Emma Rose Cohen and Miles Pepper came into the
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
After passing out samples to each of the sharks, important negotiations and discussions began between Emma, Miles, and each of the five sharks. The sharks were initially interested in learning about the margins for producing and selling the straw. 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, raising just under $2 million on the platform for FinalStraw. She also impressively shared that 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. 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 to the duo on stage. His offer was $625,000 for 10% equity in FinalStraw and an additional $2.00 royalty until he makes roughly three times his money back. Daymond John followed Lori by dropping out because he didn’t believe the company could scale as large as needed for it to be a profitable investment.
As sharks continued to drop out, Kevin O’Leary grew impatient and retracted his offer. He would drop out and that would leave only Mark Cuban, who admittedly had several concerns about FinalStraw in the first place. He made an offer of $625,000 for 25% because he had so many concerns, which was the last and best option that FinalStraw had at achieving a deal on
Now let’s take a look at a FinalStraw update about how their company has grown since the appearance on
While they weren’t able to strike a deal in their episode of
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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!