What Happened to FinalStraw after the Shark Tank pitch?
What is FinalStraw?
FinalStraw is the first reusable, collapsible straw in the world. FinalStraw’s goal is to reduce their reliance on single-use plastics by producing reusable, responsibly created alternatives.
FinalStraw comes in a little, keychain-sized package, allowing people to carry it with them wherever they go.
It is available in five different colours: suck-ulent green, shark-butt grey, healthy coral, artic-melt blue, and sea tur-teal.
The FinalStraw is 9 inches long, made of triple-jointed stainless steel, and folds neatly into a fashionable recycled plastic carrying case.
The case is about the size and shape of the key fob that comes with most new cars (3″ x 1.25″ and weighing less than 3 ounces) and fits neatly on their key ring so they always have it with them.
They may even carry it about in their pocket or handbag. A mini-squeegee for cleaning the interior of the straw, which is made of medical grade TPE tubing, is also included in the case.
FinalStraw is suitable for cold and hot liquids, as well as thick beverages such as smoothies and milkshakes. It’s dishwasher safe and comes with a lifetime guarantee.
Who is FinalStraw’s Founder?
Emma and Miles are the co-founders of FinalStraw. Emma was raised to be environmentally conscious, and she became active in the anti-plastic bag movement while attending the University of California, Santa Barbara.
While on vacation in Thailand, she spotted plastic straws cluttering the gorgeous beach.
She’d pick them up, but the tide would wash more sand onto the beach the next day.
Her goal since then has been to rid the world of plastic straws.
Emma earned a Master’s degree in environmental management and sustainability from Harvard, and in 2017, she met Miles, a photographer, environmental activist, and innovative entrepreneur with a vision for a reusable straw.
They worked together, with Miles developing the prototype and Emily performing market and product research.
Final Straw was launched by Cohen and Pepper with a very successful Kickstarter campaign that raised over $1.8 million!
What Happened to FinalStraw on Shark Tank?
Emma and Miles appeared on Shark Tank Season 10 Episode 1 in quest of $625,000 for a 5% ownership in their business. This equates to a $12.5 million valuation.
Thousands of straws rain down from above on the pair to highlight the issue of single-use straws. They deliver their pitch and hand out samples.
The Sharks take it all in and then express their worries.
Daymond is skeptical that someone would spend this much for a straw. Lori believes she’s seen dozens of straws like these for sale (more on that below).
Kevin offers $625,000 for 10% plus a $2 per straw charge until he recoups $1.8 million.
Cohen is opposed to royalties and believes she will take a higher percentage.
Kevin is on his way out the door. Mark makes an offer of $625,000 for a 25% interest, but they decline. There is no consensus.
What Happened to FinalStraw Following the Shark Tank pitch?
Even before their Kickstarter campaign was done, cheap Chinese knockoffs were flooding the US market. On Alibaba, there were dozens of listings for knockoffs.
After a little shove from CNBC’s Nightly Business Report correspondent Andrea Day, Alibaba removed the knock-off makers off their website.
In September 2020, the International Trade Commission issued a General Exclusion Order for Final Straw, forbidding the importation of things that infringe on their patent.
Emma Cohen sued Miles Pepper after finding that he and someone from Final Straw’s outside marketing company were secretly seeking to launch a competing collapsible straw business.
He also suspended Cohen’s access to the company’s websites and cancelled the company’s credit cards.
According to Peppers’ LinkedIn page, he departed the organization in February of this year, meaning that the case was settled. There is also no mention of it after the initial suit.
Peppers successfully launched Sanikind, a reusable hand sanitizer dispenser, through a Kickstarter campaign in August 2020.
After a difficult couple of years, the fortunes of this corporation are recovering.
They unveiled a foldable, reusable fork and Spork, as well as a massive, silicon reusable straw large enough for thick milkshakes.
As of June 2021, the corporation is doing well, with annual revenue of $7 million.
What is the Net Worth of FinalStraw?
Emma and Miles go on Shark Tank Season 10 Episode 1 in pursuit of $625,000 for a 5% ownership in their business. This equates to a $12.5 million valuation.
Who are the FinalStraw’s Competitors?
No competitors have been recognized for FinalStraw.
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FinalStraw FAQS
1. How many FinalStraw are there?
There are five different colors: a suck-ulent green, shark-butt grey, healthy coral, artic-melt blue, and sea turquoise (see picture above).
2. How much does the FinalStraw cost?
The FinalStraw is 9 inches long, made of triple-jointed stainless steel, and folds neatly into a fashionable recycled plastic carrying case.
3. Where can they buy a FinalStraw?
FinalStraw is available on their website as well as on Amazon.
4. Where can they buy a FinalStraw?
They can purchase a FinalStraw on their website, but it is also available on Amazon.
5. How much does the FinalStraw weigh?
The case is about the size and shape of the key fob that comes with most new cars (3″ x 1.25″ and weighing less than 3 ounces) and fits neatly on their key ring so they always have it with them.
6. Who founded FinalStraw?
FinalStraw is the creation of Emma Cohen and Miles Pepper. Emma was raised to be environmentally conscious, and she became active in the anti-plastic bag movement while attending the University of California, Santa Barbara.
7. How FinalStraw idea came up?
While on vacation in Thailand, she spotted plastic straws cluttering the gorgeous beach.
She’d pick them up, but the tide would wash more sand onto the beach the next day.
Her goal since then has been to rid the world of plastic straws.
Final Straw was launched by Cohen and Pepper with a very successful Kickstarter campaign that raised over $1.8 million!
8. Where does FinalStraw ship to?
Final ships to all countries, including APO/FPO locations. Customs, tariffs, or taxes may incur additional fees depending on the nation.
Unfortunately, according to USPS rules, they are unable to send to Cuba, Iran, North Korea, Sudan, or Syria.
9. How much was Emma Cohen and Miles Pepper seeking in the Tank?
Emma Cohen and Miles Pepper went on Shark Tank Season 10 Episode 1 in quest of $625,000 for a 5% ownership in their business. This equates to a $12.5 million valuation.
10. How much did they receive?
The pair left without a deal after Kevin gave them a royalty on their product that they didn’t like.
11. Is FinalStraw still in business?
Yes, it is and As of June 2021, the corporation is doing well, with annual revenue of $7 million.
12. What is the FinalStraw mission?
The FinalStraw is dedicated to providing a reusable solution that stops single-use plastic straws from polluting their oceans and landfills.
