What Happened to Clean Bottle After Shark Tank?
What is a Clean Bottle?
Clean Bottle is a reusable water bottle with two screw-off ends for easier cleaning. The Clean Bottle was created by David Mayer of Boston, Massachusetts. Before starting Clean Bottle, he worked for Goldman Sachs, Juniper Networks, and Cisco.
When he sold Clean Bottle in 2018, it was the end of his participation with the company. He is currently the Vice President of Operations and Marketing at AllStripes.
David was inspired to create the bottle as an alternative for traditional water bottles. He secured patents in order to prevent other companies from benefitting from Clean Bottle’s concept. This effectively meant that the bottles could only be manufactured by his company.
After launching Clean Bottle, David discovered that he had spent all of his money on the enterprise. As a result, he lacked the essential funds to sell his wares effectively. He used this difficulty to devise an innovative marketing technique.
Who is the founder of Clean Bottle?
The Clean Bottle was founded by David Mayer of Boston, Massachusetts. Before starting Clean Bottle, he worked for Goldman Sachs, Juniper Networks, and Cisco.
When he sold Clean Bottle in 2018, he stopped his participation with the company. He currently serves as AllStripes’ Vice President of Operations and Marketing.
The Tour de France was chosen by David as the event that would offer Clean Bottle with the exposure it needed to thrive.
He dressed himself as the Clean Bottle mascot and joined the riders. The concept was fantastic since it presented Clean Bottle with the international exposure that the event brought.
Clean Bottle generated around $700,000 in sales as a result of the planned deception. The company made $70,000 in two weeks and was offered the option of being stocked in a number of venues.
What Happened to Clean Bottle’s Shark Tank Pitch?
In episode 1 of Season 3 of Clean Bottle on Shark Tank, Mayer chose to pitch his firm to Shark Tank investors for collaboration and business development.
Mayer appeared on Shark Tank seeking for $60,000 in return for a 5% ownership in his company, which worth $1.2 million.
Mayer, joined by his bottle mascot, explains why traditional bottles are difficult to clean and displays his Clean Bottle design, illustrating how the nozzle is also removable, allowing the complete device to be washed.
He distributes samples, taking sure to give Robert Herjavec the runner’s bottle, which has a handle and a case.
Mayer has definitely done his research and is aware that Herjavec participated in the New York City marathon. Mayer talks about his $750,000 in sales, which corresponds to around 150,000 bottles. The Sharks are perplexed.
Daymond John remarks on the mascot’s height, and Mayer instructs him to remove the top of the outfit, revealing his spokesperson: two-time NBA Champion Bill Walton.
The Sharks are impressed, but Herjavec wonders why, if Mayer made $118,000 last year, he’s willing to give up shares in his company in exchange for a Shark investment.
Mayer explains that he is planning to launch a steel bottle brand for roughly $60,000. He requires the funds in order to launch his new line while still generating a profit. He’s willing to deal.
Daymond John was willing to provide $60,000 in exchange for a 25% stake in the company.
Mayer was hesitant to give up such a large amount of his money for the benefit of the company.
Kevin O’Leary has pledged $100,000 in return for $.50 from every bottle sold for the rest of his life. Mayer was hesitant to risk such a large sum of money at this time in his career.
The Sharks are trying to derail him, but Mayer was determined about not giving up too much equity in return for the money he needs.
Robert Herjavec entered the fray, providing $60,000 in exchange for 10% shares.
Only Mark Cuban remains. He offers $60,000 in return for 8% ownership. The Sharks were in the midst of a bidding war. Herjavec lowers his offer to $60,000 in exchange for a 5% stake in the firm.
In light of the other proposals on the table, Daymond John withdraws his offer. Barbara Corcoran has resigned. Three bids are on the table.
Kevin O’Leary was providing $100,000 for each sale at a cost of $.50. Robert Herjavec offers $60,000 in return for 5% ownership. Mark Cuban was putting up $60,000 in return for 8% ownership.
Mayer tries to strike a deal with Mark Cuban, but Robert Herjavec was angered by being “ignored.” He retracts his offer. He wants Mark Cuban to reduce his offer to 6% equity.
Mayer asks for a brief delay to call his father, a business associate. His father advises him to keep his determination.
In the end, Mark Cuban outperforms Mayer.
Mayer risked everything by bargaining, but in the end, he secured his deal from Mark Cuban and leaves the pitch with a deal.
What Happened to Clean Bottle After Shark Tank?
Since their introduction on Shark Tank, Clean Bottle has developed fast. The deal with Mark Cuban was finalized, and the bottles are now available in original plastic, stainless steel, and a variety of designs.
The series is supplemented by accessories, which provide the product a presence in a variety of sectors. Split Peak LLC, a private investment firm based in Boca Raton, FL, bought the company in December 2018 for an undisclosed value.
Steel tumblers and coffee mugs have been added to the collection. As of November 2021, annual revenue is $4 million.
Clean Bottle’s Net Worth
During the pitch, the firm was valued at $1.2 million; following Mark Cuban’s investment, the company was valued at $750,000. The company has an estimated net worth of $10 million.
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Clean Bottle FAQs
Where Can I Buy Clean Bottle?
The bottles are available at Sprint, REI, Target, online retailers Amazon and eBay, and a variety of sporting goods outlets.
What Is Clean Bottle’s Business Model?
The firm sells its products through different retail stores. Shark Tank’s Mark Cuban is one of the distributors for Clean Bottle. The initial investment he made paid off well for the firm.
How Can I Hire Clean Bottle?
Clean Bottle is not a company that can be hired for service. The firm does not offer any services, but it does sell its bottles.
What Kind of Bottles Are There at Clean Bottle?
The firm offers a variety of bottles designed to perfectly fit your needs and preferences. The original bottle is designed for runners, cyclists, and active individuals. Some of the other products are made from aluminum, stainless steel, and plastic.
Can I Get a Discount on the Bottle?
Clean Bottle offers discounts for different products and services. There are different promotional discounts available for certain occasions.
What Are the Features of Clean Bottle?
The bottles come with a nozzle that is removable, allowing users to completely wash out the device inside and out. The top has a built-in carrying handle that also keeps their fingers off the nozzle opening. The bottles also have a reflective band around the middle that keeps drivers from running them over at night.
Who is the co-founder of Clean Bottle?
The company was founded by Chad Ginsburg and Kevin Ginsburg.
What Kind of Customers Does Clean Bottle Have?
The firm primarily targets runners, cyclists, bikers, and other active individuals who need to transport their drinks inside the vehicle or outside on run or ride. Each bottle is designed to fit an individual’s needs.
How much is Clean Bottle Worth?
Clean Bottle is worth an estimated $10 million. The company remains one of the most successful projects featured on Shark Tank. The original investment paid off for Mark Cuban.
Who Is the CEO of Clean Bottle?
The company is currently run by Chad Ginsburg, Founder, and CEO; his brother Kevin Ginsburg is one of the two cofounders.
What is a Clean Bottle made of?
Clean Bottle is made from aluminum and stainless steel.
Is Clean Bottle a Success?
Clean Bottle received a mention in Mark Cuban’s book “How to Win at the Sport of Business”, in which he calls it a good investment opportunity and a potential game-changer on the market.
How do I make payment to Clean Bottle?
Customers can make payments through a variety of methods such as PayPal, Care Credit, or through cash on delivery.
How long is My Clean Bottle Warranty?
Clean Bottle offers a 1-year warranty for its products. There is an additional 30 days for the stainless steel bottle.
How Does Clean Bottle Work?
Clean Bottle bottles are easily transportable and easy to use. They are well-designed bottles that come with a removable nozzle, allowing users to completely wash out the device inside and out.
The top has a built -in carrying handle that also keeps their fingers off the nozzle opening. The bottles also have a reflective band around the middle that keeps drivers from running them over at night.
