Entrepreneurs Emma Rose Cohen and Miles Pepper pitched their straw company, during
If you’re short on time, here’s a quick overview of what happened to FinalStraw after
Emma Rose and Miles Pepper appeared on
Shark Tank FinalStraw Update
- Entrepreneurs: Emma Rose Cohen and Miles Pepper
- Business: Reusable Straws
- Ask: $625,000 for 5% equity
- Result: No deal
- Shark: None
Emma Cohen and Miles Pepper, appeared on
In fact, they say because 500 million straws are used daily, they’re ultimately one of the top pollutants found in the ocean. For this reason, they created the world’s first foldable, and reusable straw.
It actually folds down to about the size of a car key, and also comes with a container that can hook on your keychain. It’s easy to pack, and travel with. At this point, the sharks want to know more about the margins.
After passing out samples to each of the sharks, important negotiations and discussions began between Emma, Miles, and each of the five sharks.
Miles revealed that a straw costs $5.00 to make and is sold for four times that amount at $19.99. Emma then discussed the crowdfunding campaign that she operated on Kickstarter.
It successfully helped to raise around $2 million for the company. Additionally, the company has continued to have $15,000 a day in sales since the crowdfunding campaign came to an end.
While Lori Greiner believed in the company’s vision, she didn’t believe that the product was right for her as an investor. Further, she didn’t see enough proof that FinalStraw was the ‘future of straws’, and therefore she was the first shark to drop out.
Kevin O’Leary jumped in to make an offer, of $625,000 for 10% equity in FinalStraw. It would include an additional $2.00 royalty, until he makes back roughly three times his investment.
Guest shark Jamie Siminoff ultimately feels that educating the customer to use a new product will be too hard, so he goes out.
Daymond John follows Jamie, by dropping out. He ultimately doesn’t believe the company can scale as large as needed, for it to be a profitable investment.
Eventually Kevin O’Leary grew impatient, and retracted his offer. He would drop out, and that would leave only Mark Cuban.
Admittedly, Mark already had several concerns about FinalStraw. Despite this, he made an offer of $625,000 for 25%.
However, Emma counter offered at $625,000 for 12.5% equity, and Mark immediately dropped out of the deal. Unfortunately the chance Emma took, left the company without a deal.
What do you think happened following
Keep reading our FinalStraw update to find out!
Now let’s take a look at a FinalStraw update about how their company has grown since the appearance on
In 2019, they managed to bring in more than $10 million in total company revenue, and took the opportunity to expand their product line to spoons, forks, and knives. The products can be found in several retailers as well as online.
While they weren’t able to strike a deal in their episode of
However, Emma and Miles eventually ended their business partnership. This led to Miles taking over, and rebranding the company to Final.
Since then, he has expanded the line to include other products within the plastic alternative market space. You can check out their many products, on the Final website.
It’s reported that the company now brings in an estimated annual revenue of $7 million. Given this, the future remains bright for this company.
If we learn anything new about this company, we will certainly let you know. In the meantime, you can check out our other company updates from Season 10 Episode 1, by following the links below!
For even more on companies and products, be sure to stop by our Season 10 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!