Kevin Waltermire is on Shark Tank seeking an investment in Beverage Boy, a product that keeps your drink close when you’re in the pool or hot tub. He says BevBoy will put an end to spills that can ruin a day in the pool.

Not only does the insulated beverage holder float, it has a weighted extension that makes a firm center of gravity, making the device difficult to tip.

Kevin is asking for an investment of $50k and offering a 15% equity in his company.

Key Takeaways: Beverage Boy Shark Tank Update

  • Innovative Design: Beverage Boy features an insulated holder with a weighted bottom for stability, preventing drinks from tipping over in water.
  • Sales and Production: Has sold 2,500 units with $10,500 in revenue in six months; costs $2 to make and retails for $9.99.
  • Investment and Equity: Kevin Waltermire sought a $50k investment for 15% equity, but Daymond John finalized the deal at 35% equity for the same amount.
  • Challenges and Criticism: The product faced skepticism due to low sales and missed opportunities, such as not bringing order forms to trade shows.
  • Shark Responses: Mixed reactions from the Sharks, with Lori Greiner and Daymond John showing interest while others, like Mark Cuban and Kevin O’Leary, opting out due to concerns over the product’s market readiness and presentation mistakes.

Beverage Boy: Company Overview

Beverage Boy, founded by Kevin Waltermire, offers an innovative solution to keeping drinks secure and within reach in aquatic environments.

Despite initial marketing missteps, the product has shown promise with steady sales in a variety of retail settings. The company aims to expand its market presence and resolve operational inefficiencies to realize its full potential.

He has sold 2,500 units, making about $10,500 in revenue over the last 6 months, and he has the product in a variety of stores. They’re made for about $2, sold at wholesale for $5, and retailed for $9.99.

How the Sharks Reacted to the Proposal

The Sharks wondered, though, why such an innovation hadn’t already taken off at a greater rate. Kevin admitted that he’d made some errors, like failing to take order forms to trade shows.

That was end game for Mark Cuban. “Anyone who refuses to take order forms to trade shows…I’m out.”

Kevin O’Leary, already on a role with insults, having told the previous entrepreneurs in the tank that they were ‘colorful cockroaches,’ called the Beverage Boy “…poo-poo on a stick.” He went on to say that the product was so bad, the inventor didn’t deserve to share his first name: “You are no longer Kevin. You are now Zonk.” Needless to say, Kevin was out.

Robert Herjavec was next to bow out, citing low sales.

Lori Greiner was willing to make an offer, though. She’d give the asked $50k, in return for 40% of the company.

Daymond John matched the offer, “…just to stick it to Lori.” He also said he had a ‘matching product’ and already had the infrastructure in place to market and sell this.

Waltermire made a counter-offer: would either of the two be willing to meet him at 30%?

Lori said she would, conditionally — only if she could get a purchase order from either Wal-Mart, Target, or Bed, Bath, and Beyond.

Daymond wouldn’t bend, though. Pointing out that he would be using his licensing firm for the product, and that this would cost him money, he stayed firm at 40%.

Focusing on Daymond, Waltermire continued to bargain. “Could you meet me at 35%?”

After a moment’s contemplation, Daymond agreed.

Final Deal: Daymond John invested $50k in Beverage Boy for a 35% stake.

Photo: Beverage Boy

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