Press Waffle Co. Update | Shark Tank Season 10

Press Waffle Co. is a family-owned business that is established in Dallas, Texas. Brian Lewis and Caleb Lewis came onto Shark Tank seeking an investment of $200,000 for 8% equity. Let’s see if they were able to secure a deal with any of the sharks before we take a closer look at our Press Waffle Co. update.

Shark Tank Press Waffle Co. Update

Press Waffle Co. Update

  • Entrepreneurs:  Brian Lewis and Caleb Lewis
  • Business: Waffle Company
  • Ask: $200,000 for 8% equity
  • Result: $300,000 for 15% equity
  • Sharks: Barbara Corcoran

Waffles can be customized with over 16 different toppings. There are also best-seller preset waffle meals available that can be ordered. The company’s most popular waffle costs $8 dollars and is produced with extremely fresh ingredients and pairs well with freshly-cut strawberries.

The sharks were extremely pleased with the taste of their waffles, but it was going to take more than a positive taste in the food to convince them to invest $200,000 of their own money.

Caleb and Brian told the sharks that their singular location is operating at a positive margin of roughly 14% and gross revenues are projected to reach about $900,000 dollars.  They are confident that expanding to new locations would cost about $150,000 dollars and that could be one of the primary uses for the investment that they receive.

Now that they’ve pitched their company, let’s see if Press Waffle Company was destined to receive a deal on Shark Tank. Mark Cuban is already majorly established in Dallas and wanted to make them an offer. Mark made an offer of $350,000 for 20% equity. Other sharks also seemed interested.

Barbara Corcoran decided to offer $200,000 for 15% equity, while Kevin O’Leary offered $200,000 as a loan for just 3% equity, but there would be a loan interest rate of about 10%. Due to the multiple competitive offers that were already offered, Lori Greiner decided to drop out. Robert Herjavec almost dropped out but decided to offer $400,000 for 20% equity.

After intense negotiations, Caleb and Brian managed to secure a deal with Barbara of $300,000 for 15% equity. Let’s quick transition to get a Press Waffle Co. update after Shark Tank. Caleb and Brian have continued to open new locations with the assistance of Barbara. They managed to open a new location in Oklahoma City and the company continues to show impressive growth in its financial earnings.

Things look bright for our next Press Waffle Co. update!

You can find the other company updates from Season 10 Episode 17 here:

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