Pizza Pack appeared in episode 1 of Shark Tank season 14. The company specializes in collapsible pizza boxes that are designed to store multiple slices of pizza. It is an airtight container with a snap-on lid that keeps pizza fresh for an extended time.
Founder Tata Koeing appeared on the show with a proposal of $100,000 for 10% equity. He came to the show with the hope of securing a deal to fund his business. Now let’s find out if he could get a deal from the sharks or not.
Shark Tank Pizza Pack Update
- Entrepreneur: Tate Koenig
- Business: Pizza Containers/Food Storage
- Ask: $100,000 for 10% equity
- Result: $100,000 for 13% equity
- Sharks: Lori Greiner
Tate Koenig started his pitch by discussing his company’s margins. He told the sharks that the cost of producing a single unit was approximately $4, and it was being sold for $24.99.
Although the sharks were satisfied with the profit margin, they were concerned about the high price point of the product. Koeing also revealed that the majority of the company’s revenue came from e-commerce websites like Amazon. The total revenue of the company was over $250,000 since its launch date.
When Lori Greiner asked Koeing how he intended to use the investment, he explained that he would use it to expand his inventory.
Kevin O’Leary proposed a counteroffer of $100,000 for 10% equity, along with a $1 royalty per unit until his initial investment was returned. Afterward, the royalty would be reduced to 50 cents in perpetuity.
Lori Greiner followed with her offer of $100,000 for a 15% equity share in the company.
On the other hand, Mark Cuban expressed interest in acquiring the entire company. However, when Koeing mentioned a desired amount of $5 million, Mark countered with $1.5 million. As expected, Koeing declined the offer as he was not willing to sell his company at that price.
Robert Herjavec and Barbara Corcoran both opted not to invest. They backed out of the deal without making an offer.
After careful consideration, Tate ultimately accepted Lori Greiner’s offer. The final deal was sealed at $100,000 for 13% equity.
The Pizza Pack container was designed to store pizza slices. Due to its collapsible design, it can easily store multiple slices. The main purpose of this container is to keep the pizza fresh. It is a handy container for all pizza lovers, as they can use it to store their leftover pizza slices. It is a compact and portable container that can be easily carried in a bag or pouch.
The brand gained a lot of fame after the Shark Tank episode. At present, the product is available for purchase on the Amazon website. The company made good sales since day one of business. But due to a lack of inventory, they were not able to fulfill customer demand.
Tate Koeing’s objective was to collect funds from Shark Tank to expand his inventory. With Lori Greiner’s help, he was able to fulfill his requirements.
