One day, Mark Peterson went down to the river with his daughters, to help them find rocks for their rock tumbler. He brought along some buckets and screens, and suddenly had a fantastic idea! His gold panning system not only simplifies the process, but also makes this fun hobby more accessible. Will he strike gold on
Shark Tank Gold Rush Nugget Bucket Update
- Entrepreneurs: Mark Peterson
- Business: Gold panning bucket system
- Ask: $60,000 for 15% equity
- Result: $60,000 for 25% equity
- Sharks: Robert Herjavec
Mark demonstrated how simple it is to use his Gold Rush Nugget Bucket to sort out gold from dirt. His patented system uses a funnel that pushes water through screens and into a bowl. He says panning for gold is less about finding gold to sell, and more about the fun of it. The sharks were intrigued with his clever pitch and product.
Recommended by the Gold Prospectors Association of America (GPAA) for all ages. Everything Stacks Neatly Inside this 7 Pound, Easy to Carry Kit. The only gold panning kit that offers a patented "fluid bed concentrator".Just scoop in dirt, pour in water, and let gravity do all the work to find gold!
In the almost two years prior to filming, Mark had managed to generate $290,000, all from online sales on the company’s website. Each unit sells for $99.95 with a 70% margin. These numbers were impressive for such a niche and unique product! He also used $192,000 of his own money to help get his company started. Mark Cuban was impressed but admitted that he couldn’t make an investment because of how niche the company was, so he dropped out.
Likewise, Robert Herjavec said he saw the product as more of a hobby, so he too dropped out. Barbara Corcoran said she’d buy a bucket for her husband, but she was otherwise out. Lori Greiner thought the concept was adorable as a kid’s toy, but couldn’t justify it at the price it cost, so she went out next. Kevin O’Leary on the other hand, decided to offer Mark $60,000 in exchange for 50% equity.
At this point Robert jumped back in, offering $60,000 for 25% equity, and Mark ultimately accepted Robert’s offer. What happened next for his company? Keep reading our Gold Rush Nugget Bucket to find out!
We have good news to share in our Gold Rush Nugget update! The deal between Robert and Mark closed, and the official partnership was formed. There were definitely some challenges in the months following the episode airing on
Would you like to learn about the other companies featured on Season 6 Episode 19? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to check out our Season 6 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!