Connor Brooke
Last into the tank is Loliware, an edible and biodegradable cup. Here is a description from their website:
LOLIWARE is a revolutionary new drinking and eating experience. The first and only edible disposable cup, it is 100% all natural, non-GMO, gelatin-free, gluten-free, plastic-free, BPA-free, non-toxic, and FDA approved.
They are seeking $150,000 for 10 percent equity.
The flavors include citrus, cherry, green tea, vanilla bean and an unflavored for those who simply want to use it to “complement” their meal.
Wow! @LOLIWARE! What a fantastic idea. The Sharks are going to fight over it. #SharkTank
— Brandy (@bookgirlb) October 3, 2015
Kevin O’Leary says it tastes like licorice, which makes sense since they are mades of fruits and vegetables.
They explain that the product went viral and got a 60,000 order the day after an event.
Robert Herjavec thinks that they actually need more money, but for more equity and an added shark. $600,000 for 25 percent, their revised offer, is put up by Mark Cuban, but the situation quickly escalates when Mark Cuban doesn’t express any interest in having them pick who gets to partner with him.
I love it when a fistfight breaks out over edible cups. #SharkTank
— Phil Lemos (@Phil_Lemos) October 3, 2015
Herjavec wants to go in, but is interrupted by Barbara Corcoran who wants to partner with Cuban or Lori Greiner. Greiner thinks of their product as more of a “party thing” though and goes out.
Given that the same deal is being offered from both sets of sharks, they accept Cuban and Corcoran’s deal.
Final deal: Mark Cuban and Barbara Corcoran for $600,000 for 25 percent.
Read more:
- Shark Tank Deal: Pop it Pal Accepts $250,000 From Kevin O’Leary
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- Shark Tank: Angels and Tomboys Makes Deal with Daymond John and Mark Cuban for $60,000
This article was written for Business 2 Community by Connor Brooke.
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Great idea. You girls are such an inspiration. God bless you. Make a killing and pay it foward.
First offer was 10% for $150,000($1.5m valuation). Counter offer was 25% for $600,000. Is that 25% each($1.2m valuation) or total($2.4m valuation)??? They never said each.
George, I believe it is $600,000 for a total of 25% and the sharks brought the valuation from $1.5 to $2.4 million.
That is the first time I saw that happened in the Shark Tank. Perhaps they saw the potential of the product.
I wish the girls luck.
I was also confused by this. Jumping an evaluation like that makes no sense to me. Only reason my wife and I talked about was they were closing their round of funding with the sharks, meaning only “investors” at this point is whoever gave then 100k, close friends and family, themselves as the owners, and the two sharks.
I think that this was one of the most unfair deals ever, and , that Mark Cuban was and Barbara Corcoran were a disgrace to the public watching the show. Robert Herjavec thinks that they actually need more money, but for more equity and an added shark. $600,000 for 25 percent, their revised offer. Robert Herjavec sets up the deal and then his co-sharks cut him out of the deal. My opinion this is a disgrace to the show . there are ethics in everything and there should be on this show as well. Kevin O’leary is often harsh, but, It is Kevin’s Show. Regardless of how much money you have ethics should be displayed on public television.