Jim Otteson came onto
Shark Tank Luma Soda Update
- Entrepreneurs: Jim Otteson
- Business: Naturally sweet soda
- Ask: $500,000 for 20% equity
- Result: No deal
- Sharks: None
Jim proudly admitted that his company had already generated $180,000 in sales at the time of the pitch for the current calendar year. All of these sales were direct-to-consumer online.
Jim said that his company didn’t have a lot of repeat customers, but received feedback that customers wanted the brand to expand across North America so that it could be purchased in traditional grocery stores and health food stores instead of exclusively online.
One of the apparent problems was that a single 12-pack of Jim’s healthy flavored soda costs $19.99 online. This is much higher than a traditional 12-pack of soda that you would find in a grocery store and the sharks were not happy to hear about the pricing.
The sharks wanted to know if Jim put any of his own money into the business, to which he told them that he put just under $2 million of his own personal money into it.
After hearing the company’s financial numbers and tasting the flavored soda, Lori Greiner simply didn’t like the flavor or the taste and decided to drop out without making an offer. The remaining sharks also dropped out one-by-one until they were all out.
While Jim wasn’t able to secure a deal for his business, let’s see if we can get a Luma Soda update to see how the company has performed since appearing on Season 10 of
Unfortunately, it looks like this will be our final Luma Soda update.
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