Coldest Drinkware Update | Shark Tank Season 15
Entrepreneurs David Stark and Joe Wayne pitched their drinkware line during
If you’re short on time, here’s a quick overview of what happened to Coldest after
David Stark and Joe Wayne appeared on
| Shark: | Result: |
| Kevin O’Leary | Offered $600,000 for 5% equity, plus $2.25 per unit royalty, until $3 million earned |
| Mark Cuban | No offer |
| Lori Greiner | No offer |
| Robert Herjavec | No offer |
| Daymond John | No offer |
- Entrepreneurs: David Stark and Joe Wayne
- Business: A line of cooling products
- Ask: $600,000 for 2% equity
- Result: No deal
- Shark: None
Twin brothers David and Joe, have come up with a drinkware line called Coldest that rivals similar products on the market. As they pitch their products very enthusiastically, they tell the sharks about all the stand-out features that stand them apart from the rest.
Because they’re from Naples, FL, they know how important it can be to keep drinks cold. Living in a hot climate encouraged them to come up with a better line of travel cups than what they could find on the market.
Their cups are completely leakproof and have also been tested against over 50 of the largest hydration companies out there. Coldest cups stayed cold for up to 36 hours longer than others on the market.
Their products also feature a rubber bottom, so they won’t slip. In addition to their drinkware, they have branched out with other ‘cold’ products.
These include the Coldest pillow, the Coldest dog bed, and the Coldest dog bowl.
At this point in the pitch, the twins share their backgrounds. Their parents are immigrants, with their dad being from Jordan and their mom from the Philippines.
Both of their parents are engineers, and the twins grew up thinking that being an engineer was their future too. However, they eventually became interested in starting their own business.
Dave had $14,000 saved up, and eventually invested it into Coldest.
In terms of sales, 2019 brought in $5.9 million, while 2020 brought in $9.3 million. In 2021, sales were $12.4 million, and in 2022, sales were $15.1 million. However, despite $15.1 million in sales, they lost $400,000.
In 2023, they project to finish the year with $22 million. However, their inventory is selling quickly and they can’t keep up.
In terms of cost, their Coldest Limitless Series Cup retails for $55.99. They manufacture the cup for between $10-$12.
Lori Greiner thinks the initial idea behind the brand is a good one, however, they have too many SKUs and too much inventory. For this reason, she is out.
Mark Cuban thinks the brothers have done well with marketing, but when they reveal that they spent over $3 million in advertising last year, Mark loses interest. He ultimately goes out.
Robert Herjavec doesn’t understand why the company is losing so much money, even though their sales are so high. For this reason, he too goes out.
Daymond John thinks the company is going to have to keep spending far too much money to maintain their inventory. Because he doesn’t want to be a part of that, he goes out too.
Last but not least, Kevin O’Leary is the last shark remaining. He offers $600,000 for 7% equity, with a royalty of $2.25 per unit until he makes back $3 million.
Joe says they don’t want a royalty deal. He counters $600,000 as a loan, with $900,000 paid back in 3-5 years.
Kevin is uninterested in this offer, so he gives them one final offer. He’ll give them $600,000 for 5% equity, plus $2.25 per unit as a royalty until he makes $3 million.
The brothers counter back with $1.5 million for 5% equity. Then at the 3-year mark, if Kevin wants to get out, he could return his equity, and be paid out for 1.5X his investment.
Mr. Wonderful isn’t interested and sticks to his offer, but the twins eventually turn him down. With that, Coldest leaves
Keep reading our Coldest update to find out!
Although the brothers struck out on
They entered
If you’d like to do some shopping, you can check out the product line on the Coldest website.
Once the dust settles, we will circle back for another Coldest update to see what the brothers are up to!
In the meantime, you can check out our other company updates from
For even more on companies and products, be sure to stop by our Season 15 Products Page before you go!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!