Bottlekeeper Drink Cooler Update | Shark Tank Season 10

Two cousins from El Segundo in California came into the Shark Tank during Season 10 Episode 6 to try and convince the sharks to invest $1,000,000 in their company while only giving up 5% equity. This is a valuation of $20 million dollars for their company Bottlekeeper. The company’s main product is designed to keep beer bottles ice cold for longer periods of time. Let’s see how negotiations went with the sharks before shifting focus to our modern-day Bottlekeeper update.

Shark Tank Bottlekeeper Update

• 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

After hearing what Adam and Matt had to say during their pitch, Kevin O’Leary couldn’t wait to hear about their company’s sales after hearing about their $20 million valuation. Adam and Matt quickly answered and responded with some shocking numbers. In the last ten days before coming onto Shark Tank, they did over $1 million in sales. They also did more than $20 million over the last three years, which is undoubtedly a remarkable number.

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Things seemed to get better when they told the sharks that their gross margin was over 90%, while their net income is only around 10%. The product retails at $34.99 and only costs a small fraction of that to manufacture.

Scaling was one of their primary problems and the ability to roll out the units to retail stores quicker would be a primary objective. Without past experience, Adam and Matt were on Shark Tank in hopes of receiving some guidance from a shark who has the knowledge to help them.

After discussing the financial numbers relating to their company,  some of the sharks seemed interested in making an offer. Before any of them could make an offer, Barbara Corcoran decided to drop out because she didn’t like the marketing costs and potential legal fees that would come from acquiring customers and defeating knockoff brands. Mark Cuban dropped out for similar reasons.

Thankfully, Kevin decided to make an offer of $250,000 for 10% equity and $750,000 as a line of credit. Guest shark Alex Rodriguez decided to jump in with Kevin’s offer and partner with him, effectively making the offer $500,000 for 20% equity, plus a $500,000 line of credit.

Lori Greiner and Mark Cuban offered $1,000,000 for 5% equity, plus a $1.50 royalty until they recouped double their initial investment. After almost no time at all, Adam and Matt accepted their offer.

Unfortunately, if you’re interested in learning about the Bottlekeeper update after Shark Tank, it seems like the deal was never finalized between the sharks and the cousins. The good news though is that the company is still in business. Bottlekeeper continues to bring in more than $10 million in revenue per year and is projected to continue its growth. This gets up pretty excited for a future Bottlekeeper update!

You can find the other company updates from Season 10 here:

• Vade Nutrition Update
• Lockstraps Update
• Nui Cookies Update

Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from Shark Tank Season 10.