Next up are Charles Nick and Taylor Minor of Third Wave Water, seeking $100,000 for 10 percent equity.
Third Wave Water offers capsules that help “make better coffee.” According to their website, the products contain “the perfect amount of calcium, magnesium and sodium that will take a gallon of de-mineralized water and turn it into the best water possible for your favorite coffee beans.” Options include classic and espresso and are available in one- and five-gallon packages, which cost $15 and $25, respectively. The company, which was founded last year, raised more than $25,000 in a Kickstarter campaign launched earlier this year.
The sharks admit that the Third Wave Water-infused coffee is much smoother. In eight months, they have done approximately $66,000 in sales and are expected to do $120,000 this year. Lori Greiner quickly goes out, however, based on lack of convenience, followed by Robert Herjavec. Kevin O’Leary likes the coffee but doesn’t know how he would get his investment back. He goes out.
Mark Cuban also admits that the coffee tastes better but thinks it’s just too niche. He goes out. Barbara Corcoran, their last chance at getting a deal, offers $100,000 for 33.3 percent with a royalty of $1 per box sold until she recoups her investment. She thinks they should focus on selling online. They counter 25 percent equity, which she accepts.
Social Media Reacts to Third Wave Water’s Appearance on “Shark Tank”
Third wave water, want some now. I love great tasting coffee. #SharkTank
— Toshua Tanner (@Chicemama) October 9, 2017
I see third wave water as a better sell at a higher price as a very premium product. Real coffee nerds will deal with the hassle. #sharktank
— PaperSpock (@PaperSpock) October 9, 2017
BUT WHY IS THIS THIRD WAVE WATER IN A PACKAGE THAT LOOKS LIKE A CIGARETTE PACKAGE?!?? Lol #SharkTank
— Kayla Pounds (@klalbs) October 9, 2017
— Abbye Portzen (@abbYEgail) October 9, 2017
Third Wave Water seems like a great product #SharkTank
— Lance Becvar (@Dadsonpowermode) October 9, 2017
— Amy Naas (@AmyNaas) October 9, 2017
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
Would you use Third Wave Water for your coffee? Sound off in the comments section below!