Prime 6 Charcoal Update | Season 12
Summertime means grilling, but using traditional charcoal is too much work. That’s why Oron and Riki Franco created an alternative that makes grilling safer, cleaner, and easier! Will they light up a deal on
Shark Tank Prime 6 Update
- Entrepreneur: Oron and Riki Franco
- Business: Hardwood-based grilling logs
- Ask: $200,000 for 10% equity
- Result: $200,000 for 25% equity
- Shark: Kevin O’Leary
Prime 6 appeared on Shark Tank Season 12 Episode 6. Founders Oron and Riki pitched their company to the sharks, which is a hexagonal log of charcoal, made out of recycled sawdust.
Long burning- YES 4-8 hours of burn time, so you can Grill & Chill - get yourself a drink, enjoy time with friends & family and Prime 6 will do the work for you.
Not only is Prime 6 reusable, but the charcoal leaves no mess behind and lasts twice as long as traditional charcoal.
Oron and Riki’s company had only been in business for 12 months but had already earned $300,000 in sales. A nine-pound box only costs $3.39 to make and retails for $18.99.
Further, Prime 6 had recently received a $130,000 purchase order from Lowe’s to be carried in its stores.
This was enough to interest two of the sharks, Kevin O’Leary and Daymond John, who made two separate offers of $200,000 for 25% equity.
Additionally, Kevin reminded Oron and Riki that he has a line of similar products in his “Chef Wonderful” portfolio.
After some time to consider the offers, they ultimately took the deal with Kevin.
What happened after
Research for our Prime 6 update revealed that the company is still a thriving business. In the first three months after airing, the Prime 6 did $1.3 million in sales.
Further, they’ve managed to launch in over 5,000 new stores, including Kroger and Safeway.
Since airing on the show, they’ve expanded their product line to include fire starters and various log options. Products are available on the Prime 6 website, and on Amazon.
With their success, Oron and Riki have also ensured that they’re giving back and have been able to plant over 20,000 trees!
With an estimated net worth of $2.5 million, it looks like the future is bright for Prime 6 Charcoal!
For updates on the other products featured in Season 12 Episode 6, be sure to check out the links below:
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!