Patrick Parizo and Armand Ferranti believe they have the perfect solution to drinking beer out of a can. They created a tool that removes the top of a beer can, making it easier to drink from. Will they crack open a beer to celebrate a deal on
If you’re short on time, here’s a quick overview of what happened to Draft Top after
Draft Top appeared on
|Accepted deal of $300,000 for 20% equity
Shark Tank Draft Top Update
- Entrepreneurs: Patrick Parizo and Armand Ferranti
- Business: Easily remove the top of an aluminum can
- Ask: $300,000 for 10% equity
- Result: $300,000 for 20% equity
- Shark: Daymond John
The final pitch on Shark Tank Season 12 Episode 13 came from Patrick and Armand. Their company, Draft Top, has created a new way to enjoy a beer out of a can — by removing the aluminum top.
The latest Draft Top design features improved gripped spring-loaded handles that are left/right friendly and removes the top of the can to keep fingers liquid-free. This update to the original topless can opener serves up a smooth performance as your favorite can opener bar tool!
Draft Top allows the beer to taste closer to its draft form by removing the aluminum top, also making it a more enjoyable drinking experience. Patrick and Armand passed out samples for the sharks to try themselves.
However, in a humorous bit, the sharks had a hard time removing the top without making a mess.
Patrick and Armand said they had received some similar feedback from customers. Because of this, they released a variety of training videos and FAQs to help address the problem.
Despite the negative feedback from its customers, the company has managed to sell over $2 million worth of Draft Tops over the company’s lifetime.
Additionally, $1.6 million of that was generated in the 8 months prior to filming, partly thanks to a successful Kickstarter. Parick and Armand shared that sales would be higher, but they haven’t been able to keep up with the demand and needed a shark to help with funding and manufacturing.
At the time of the pitch, a Draft Top costs $24.99 retail, and $4.13 to make. The entrepreneurs also shared that the product is 100% American-made and that they have a patent on it.
Despite the strong sales, Mark Cuban, Robert Herjavec, and Lori Greiner couldn’t get over the fact that it was hard to use and dropped out.
Kevin O’Leary didn’t like that it was hard to use and felt that the evaluation was too high and dropped out.
Despite the other sharks dropping out, Daymond John expressed interest and offered $300,000 for 20% equity. Patrick and Armand accepted the offer, and Draft Top left
What happened following the tank? Keep reading our Draft Top update to find out!
In terms of a Draft Top update, the company is still in business with recent reports estimating a net worth of $2.7 million.
It also looks like Daymond eventually helped Patrick and Armand fix some of the design flaws that were pointed out in the tank and the Draft Top 3.0 is currently for sale. After doing some research it ultimately looks like a much better product.
Further, they’ve also been featured by Food Network, Food & Wine, and Real Simple! From Draft Tops, to accessories and apparel, the company has a little bit of something for everyone!
Products are available on the Draft Top website, as well as on Amazon. Both sites have positive reviews to share!
If we get more news on a Draft Top update, we will be sure to let you know! For updates on the other products featured on Season 12 Episode 13, be sure to check out the links below.
For more, be sure to check out our Shark Tank Season 12 Products page.
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!