Hydroviv is a company that builds custom water filters designed for region-specific types of water. Eric Roy came into the
Shark Tank Hydroviv Update
- Entrepreneurs: Eric Roy
- Business: Water Filters
- Ask:$400,000 for 10% equity
- Result: $400,000 for 20% equity
- Sharks: Mark Cuban
Hydroviv sells an average water filter system for about $190, while the manufacturing costs are much lower at just approximately $50. The water systems are durable and are expected to last about six months before the filter needs to be replaced.
It costs about $50 to replace an existing filter with a new one. All of this information was transparently told to the sharks by Eric, but the sharks still wanted to learn more about Hydroviv before negotiating.
At the time of the pitch, Eric was projecting to generate more than $300,000 in sales during the current calendar year and hoped to reach $1.7 million in the following year. All of the sales were generated directly through e-commerce on Hydroviv’s official website.
The sharks were interested in learning more about Eric’s intentions with the money, assuming he was able to earn a deal. He quickly responded and told the sharks that he would use a portion of the money to expand advertising and marketing. Eric felt that his company had generated a reasonable amount of traffic already, but the $400,000 cash investment could take Hydroviv to the next level.
Guest shark, Rohan Oza, didn’t see a way that he could personally help Hydroviv, so he dropped out. Lori Greiner also dropped out for similar reasons. With three sharks remaining, Eric’s options were slowly starting to fade away. The good news is that Mark Cuban was prepared to make an offer, so he ultimately offered $400,000 for 20% equity. Meanwhile, Barbara Corcoran decided to drop out because she didn’t believe in Eric as an entrepreneur and didn’t have faith that he could successfully market the company.
Hydroviv ultimately accepted Mark Cuban’s offer after Eric thought about his options. Now that we know about Mark Cuban’s deal with Eric Roy and his company Hydroviv, let’s get a current Hydroviv update to see how the company has been doing since appearing on Season 10 of
It turns out that the deal with Mark Cuban was never finalized and Hydroviv never received the investment. They are still operating and are estimated to generate over $1 million per year in revenue. It’s always tough when a deal doesn’t go through, but it looks like our Hydroviv update is still relatively positive!
You can find the other company updates from Season 10 Episode 19 here:
Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from