FlyWithWine Shark Tank Episode 9 Update & Net Worth

FlyWithWine Shark Tank Episode 9 Update & Net Worth

FlyWithWine, a brand that specializes in securely transporting wine, beer, and spirits, made its debut on Shark Tank Season 15, Episode 9. Founded in 2016 by Ron Scharman and Ryan Neergard, the company offers innovative luggage solutions specifically designed to protect bottles during travel.

With products like the VinXplorer Wine and Beverage Backpacks and the FlyWithWine Personal Wine & Spirits Carrier, FlyWithWine has carved out a niche in the travel and beverage industry, providing customers with peace of mind when transporting their favorite beverages.

FlyWithWine entered the Tank seeking an investment of $500,000 for 8% equity, valuing the company at $6.25 million. The founders presented impressive sales figures, revealing that they had generated $19 million in lifetime sales and had sold over 50,000 units.

Despite their strong sales and high margins—ranging from 60% to 71% on various products—the Sharks were concerned about the company’s financial struggles, including a significant loss in 2023. Ultimately, FlyWithWine did not secure a deal from any of the Sharks.

As of January 2024, FlyWithWine’s net worth is estimated at $5 million. The company remains in business, continuing to sell its products through platforms like Amazon and expanding its international distribution.

However, the lack of investment from the Sharks means that FlyWithWine will need to refine its business strategy to achieve sustained growth and profitability.

What Is FlyWithWine?

FlyWithWine is a company that offers specialized luggage designed to safely transport wine, beer, and spirits. Founded in 2016, the brand has expanded its product line to include various wine-related accessories such as suitcases, backpacks, and wine storage solutions.

 Their products are crafted to protect bottles from breakage during travel, making them an ideal choice for wine enthusiasts and travelers who want to transport their beverages without worry.

The FlyWithWine luggage line includes options that can hold between 5 to 12 bottles, with prices ranging from $289.95 to $379.95. These products are available through Amazon and in numerous wine shops across the United States.

In addition to luggage, FlyWithWine also offers a range of accessories that cater to wine lovers, ensuring that every journey with their favorite bottles is both safe and stylish.

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What Happened To FlyWithWine After Shark Tank?

FlyWithWine’s appearance on Shark Tank in Season 15, Episode 9 was a critical moment for the company, but unfortunately, they did not secure a deal. The founders, Ron Scharman and Ryan Neergard, gave a compelling presentation, showcasing their product’s effectiveness and detailing their journey in the wine industry. However, the Sharks were hesitant due to the company’s financial losses and the challenges of scaling the business.

Despite not receiving an investment, FlyWithWine continues to operate and sell its products. The company has maintained a strong presence on Amazon, where their products are still in demand.

However, to achieve the growth they aspire to, the founders will need to reassess their strategy, particularly in areas such as cost management, marketing, and product diversification.

Expanding their marketing efforts beyond trade shows and increasing their digital footprint could help them reach a broader audience and drive sales.

FlyWithWine Shark Tank Episode 9 Season 15: What Happened at Shark Tank Pitch?

During their pitch on Shark Tank Season 15, Episode 9, Ron Scharman and Ryan Neergard sought $500,000 for 8% equity in their company, FlyWithWine, which was valued at $6.25 million. They provided a detailed overview of their business, highlighting the impressive sales of $19 million and over 50,000 units sold. The founders emphasized the high profit margins of their products, which range from 60% to 71% depending on the item.

However, the Sharks were concerned about the company’s financial trajectory. In 2022, FlyWithWine had sales of $5.6 million but also reported a loss of $47,000. By 2023, the company’s sales had decreased to $2.3 million, with a loss of approximately $100,000.

The founders attributed these losses to high advertising costs, increased spending on trade shows, and the expansion of their team. Despite their efforts to counter these concerns, none of the Sharks felt confident enough to invest, and FlyWithWine left the Tank without a deal.

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FlyWithWine Shark Tank Pitch Summary

How Much Is FlyWithWine Worth?

As of January 2024, FlyWithWine has an estimated net worth of $5 million. Despite the financial challenges and missed opportunity on Shark Tank, the company has built a solid foundation with a unique product offering that continues to attract customers.

The brand’s focus on high-quality, specialized luggage for wine enthusiasts has allowed it to carve out a niche in a competitive market.

The global wine market, which was valued at USD 489.3 billion in 2021, is expected to reach USD 825 billion by 2023, presenting significant opportunities for FlyWithWine. By capitalizing on this market growth and refining their business strategy, the company could see substantial increases in both sales and profitability in the coming years.

Is FlyWithWine Still In Business?

Yes, FlyWithWine is still in business as of December 2023. The company continues to sell its products online, particularly through Amazon, where they have a loyal customer base.

Despite the competitive nature of the wine industry and the challenges posed by the pandemic, FlyWithWine has maintained its operations and is working to improve its business strategy.

The company’s headquarters are located in Napa, California, a region synonymous with high-quality wine. With a small team of 2-10 employees, FlyWithWine remains focused on expanding its product offerings and reaching new customers. The founders are determined to overcome the financial hurdles they’ve faced and continue to grow the business.

Which Episode Number Was FlyWithWine Shark Tank?

FlyWithWine appeared on Shark Tank during Season 15, Episode 9, which aired on December 15, 2023. This episode was a significant moment for the company, as they presented their business to the Sharks in the hopes of securing investment to scale their operations.

Although they did not receive a deal, the experience provided valuable exposure and highlighted the potential of their niche market.

Frequently Asked Questions

What is FlyWithWine?
FlyWithWine is a company that offers specialized luggage designed to safely transport wine, beer, and spirits. Their products are made to prevent breakage during travel, making them ideal for wine enthusiasts and travelers.

How much did FlyWithWine ask for on Shark Tank?
The founders asked for $500,000 in exchange for 8% equity during their pitch on Shark Tank.

Who invested in FlyWithWine on Shark Tank?
FlyWithWine did not secure any investment from the Sharks during their appearance on Shark Tank.

What is the current net worth of FlyWithWine?
As of January 2024, FlyWithWine has an estimated net worth of $5 million.

Is FlyWithWine still in business?
Yes, FlyWithWine is still in business, continuing to sell its products through various channels, including Amazon.

Which episode of Shark Tank featured FlyWithWine?
FlyWithWine was featured in Season 15, Episode 9 of Shark Tank.