Touch Up Cup Update | Season 12
Touch Up Cup appeared on
Touch Up Cup Update After Shark Tank
- Entrepreneur: Carson and Jason Grill
- Business: Sealed cup for leftover paint
- Ask: $150,000 for 10%
- Result: $200,000 for 25%
- Shark: Blake Mycoskie
In Shark Tank Season 12 Episode 1, Carson and Jason Grill asked the sharks for a $150,000 investment in their company, Touch Up Cup, in exchange for 10% equity. Touch Up Cup is basically a small container that can store remaining paint for a long period of time, allowing you to throw out the big gallon can.
During the pitch, the 15-year old co-founder shared with the sharks that Touch Up Cup had earned $220,000 in sales over the last two years. Further, the company had earned $70,000 so far in 2020 and was expecting to end the year at $400,000 in sales. Carson also shared that the individual cup costs 90 cents to produce and wholesales for $1.89.
All of this information was enough to interest guest shark Blake Mycoskie, founder of Toms, followed by Daymond John. Below are the two offers made by the sharks:
- Blake: $200,000 for 25%
- Daymond: $150,000 for 20%
Prior to negotiations, Daymond actually offered Carson and Jason $200,000 for 17.5% to undercut Blake’s offer but revised his deal when he realized that no one was working full time on Touch Up Cup. After the change in offer from Daymond and some failed negotiations with Blake, Carson and Jason accepted an offer from Blake Mycoskie for $200,000 for 25%.
After airing on
For updates on the other products featured in Season 12 Episode 1, be sure to check the links below:
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