On a recent episode of Shark Tank, LOLIWARE caught the attention of the Sharks and persuaded Mark Cuban and Barbara Corcoran to buy 25 percent equity in the company for $600,000. The Sharks all seemed very enthusiastic and interested in the LOLIWARE business.
Jake B from Empty Lighthouse Magazine reported how the negotiation went between the LOLIWARE owners and the Sharks:
“Robert Herjavec wanted in at $600,000 but wanted more equity and the owners countered with 25%. Cuban jumped in with an equal solo offer trying to steal the deal.
Mark Cuban and Robert Herjavec then made a joint deal offering to split the cost and put up the entire $600,000 for 25%.
Kevin O’leary wanted in however, on the $600,000 for 25% at $200,000 shares with another two sharks but the deal fell through.
Lorie Greiner left the race for the deal midway through.
In the end two offers came to the owners one, from Mark Cuban and Corcoran and one from Cuban and Herjavec, both for $600,000 at 25%. The owners decided to accept the deal with Cuban and Corcoran based on Corcoran’s experience and Cuban’s financial abilities.”
What is LOLIWARE? The LOLOWARE company website gives the following description:
“LOLIWARE is a revolutionary new drinking and eating experience. The first and only edible disposable cup, it is 100% all natural, non-GMO, gelatin-free, gluten-free, plastic-free, BPA-free, non-toxic, and FDA approved.
… available in Yuzu Citrus, Tart Cherry, Matcha Green Tea, Vanilla Bean, and an unflavored “natural clear,” to complement drinks and desserts….
… made from seaweed, organic sweeteners and flavors and colors derived from fruits and vegetables. The single-use cups are designed to serve room temperature, chilled, or frozen drinks and desserts.
Considered the ‘Cup of the Future,’ these premium disposable cups are the first product in what will be an expanded line of 100% biodegr(edible) tableware and packaging. The future of biodegr(edible) includes cups in a variety of sizes, straws, functional food additions, and even edible water bottles.”
Right now they are offering a 4 pack and 16 pack with multiple flavours to purchase on their website.
To learn more about LOLIWARE, See the video below from Youtube user Mark Goldberg of an interview with LOLIWARE Co-founder Chelsea Briganti.
For your viewing pleasure, here is a video of Shark Tank Highlights from past episodes posted by Youtube user Pagani Vedder