Hibear Co. Flask Update | Shark Tank Season 15
Entrepreneur Mark Tsigounis pitched his drink flask during
If you’re short on time, here’s a quick overview of what happened to Hibear Co. after
Mark Tsigounis appeared on
| Shark: | Result: |
| Mark Cuban | No offer |
| Kevin O’Leary | No offer |
| Lori Greiner | No offer |
| Robert Herjavec | No offer |
| Emma Grede | No offer |
Shark Tank Hibear Co Update
- Entrepreneurs: Mark Tsigounis
- Business: Flask
- Ask: $150,000 for 5% equity
- Result: No deal
- Shark: None
U.S. Navy Veteran Mark Tsigounis has created an innovative line of drink products with multiple uses and features. Hibear Co. is changing the way customers use water bottles entirely.
Especially when camping and adventuring out in nature, his All Day Adventure Flask gives endless possibilities for making the drinks you want. From Cold Brew to cocktails, Hibear Co. has you covered.
Mark presents all that the flask can do. It has a pour-over feature that allows you to brew coffee or decant and aerate your wine. It can also transform into a cocktail shaker, cold brew, or infused tea maker. Other features include an insert to keep beverages icy cold, which then doubles as a muddler for limes or mint leaves.
Additionally, the sleeve is removable, allowing you to create mugs for friends or even dogs. Further, everything nests inside the All Day Adventure Flask, so there is no clutter to worry about.
Mark shares that he came up with the idea while he hiked 2,186 miles on the Appalachian Trail from Georgia to Maine. Serious hikers carry multi-purpose items to be efficient, but the product is not just for serious hikers.
The All Day Adventure Flask benefits any camper. Mark also declares that his product is the perfect corporate gift because it can be customized with a company logo.
Mike’s product has great margins. It costs $15.50 per unit and retails for $95. Although his product is on the top end of the market, Mark points out that you are getting 10 extra functions from the water bottle.
Hibear Co. operates in three different sales areas. In addition to retail, the company also sells directly to consumers and corporately. In fact, corporate sales make up 40% of the business. Mark has made $745,000 in sales overall.
The company launched on Kickstarter in 2020 and delivered the first batch of products in 2021. In the year prior to filming, Hibear Co. had $320,000 in sales.
Currently, Mark is projecting to end the year at $1 million in sales, with a plan to launch with Amazon the following year.
Regarding debt, the company is $200,000 in the hole, so Mark needs a shark’s investment.
Kevin O’Leary argues that Mark should not focus on retail because the product looks like another water bottle. However, the focus should be on online direct-to-consumer, where Mark can explain the product to the customer.
Mark Cuban thinks the product is good but also thinks it will be too hard to scale. For that reason, he goes out.
Guest shark Emma Grede agrees that the product is a good one, however it’s just too early for her to invest. She goes out next.
Kevin doesn’t think the numbers add up as far as pricing goes, especially after Mark reveals that he has a customer acquisition cost of $52 per sale. Kevin ultimately goes out.
Robert Herjavec likes Mark and really likes the product; however, he thinks it may be too niche. Unfortunately for Mark, Robert goes out next.
Last but not least, Lori Greiner is the only shark remaining, and she definitely has the experience to help. During Season 12, she teamed up with Kevin to invest in a self-cleaning water bottle called LARQ. However, despite being impressed with the product, she isn’t ready to invest and drops out.
Mark is forced to leave without a deal because there are no offers in the tank. Keep reading our Hibear Co. update to find out what happens after
In terms of a Hibear Co. update, we’re guessing that Mark will manage to keep things going despite not getting a deal. Besides, most companies receive a nice boost in sales immediately following the airing of their episode.
At the time of this writing, the company is offering some bundle deals, which you can check out on the Hibear Co. website. The bottle is also for sale in a handful of privately owned retailers.
The products are not yet being sold on Amazon, but we imagine they’ll be there soon! Once the dust settles, we will circle back for another Hibear Co. update!
In the meantime, you can check out our other company updates from Season 15, Episode 19, by following the links below!
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!
