Press Waffle Co. Update | Shark Tank Season 10

You couldn’t get real Belgian waffles anywhere in Dallas, so Bryan Lewis started making them at home. He and his brother Caleb turned that into Press Waffle Co., a fast-casual restaurant serving dough-based Belgian waffles with sweet and savory toppings. Let’s see if they were able to secure a deal with any of the sharks in our Press Waffle Co. update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Press Waffle Co. after Shark Tank.

Brian and Caleb entered Shark Tank Season 10, seeking $200,000 for 8% equity in their waffle company. After their pitch, they reached an agreement for a deal with Barbara Corcoran for $300,000 for 15% equity.

In terms of a Press Waffle Co. update, the company aggressively expanded, announcing multiple new store locations across major cities despite earlier pandemic-related delays.

Shark	Result
Barbara Corcoran	Accepted offer of $300,000 for 15% equity
Kevin O’Leary	$200,000 as a loan for 3% equity and 7–11% interest
Mark Cuban	$350,000 for 20% equity
Robert Herjavec	$400,000 for 20% equity
Lori Greiner	No offer

Shark Tank Press Waffle Co. Pitch

• Entrepreneurs:  Brian Lewis and Caleb Lewis
• Business: Customizabel Belgian waffles
• Ask: $200,000 for 8% equity
• Result: $300,000 for 15% equity
• Shark: Barbara Corcoran

Brian and Caleb entered Shark Tank to pitch Press Waffle Co., a fast-casual concept selling customizable Belgian waffles.

Customers can build their own with over 16 toppings or choose from preset best-sellers.

The company’s most popular waffle costs $8 and is produced with extremely fresh ingredients and pairs well with freshly-cut strawberries.

They handed out samples to the sharks, who loved the taste. Kevin O’Leary asked how much revenue they were generating.

In response, Caleb said they expected to hit $900,000 by year-end. Kevin followed up, asking how much they paid the food hall in fees.

Brian explained they gave up 25.5% of gross sales but didn’t pay rent or utilities. Despite that, they still ran at a 14% profit margin.

Kevin wanted to know if they could get better deals in other locations. Caleb said yes, they had letters of intent with other food halls offering 15–20% revenue cuts.

Barbara Corcoran asked how much it cost to open a new location. Brian said between $115,000 and $150,000. She said that it was very affordable.

The negotiations with the sharks began.

Mark Cuban showed interest and offered $350,000 for 20% equity. Other sharks also seemed interested.

Kevin then made a competing offer of $200,000 as a loan with 3% equity and 7–11% interest depending on the store.

Lori Greiner said she liked what she saw but chose to step out. Robert Herjavec almost exited but came back with a $600,000 offer and let them choose the equity.

The brothers said the amount was too high, and they weren’t willing to give up more than 15%. Robert adjusted his offer to $400,000 for 20% equity.

Barbara then made two offers: $200,000 for 15% equity or $400,000 for 30% equity. Kevin disagreed, saying they shouldn’t give up that much.

Barbara defended her offer, highlighting her experience with food brands. Robert said he didn’t have all the answers but was confident they could figure it out together.

Caleb and Brian said they liked Barbara’s background but were concerned about equity. They asked if she would do $300,000 for 15%.

Barbara countered with $250,000 for the same equity. The founders stood firm and repeated their offer. Barbara accepted.

Ultimately, they closed the deal with $300,000 for 15% equity and left with Barbara as their partner.

Let’s find out where the company stands now in our Press Waffle Co. update

Shark Tank Press Waffle Co. Update

According to our Press Waffle Co. update, the deal with Barbara Corcoran closed successfully, and she helped the brand scale operations.

Within hours of airing, the company received over 400 franchise leads and opened its fourth store by June 2019.

Further, Press Waffle Co. grew to seven locations in December 2020, including one in The Woodlands, Texas.

In 2021, they announced plans for a Denver store and continued expanding through franchising, announcing new stores in Denver, Houston, Dallas, St. Louis, Little Rock, and Arizona

In October 2022, they launched their eighth franchise.

However, our Press Waffle Co. update found that by 2025 they had scaled back to six locations after quietly closing stores in Colorado and Arkansas.

Despite that, the brand remains strong, bringing in $8.5 million in annual revenue.

If you’re interested in franchising, you’ll need to have at least $100,000 in liquid capital, with total startup costs ranging from $188,000 to $429,000. More info about franchising can be found on the Press Waffle Co. website.

When we have more news for another Press Waffle Co. update, we will let you know!.

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

• Silk Roll Update
• Pick-Up Pools Update
• Dare-U-Go Update

Before you go, be sure to check out our list of all the Shark Tank Season 10 products.