BottleKeeper Shark Tank Net Worth | BottleKeeper Shark Tank Update
What is BottleKeeper? Who Founded BottleKeeper?
BottleKeeper is a stainless steel bottle with a neoprene liner that is designed to keep a beer bottle cold for an extended period. The product comes in various sizes, with each BottleKeeper including a built-in bottle opener.
The product is cushioned and insulated with neoprene to protect glass bottles from breaking if dropped, and the bottle is inserted by unscrewing the bottom of the steel holder.
The company was founded by Adam Callinan and Matt Campbell, both of whom have degrees in Molecular and Cellular Biology.
Adam, who previously worked for a medical equipment company, is the CEO, while Matt is the COO and had already established his own company, Campbell-Parnell, which secured contracts for conversion systems in both civilian and military fleets.
The idea for BottleKeeper arose during a day at the beach when Adam and Matt, both Arizona natives, were looking for a way to keep their beer cold in the heat.
They wondered why stainless steel water bottles that keep water cool couldn’t be adapted to beer bottles, and thus, CamCal Enterprises, LLC was formed as the parent company of BottleKeeper.
After creating a prototype, they obtained funding through crowdsourcing and received a patent for their product.
Funding of BottleKeeper & Shark Tank Pitch?
In 2013, Adam Callinan and Matt Campbell founded their company with a successful Fundable Campaign that raised $13,928. The BottleKeeper, which consists of a stainless steel container with a quarter-inch thick neoprene lining, keeps beer much cooler than a traditional “koozie.”
The BottleKeeper 2.0 was later introduced, which includes a bottle opener, tether, and a powder-coated exterior.
Customers can purchase a standard or stubby BottleKeeper for $35 or a larger Bomber for $40. They also offer custom engraving, bulk ordering for corporate gifts, replacement parts, and clothing.
When Adam and Matt appeared on Shark Tank, they requested a $1 million investment in exchange for 5% of their company with a $20 million valuation.
They made their pitch and showed that their product could withstand a ball thrown by A-Rod at a stack of BottleKeepers with actual bottles inside.
The sales figures supported their valuation, with $1 million in sales in the previous 10 days, $2 million in the last 30 days, and over $20 million in the last three years.
The men required the investment to purchase inventory for the many retailers on their waiting list, and they made $9 million the previous year, but spent much of it on attorneys to shut down knock-off products and marketing.
After some bidding, Mark and Lori made an offer of $1 million for 5% plus a $1.50 per unit royalty until the $2 million is recouped. Adam and Matt accepted the deal. Barbara Corcoran had concerns about legal issues and did not make an offer.
Kevin offered $250,000 at 10% interest with a $750,000 loan at 11% interest, and A-Rod recommended a collaboration with Kevin, offering $500,000 for 20% and a $500,000 loan at 11% interest.
BottleKeeper after the Shark Tank Pitch
After appearing on Shark Tank, it is unclear if BottleKeeper completed a deal with investors Mark and Lori. However, the company experienced a surge in sales, with a 300 percent increase following the initial air date.
BottleKeeper expanded into retail stores, such as Ace, Meijer, Sur La Table, and The Paper Store, as well as hundreds of smaller stores.
Additionally, the company released Cankeeper and Pintkeeper, which are tumblers. To address complaints about insulation, the BottleKeeper X, a double-walled bottle, was introduced.
As of June 2021, the company reportedly generates $13 million in annual revenue and is estimated to have a net worth of $100 million.
BottleKeeper Shark Tank Net Worth
Bottlekeeper’s founders Adam Callinan and Matt Campbell, entered the Shark Tank in 2018 asking for a $1 million investment in return for 5% equity in their business. After hearing about their $20 million valuation, the Sharks were impressed with Bottlekeeper’s gross margin of over 90% and production cost of 10%.. The product retails at $34.99 and only costs a small fraction to produce.
Since appearing on Shark Tank, Bottlekeeper has seen an increase in sales and expanded its range to include CanKeeper and PintKeeper, as well as various accessories. In 2021, Bottlekeeper generated revenue of approximately $13.5 million and continues to operate successfully worldwide.
BottleKeeper currently has an estimated net worth of $100 million, according to various online sources. However, it’s important to note that net worth estimates can vary and are not always accurate.
There are quite a few competitors to BottleKeeper which include; Beer Armor, Koozie Koozer, Beer Hack, Brewsees Beer Necklace, and Swig Savvy Beer Glasses.
Did BottleKeeper get a deal on Shark Tank?
Yes, they get an investment from Mark and Lori of $1 million for 5% plus a $1.50 per unit royalty until the $2 million is recouped.
How long does BottleKeeper keep beer cold?
Keeps their beer cold for 6 hours.
How much do they cost?
A standard or stubby BottleKeeper costs $35, while a bigger Bomber costs $40.
Where can they buy them?
BottleKeeper is available in all major retailers like Best Buy, Target, Wal-Mart, and many more. It can also be purchased online at: www.bottlekeeper.com and www.cratekit.com.
What does the BottleKeeper come in?
The BottleKeeper comes in two sizes; Standard and Bomber (a bigger version of the standard).
The Standard holds any bottle, can or glass. The Bomber holds cans, bottles or wine bottles.
Where is BottleKeeper made?
BottleKeepers are made in the USA.
Are Bottle Keepers dishwashers safe?
BottleKeepers with neoprene sleeves and magnets should not be put through a dishwasher as they will not be as effective and it will shorten their lifespan.
What is the best beer to drink with a BottleKeeper?
The best beer to drink with a BottleKeeper is any cold one! It will keep their beer cold for up to 6 hours.
Is there a warranty?
BottleKeepers are covered by a 1-year warranty against defects in materials and workmanship.
The warranty does not cover common wear and tear where they would expect it on any other product.
For example the bottle opener is made of stainless steel and it will show signs of use and tear if used frequently.
How BottleKeeper does makes money?
BottleKeeper makes money by selling its products and licensing its patent.
What is BottleKeeper made of?
BottleKeepers are made of: Neoprene Sleeve, Stainless Steel container, Silicone O-Ring and is covered by a 1 year warranty against defects in materials and workmanship.
Does BottleKeeper work in cold or hot weather?
BottleKeeper will keep cold drinks colder in cold weather and hot drinks hotter in hot weather.
How cold does it need to be for BottleKeeper to work?
BottleKeeper works best when the temperature is 50 degrees or below.
Does BottleKeeper come with a bottle opener?
The Standard comes with an attached bottle opener that is securely placed into the cap of their beverage.
How do they clean a BottleKeeper?
If it becomes too unclean or begins to smell, place it in the dishwasher on the higher rack with the base and body unconnected.
Put it in the dishwasher after each usage to avoid wearing out the adhesive pads or glue that keep the neoprene in place.
What is net worth of Adam Callinan?
Currently there is no update on his worth.
What is net worth of Matt Campbell?
Currently there is no update on his worth.
When was BottleKeeper aired on Shark Tank?
BottleKeeper was aired on 25, November 2018.