Ice Cream Canteen Shark Tank Episode 18 Update & Net Worth

Ice Cream Canteen Shark Tank Episode 18 Update & Net Worth

Ice Cream Canteen, an innovative product designed to keep ice cream frozen on the go, made a significant impact during its appearance on Shark Tank Season 14, Episode 18.

The product, developed by Jordan Stern, is a vacuum-insulated container that allows users to transport ice cream without worrying about it melting. Jordan entered the tank seeking $100,000 for 5% equity, valuing his company at $2 million.

After a compelling pitch, which included a demonstration that kept the ice cream frozen even when the container was exposed to extreme heat, Jordan secured a deal with Mark Cuban and Lori Greiner.

They offered $100,000 for 20% equity and an additional $100,000 as a line of credit. As of January 2024, Ice Cream Canteen’s net worth is estimated at $0.5 million.

What Is Ice Cream Canteen? How Does it Work?

Ice Cream Canteen is the world’s first vacuum-insulated container specifically designed to keep pints of ice cream frozen for up to 4 hours. The product is inspired by the technology used in coffee thermoses, but it is tailored to maintain the cold temperatures required to keep ice cream in its frozen state.

The Ice Cream Canteen is made using premium copper-lined double-wall vacuum insulation, which effectively traps the cold inside while preventing any external heat from affecting the contents. The container is also water-tight, thanks to its stainless steel cap with a water-tight seal, ensuring that no liquid can escape, even if the ice cream starts to melt.

One of the key features of the Ice Cream Canteen is its ability to accommodate both 16oz and 14oz pint sizes, making it versatile and convenient for different types of ice cream.

Although pre-chilling the container enhances its performance, it is not necessary to keep the ice cream frozen. The product is available in five different designs and can be purchased on Amazon or directly through the company’s website.

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Ice Cream Canteen Shark Tank Episode 18 Season 14: What Happened at Shark Tank Pitch?

In Season 14, Episode 18 of Shark Tank, Jordan Stern presented his Ice Cream Canteen to the Sharks, seeking $100,000 for 5% equity. He demonstrated how his product could keep ice cream frozen for hours, even in challenging conditions.

To prove the effectiveness of the Ice Cream Canteen, Jordan invited Mark Cuban to conduct a test, where the container was exposed to direct heat, yet the ice cream inside remained frozen.

Jordan revealed that the Ice Cream Canteen was already generating sales, with $98,000 in revenue in 2021 and $185,000 by the midpoint of 2022. He projected that the company would achieve $400,000 in revenue by the end of 2022, with a profit margin of over 50%. The landed cost to produce a single unit was $7.50, and the retail price was set at $44.99, offering a substantial margin.

While the Sharks were impressed by the product, some expressed concerns about competitors with similar products entering the market. Kevin O’Leary offered $100,000 for 30% equity, but Daymond John dropped out after criticizing the company’s valuation.

Lori Greiner and Mark Cuban teamed up, initially offering $100,000 for 25% equity plus a $100,000 line of credit. After some negotiation, they agreed on $100,000 for 20% equity plus a $200,000 line of credit, which Jordan accepted.

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Ice Cream Canteen Shark Tank Pitch Summary

What Happened To Ice Cream Canteen After Shark Tank?

After securing a deal with Mark Cuban and Lori Greiner, Ice Cream Canteen experienced a significant boost in sales, thanks to the exposure from Shark Tank. The company quickly sold out of its products, prompting Jordan to restock and prepare for increased demand. By June 2023, the product was back in stock, and sales continued to climb.

The partnership with Lori and Mark provided Jordan with the resources and guidance needed to scale his business. The additional line of credit helped him increase production and explore new marketing strategies to reach a wider audience. The Ice Cream Canteen received positive reviews on Amazon and other platforms, further solidifying its reputation as a must-have accessory for ice cream lovers.

The company has also expanded its product line, introducing custom branding options and new designs to appeal to a broader market. Jordan’s focus on innovation and customer satisfaction has helped Ice Cream Canteen maintain its momentum, even as competitors enter the market.

How Much Is Ice Cream Canteen Worth?

As of January 2024, Ice Cream Canteen is estimated to be worth $0.5 million. This valuation reflects the company’s steady growth and its success in carving out a niche in the ice cream storage market. Since its founding in 2018, Ice Cream Canteen has generated approximately $700,000 in lifetime sales, with annual revenue increasing each year.

The company’s financial performance has improved significantly since its appearance on Shark Tank, thanks in part to the strategic guidance and financial support from Lori Greiner and Mark Cuban. With the continued popularity of ice cream accessories and the unique value proposition of the Ice Cream Canteen, the company is well-positioned for future growth.

Is Ice Cream Canteen Still in Business?

Yes, Ice Cream Canteen is still in business as of January 2024. The company operates out of the San Francisco Bay Area, California, and continues to focus on providing innovative and practical solutions for transporting ice cream. With a small but dedicated team, Ice Cream Canteen has managed to maintain its position in the market, appealing to both ice cream enthusiasts and casual consumers alike.

The company’s commitment to quality and innovation has helped it build a loyal customer base, and its products are now available on multiple platforms, including Amazon. With the backing of Lori Greiner and Mark Cuban, Ice Cream Canteen is expected to continue expanding its product line and exploring new opportunities in the coming years.

Which Episode Number Was Ice Cream Canteen Shark Tank?

Ice Cream Canteen appeared on Shark Tank during Season 14, Episode 18, which originally aired on March 31, 2023. The episode marked a significant milestone for the company, as it secured a valuable partnership with Lori Greiner and Mark Cuban, helping to propel the business forward.