Coldest Drinkware Shark Tank Episode Update & Net Worth

Coldest Drinkware Shark Tank Episode Update & Net Worth

Coldest Drinkware, co-founded by David Stark and Joe Wayne, appeared on Shark Tank in Season 15, Episode 15 seeking $600,000 for 2% equity, valuing the company at $30 million. The company specializes in insulated drinkware designed to keep beverages cold for extended periods.

Coldest Drinkware was featured in Season 15, Episode 15 of Shark Tank. In their pitch, David and Joe highlighted the following key features of their product line:

• Innovative Insulation: Their drinkware can keep beverages cold for up to 36 hours and hot for 13 hours.
• Product Range: The company offers a variety of products, including water bottles, tumblers, and cooling bedding items like pillows and sheets.
• Sales Performance: Despite high sales, the sharks expressed concerns about the company’s profitability and inventory management.

During the pitch, Kevin O’Leary made an offer of $600,000 for 5% equity plus a royalty of $2.25 per unit until he recouped $3 million. The founders countered with a request for a loan structure, but ultimately, they left the tank without securing a deal.

After their appearance on Shark Tank, Coldest Drinkware continued to thrive, generating millions in sales. The company has expanded its product offerings and maintains a strong presence on platforms like Amazon, where they have received thousands of positive reviews. They also operate a retail store in Naples, Florida, and plan to open a theme park called Coldest World by 2030.

• Save

As of now, Coldest Drinkware is estimated to have a net worth of approximately $20 million, reflecting its significant growth and market presence since appearing on Shark Tank.

Coldest Drinkware is still in business and actively expanding its product line. The company continues to focus on providing high-quality cooling solutions for consumers and aims to innovate within the beverage and cooling markets.

What is Coldest Drinkware? How Does it Work?

Coldest Drinkware is a line of innovative cooling products designed to keep beverages cold for extended periods. Founded by David Stark and Joe Wayne, the company offers a variety of drinkware options, including tumblers, water bottles, and more, all engineered to outperform traditional drinkware in maintaining cold temperatures.

The products are particularly popular in hot climates, where keeping drinks cold is not just a convenience but a necessity.

The flagship product, the Coldest Tumbler, features a unique design that includes double-wall insulation, ensuring that drinks stay cold for up to 36 hours longer than competing products.

The tumbler is also leakproof and comes with a rubberized bottom to prevent slipping. This combination of features makes it a standout in the crowded market of hydration products.

In addition to drinkware, Coldest has expanded its product line to include other cooling products such as the Coldest Pillow, Coldest Dog Bed, and Coldest Dog Bowl, all of which are designed to maintain a cool temperature, providing comfort and convenience to users.

• Save

David Stark and Joe Wayne, the twin entrepreneurs behind Coldest Drinkware, brought their innovative line of cooling products to Shark Tank Season 15. Their brand, Coldest, specializes in drinkware and other cooling products designed to keep beverages at optimal temperatures for extended periods.

Although impressive sales figures and a strong pitch, the brothers left the tank without a deal. However, this setback did not slow them down, as the company continues to thrive with millions in sales and a strong customer base.

Since their appearance on Shark Tank, Coldest Drinkware has maintained its momentum, consistently bringing in millions of dollars in sales annually.

As of 2024, Coldest Drinkware’s net worth is substantial, bolstered by their broad product line and the ongoing demand for high-quality cooling products. Their items, particularly the Coldest Tumbler, are bestsellers on platforms like Amazon, where they have garnered thousands of positive reviews.

Coldest Drinkware Shark Tank Full Episode; What Happened at Shark Tank Pitch

During their Shark Tank pitch, David Stark and Joe Wayne showcased their Coldest line of products, focusing on the Coldest Tumbler, which they claimed could keep drinks cold for up to 36 hours longer than other brands.

The twins explained that their experience living in hot Naples, Florida inspired them to create a better solution for keeping drinks cold, especially in extreme heat.

The brothers entered the tank seeking $600,000 for 2% equity, valuing their company at $30 million. They revealed impressive sales figures, including $15.1 million in sales in 2022, despite a $400,000 loss that year. They projected $22 million in sales for 2023, citing inventory challenges and high marketing costs as significant hurdles.

Despite their strong sales numbers, the sharks expressed concerns about the company’s financial stability and high marketing expenses.

Lori Greiner was the first to bow out, citing the large number of SKUs and excess inventory as red flags. Mark Cuban followed suit after learning that the company spent over $3 million on advertising in the previous year, which raised doubts about the business’s sustainability.

Robert Herjavec and Daymond John also passed on the opportunity, both concerned about the company’s profitability and ongoing financial challenges. This left Kevin O’Leary as the last remaining shark. He offered $600,000 for 5% equity with a $2.25 per unit royalty until he recouped $3 million. The brothers countered with a different structure, proposing a loan instead, but O’Leary was uninterested. Ultimately, the twins decided to decline his offer and left the tank without a deal.

What Happened to Coldest Drinkware After Shark Tank?

Despite not securing a deal on Shark Tank, Coldest Drinkware has continued to thrive in the marketplace. The exposure from the show contributed to an increase in brand recognition, and the company has maintained strong sales, particularly through online platforms like Amazon.

The Coldest Tumbler and other products in their line continue to receive high ratings from customers, with many praising their effectiveness in keeping drinks cold for long periods.

In the months following their appearance on Shark Tank, Coldest focused on refining its business model and addressing the concerns raised by the sharks. T

he company has worked on optimizing its inventory management and reducing marketing costs to improve profitability. They also continue to innovate, expanding their product offerings to include new cooling products that appeal to a broad audience.

Coldest Drinkware’s social media presence has also grown, with the brand leveraging platforms like Instagram and Facebook to connect with customers and showcase their products. The positive reviews and strong customer feedback have helped solidify Coldest’s reputation as a leader in the cooling product market.

How Much Is Coldest Drinkware Worth?

As of 2024, Coldest Drinkware is valued at over $20 million. Despite the financial challenges highlighted on Shark Tank, the company’s consistent sales growth and strong market presence have contributed to a robust valuation.

The brand’s ability to generate millions in annual sales, combined with the ongoing demand for high-quality cooling products, positions Coldest Drinkware as a formidable player in its niche.

The company’s decision to focus on direct-to-consumer sales, particularly through platforms like Amazon, has been a key driver of its financial success. With a growing customer base and plans to introduce new products, Coldest Drinkware’s net worth is expected to continue rising in the coming years.

Is Coldest Drinkware Still in Business?

Yes, Coldest Drinkware is still in business and continues to be a prominent brand in the cooling product industry. Despite leaving Shark Tank without a deal, the company has maintained its momentum, leveraging the exposure from the show to boost sales and expand its product line.

Coldest Drinkware’s products remain popular among consumers, particularly those living in hot climates who need reliable solutions for keeping their beverages cold.

The company is currently focused on addressing the challenges that were brought up during their Shark Tank pitch, such as inventory management and marketing expenses.

By streamlining operations and continuing to innovate, Coldest Drinkware aims to increase profitability and solidify its position as a market leader.

Which Episode Number was Coldest Drinkware on Shark Tank?

Coldest Drinkware was featured in Episode 15 of Shark Tank Season 15. In this episode, twin brothers David Stark and Joe Wayne presented their cooling products to the sharks, highlighting the brand’s ability to keep drinks cold for extended periods and their strong sales history.

 Even though their best efforts and an intriguing product line, they left the tank without securing an investment, but the exposure provided by the show has continued to benefit the brand.

FAQs

Which Shark Tank season featured Coldest Drinkware?
Coldest Drinkware was featured in Season 15 of Shark Tank.

Did Coldest Drinkware get a deal on Shark Tank?
No, Coldest Drinkware did not secure a deal with any of the sharks on Shark Tank.

How much was Coldest Drinkware asking for on Shark Tank?
Coldest Drinkware was asking for $600,000 in exchange for 2% equity.

What is the retail price of the Coldest Tumbler?
The Coldest Tumbler retails for $55.99.

What was Coldest Drinkware’s sales projection for 2023?
Coldest Drinkware projected $22 million in sales for 2023.

Where can I buy Coldest Drinkware products?
Coldest Drinkware products are available on Amazon and through their official website.