit royalty until Lori made $1.5 million.

After some intense negotiations, Mark reentered and teamed up with Lori.

They offered $1 million for 5% equity and a $1.50 royalty per unit until they recovered $2 million.

Adam and Matt quickly accepted the offer. Keep reading our BottleKeeper update to find out what happened to their company.

Shark Tank BottleKeeper Update

Overall, we have great news to share in our BottleKeeper update. While the deal never closed, the cousins have still found success.

By the end of that year, they were moving 2.5 units per minute and aiming for $15 million in revenue.

In 2021, BottleKeeper gained additional traction after being featured on Good Morning America’s “Deals & Steals.”

The brand used this momentum to expand its product line, introducing CanKeeper, PintKeeper, and ChillKeeper to serve a broader range of beverage needs.

In addition to their own website and Amazon, their products are now sold at Walmart, Ace Hardware, Sur La Table, Meijer, and The Paper Store, among others.

Further, our BottleKeeper update found that at its peak the company had grown to around $13 million in annual revenue.

However, despite the success at the time of writing, it’s unclear if BottleKeeper is still in business. The website seems to have gone offline, and products are no longer available on Amazon.

Further, its social channels have been inactive for quite some time, suggesting the company may have gone out of business.

If we get another BottleKeeper update, we will let you know.

Before you go, check out our other company updates from Season 10 Episode 6 by following the links below!

• Vade Nutrition Update
• Lockstraps Update
• Nui Cookies Update

For even more on companies and products, be sure to stop by our Season 10 products page!