PowerPot Update | Shark Tank Season 5
David Toledo and Caleb Light engineered a pot that can charge cell phones as it boils water. It’s popular with campers, but will the sharks give them a deal on
Shark Tank PowerPot Update
- Entrepreneurs: David Toledo, Caleb Light
- Business: Cooking pot that charges phones
- Ask: $250,000 in exchange for 10% equity
- Result: $250,000 in exchange for 20%
- Sharks: Mark Cuban
David and Caleb brought their PowerPot to the tank, the first of their company Power Practical’s products. Powered by the boiling water, Caleb says their product can charge 90% of USB devices as quickly as home chargers.
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They initially funded the pot on Kickstarter, setting out to raise $50,000, but they surpassed their goal, raising $126,000. They sold $300,000 worth of product in the then-current year. Caleb projected their next-year sales to be $2 million, drawing some laughs from the panel.
The mention of camping without electricity triggered some rough memories in Kevin O’Leary, and he said he wanted nothing to do with the product. Daymond John said the business was too small for him to invest in at the time. Lori Greiner and Robert Herjavec agreed, saying it was too early to tell whether the concept would take off.
Mark offered $250,000 in exchange for 20% equity. Caleb countered with an offer of 12%, 3% advisor options, and a seat on the board of their company. Mark accepted and the guys walked away with a deal! What was next for their company? Keep reading our PowerPot update to find out!
We have interesting news to share in our PowerPot update. After doing the deal with Mark, the product was sold in camping and outdoors retailers all over the country. They sold well, and the company was acquired by Thrasio, a brand management company. Power Practical no longer has a website, but a storefront on Amazon still exists, mostly selling LED strip lights. The PowerPot however, is no longer available.
Would you like to learn about the other companies featured on Season 5 Episode 24? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 5 Products Page!
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!