Pizza Pack Shark Tank Episode 1 Update | Season 14

Pizza Pack Shark Tank Episode 1 Update | Season 14

Pizza Pack made its debut on Shark Tank Season 14 Episode 1, where Tate Koenig returned to the tank after a previous attempt in Season 12 with a different product. This time, he pitched the sharks on his innovative food storage solution designed specifically for pizza lovers.

 Seeking $100,000 for 10% equity, Tate was determined to secure a deal and bring his product to a broader market.

During the live pitch, Tate highlighted Pizza Pack’s impressive sales figures. The company had generated $250,000 in revenue since launching earlier that year, with each unit costing only $4 to produce. The expandable and collapsible pizza storage containers retail for $24.99, leaving a healthy profit margin.

Despite some initial skepticism from the sharks about the product’s price point, a bidding war ensued:

• Kevin O’Leary offered $100,000 for 10% equity plus a $2 royalty per unit until his investment was recouped, then 50 cents per unit in perpetuity.
• Lori Greiner initially offered $100,000 for 15% equity, then lowered it to 13% after Tate countered at 12.5%.
• Daymond John offered $100,000 for 20% equity.
• Mark Cuban, impressed by the product, offered to buy the entire company for $1.5 million, but Tate declined.

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The Deal

Ultimately, Tate accepted Lori Greiner’s offer of $100,000 for a 13% stake in Pizza Pack. However, it’s unclear if this deal officially closed after the show.

Post-Shark Tank

After the episode aired, Pizza Pack experienced a surge in orders, quickly selling out on their website. They had to fulfill over 22,000 orders through Amazon, requiring Tate to make multiple trips to the post office each day.

As of October 2023, Pizza Pack continues to sell their pizza storage containers online and through retailers like Amazon. The company has expanded their product line to include limited edition designs, such as pink containers for Breast Cancer Awareness month.

While exact revenue figures are not available, Pizza Pack appears to be thriving post-Shark Tank, leveraging the exposure and Lori Greiner’s expertise to grow the business. The future looks bright for this innovative food storage solution.

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What Is Pizza Pack? How Does It Work?

Pizza Pack is a collapsible pizza container that provides a space-saving solution for storing leftover pizza slices. Traditional pizza boxes take up a significant amount of space in the refrigerator, and the pizza can often lose its freshness.

Pizza Pack addresses these issues with its innovative design, which includes:

• Collapsible Compartments: The container expands and collapses to accommodate the number of pizza slices, making it a versatile solution for storing pizza without taking up excessive space.
• Airtight Snap-On Lids: The lids create a vacuum seal, keeping the pizza fresh for longer periods.
• Microwavable Divider Trays: The container comes with five divider trays, allowing users to separate slices, preventing them from sticking together.
• BPA-Free, Food-Grade Silicone: The material is non-toxic, odorless, leak-proof, and safe for use in the microwave and dishwasher.

The Pizza Pack is designed to be an essential accessory for pizza enthusiasts, making it easier to store and reheat pizza slices without compromising quality.

Pizza Pack Shark Tank Full Episode 1: What Happened at the Pitch?

Tate entered the tank seeking $100,000 for 10% equity, valuing his company at $1 million. He shared his journey with the sharks, including his previous appearance on the show with a different product, The Cheese Chopper. Despite not securing a deal in his earlier attempt, Tate persevered and developed the Pizza Pack, which he believed had significant potential.

Tate’s pitch highlighted the strong margins of his product:

• Cost per unit: $4
• Retail price: $24.99
• Sales since April: Over $250,000

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While the sharks were impressed with the margins and the product’s uniqueness, some questioned the price point and scalability. Kevin O’Leary made the first offer, proposing $100,000 for 10% equity plus a royalty of $1 per unit until his investment was recouped, followed by a perpetual royalty of $0.50 per unit. However, Tate wasn’t keen on the royalty structure.

Lori Greiner then offered $100,000 for 15% equity, without any royalties. Meanwhile, Mark Cuban expressed interest in buying the entire company and asked Tate how much he would sell it for. Tate responded with $5 million, but Mark countered with $1.5 million, which Tate declined.

Ultimately, Tate negotiated with Lori and accepted her revised offer of $100,000 for 13% equity, securing a deal with the “Queen of QVC.”

What Happened to Pizza Pack After Shark Tank?

Since appearing on Shark Tank, Pizza Pack has seen a significant boost in sales and visibility, thanks to the exposure from the show. The deal with Lori Greiner was finalized, and her expertise in marketing and product development has been instrumental in taking Pizza Pack to new heights.

Pizza Pack Shark Tank Pitch Summary

How Much Is Pizza Pack Worth?

Pizza Pack is currently estimated to be worth around $769,000. The company’s valuation reflects its strong sales performance and potential for growth under the guidance of Lori Greiner. With continued expansion into e-commerce platforms like Amazon and potential retail partnerships, the company is poised for further success.

Is Pizza Pack Still in Business?

Yes, Pizza Pack is still in business as of April 2024. The product continues to gain popularity among pizza lovers, and the partnership with Lori Greiner has helped the company scale its operations. Pizza Pack is available for purchase on its official website and on Amazon, where it has received positive reviews from customers.

Pizza Pack is a testament to Tate Koenig’s resilience and entrepreneurial spirit. After facing rejection on Shark Tank with his previous product, Tate returned with a new idea that resonated with both the sharks and the audience. By securing a deal with Lori Greiner, Tate has positioned Pizza Pack for long-term success.

The product’s unique design and practicality make it a valuable addition to any kitchen, and with Lori’s support, Pizza Pack is likely to continue its upward trajectory in the market. Whether you’re a pizza enthusiast or just someone who values innovative kitchen solutions,

Pizza Pack offers a simple yet effective way to keep your leftover pizza fresh and delicious.