CocoTaps Update | Shark Tank Season 9

Vincent Zaldivar disliked the taste of packaged coconut water and often struggled to open fresh coconuts. He longed for an easy way to enjoy the refreshing taste of fresh coconut water. This desire led him to invent CocoTaps, a tool that drills and reseals young coconuts, making consumption and storage convenient. Are the sharks interested in making a deal? Let’s find out in our CocoTaps update and pitch recap. 

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

Vincent Zaldivar entered Shark Tank Season 9, seeking $150,000 for 10% equity in his coconut opener business. Despite his presentation, he was unable to secure any offers from the sharks and left the tank without a deal.

In terms of a CocoTaps update, the company remains in business despite facing numerous pandemic-related challenges. They made a significant acquisition in April 2020 and are now generating an annual revenue of $1 million.

Shark	Result
Mark Cuban	No offer
Barbara Corcoran	No offer
Lori Greiner	No offer
Robert Herjavec	No offer
Rohan Oza	No offer

Shark Tank CocoTaps Pitch

• Entrepreneurs: Vincent Zaldivar
• Business: Coconut Opener
• Ask: $150,000 for 10% equity
• Result: No deal
• Sharks: None

Las Vegas entrepreneur Vincent Zaldivar founded CocoTaps, a unique toolkit that allows you to easily tap into fresh coconuts and enjoy their water directly from the source.

This innovative solution eliminates the need for disposable straws and plastic bottles associated with regular packaged coconut water.

The kit includes a specially designed-drill and a reusable tap. The drill creates a clean opening in a young coconut, and the tap screws on securely, forming a resealable lid. 

CocoTaps caters to a health-conscious and environmentally responsible audience. By allowing consumers to tap into coconuts directly, the product reduces plastic waste and promotes a zero-waste lifestyle.

The natural coconut water is rich in essential vitamins and minerals, including potassium, magnesium, and sodium, making it a hydrating and refreshing beverage.

The company emphasizes the health benefits of their method, highlighting the naturally low-sugar content of coconut water.

This positions CocoTaps as a healthy alternative to sugary drinks, particularly appealing to those seeking post-workout hydration or a refreshing, low-calorie beverage.

Vincent says sales reached $250,000 in 2016, and he expects to double that number. He noted that 80% of his business came from selling pre-tapped coconuts to resorts on the Las Vegas Strip, while 20% came from selling kits.

He delivered 5 to 10 cases daily to the strip resorts. Each case costs him $27 to produce, and he sells them for $45. He attributed the limited sales of the tapping kits to a lack of marketing efforts.

Mark Cuban grew frustrated with Vincent’s different visions for the company and decided to leave the deal.

Robert Herjavec and Barbara Corcoran also exit the deal.

The other sharks considered making an offer but ultimately decided to pass on the opportunity. Vincent was forced to leave Shark Tank without making a deal. 

How did Vincent take his rejection? Let’s find out in our CocoTaps update.

Shark Tank CocoTaps Update

Shortly after appearing on Shark Tank, Vincent was also featured on The Profit, but he still failed to secure an investment due to a rejected patent for CocoTaps.

Despite this setback, his products are now available in over 60 Las Vegas restaurants and 20 resorts on the Strip.

Our CocoTaps update found that sales reached $234,000 in 2018 and increased to $300,000 in 2019. 

Just as the business began to gain traction, the 2020 global pandemic significantly impacted sales. However, Vincent was determined to restore his business to its glory days after the pandemic.

In April 2020, the company acquired Robotic Beverage Technology, a maker of collapsible cups, for an undisclosed amount.

In June 2022, CocoTaps began offering home tap kits, which helped them grow to over $1 million in annual sales.  

Since airing on Shark Tank, CocoTaps is nearing $10 million in lifetime sales.

According to their website, they are now a certified TRUE Zero Waste production facility in Las Vegas, diverting 90% of their packaging and office waste from landfills.

Further, CocoTaps also offers an industry license for wholesale distribution, allowing businesses to distribute coconuts to resorts, beach clubs, and juice bars.

It looks like Vincent is headed in the right direction and we can’t wait to see where our next CocoTaps update takes us!

You can find the other company updates from Season 9 Episode 12 here:

• Hater Update
• EverlyWell Update
• Mush Update

Before you go, be sure to check out more updates on our Shark Tank Season 9 page!