Square Keg Shark Tank Episode Update & Net Worth
Square Keg Shark Tank Episode Update & Net Worth Tim Loucks, the founder of Square Keg, entered Shark Tank Season 14, Episode 6 seeking $300,000 for 10% equity in his innovative beverage containment company. His goal was to secure an investment to expand his brand, which offers a unique Square Keg that caters to craft…
Square Keg Shark Tank Episode Update & Net Worth
Tim Loucks, the founder of Square Keg, entered Shark Tank Season 14, Episode 6 seeking $300,000 for 10% equity in his innovative beverage containment company.
His goal was to secure an investment to expand his brand, which offers a unique Square Keg that caters to craft beer lovers and others who enjoy portable, long-lasting beverage solutions.
The product’s appeal lies in its ability to store and dispense various beverages, keeping them fresh for extended periods. Let’s explore how the Shark Tank pitch unfolded and dive into the Square Keg update.
What Is Square Keg? How Does It Work?
Square Keg is a company specializing in the production of SquareOne Mini Kegs, a stainless steel, portable beverage container designed to keep drinks fresh for long periods. The SquareOne Mini Keg can hold up to 128 oz (equivalent to a 12-pack of beer or two 64oz growlers) and is perfect for storing craft beer, cocktails, kombucha, cold brew coffee, wine, and more.
The SquareOne Mini Keg uses 16-gram CO2 cartridges and nitrogen to maintain the beverage’s freshness. The device is highly portable, making it ideal for various activities such as tailgating, camping, boating, and golfing. With its sleek, compact design, it fits easily in refrigerators or coolers, making it a versatile choice for beverage enthusiasts.
Square Keg Shark Tank Full Episode: What Happened At Shark Tank Pitch?
When Tim Loucks pitched Square Keg to the sharks, he asked for $300,000 in exchange for 10% equity, valuing the company at $3 million. Tim highlighted the product’s versatility and how it solves a common problem for beverage lovers who need to keep their drinks fresh during long trips or events.
Square Keg had impressive financials, with $1.4 million in lifetime sales and the potential for continued growth. The cost to produce each SquareOne Mini Keg is around $130, with a retail price of $259.
Despite losing $250,000 in 2021, Tim assured the sharks that the company was on track to turn a profit with a 15% net margin projected for the current year.
Shark Offers and Valuation
During the pitch, Daymond John quickly opted out, citing a lack of familiarity with the product and industry. Lori Greiner and guest shark Peter Jones followed suit, expressing doubts about the product’s market potential.
However, Kevin O’Leary saw promise in the concept and made an offer of $300,000 for 20% equity. Although Tim attempted to negotiate the equity down to 15%, Kevin remained firm, and Tim ultimately accepted the offer, securing $300,000 for 20% equity from Kevin O’Leary.
What Happened To Square Keg After Shark Tank?
Following the Shark Tank episode, Square Keg experienced a surge in sales and interest from both consumers and industry players. The partnership with Kevin O’Leary provided the company with the necessary capital and guidance to scale its operations. Kevin’s expertise in the beverage industry and his network helped Square Keg gain visibility and traction in the market.
The company continued to develop its product line, including the launch of the SquareOne Nitro Keg. Additionally, Square Keg offered a special “Shark Tank Exclusive $100 off” promotion on its website, which further boosted sales.
By the time Shark Tank aired, Square Keg had grown significantly, and Tim revealed that the company’s sales had nearly tripled to $3.5 million within a year. This growth led to further investments and collaborations, solidifying Square Keg as a key player in the beverage containment industry.
Square Keg Shark Tank Pitch Summary
| Company Name | Square Keg |
| Founder | Tim Loucks |
| Product | Portable stainless steel mini kegs for beverages |
| Amount Asked For | $300,000 for 10% equity |
| Final Deal | $300,000 for 20% equity |
| Investor | Kevin O’Leary |
| Season & Episode | S14 E6 |
| Lifetime Sales | $3.5 million (as of 2024) |
| Business Status | In Business |
| Current Net Worth | $2 million (estimated) |
How Much Is Square Keg Worth?
As of April 2024, Square Keg is estimated to be worth $2 million. The company has seen steady growth, especially after its appearance on Shark Tank and the subsequent investment from Kevin O’Leary. The product’s appeal lies in its unique ability to keep beverages fresh for extended periods, making it popular among beer lovers, campers, and outdoor enthusiasts.
Is Square Keg Still In Business?
Yes, Square Keg is still in business as of April 2024. The company continues to sell its SquareOne Mini Kegs and other products on its official website and Amazon.
Despite some challenges, such as the high production cost and niche market, Square Keg has managed to maintain a loyal customer base and expand its product offerings. The company is headquartered in Spokane, Washington, and the founder, Tim Loucks, remains actively involved in its operations.
Which Episode Number Was Square Keg Shark Tank?
Square Keg appeared on Shark Tank Season 14, Episode 6, which aired on November 11, 2022. The episode featured Tim Loucks pitching his innovative beverage containment solution to the sharks, ultimately securing a deal with Kevin O’Leary.
In conclusion, Square Keg has shown that with a unique product and the right support, even niche market ideas can thrive. The company’s journey from Shark Tank to continued success is a testament to the importance of innovation, perseverance, and strategic partnerships.
