Shark Tank is all about introducing unique products and companies and among them, Beebo, which appeared in the seventh season of Shark Tank managed to attract the attention of the audience.
The main objective of The Beebo was to help newborn parents simplify the process of bottle feeding, making the process hands-free. The founder, Martin Hill, pitched for $200,000 for 20% equity in the company.
If you have been wondering how the company is doing post-Shark Tank, we have all the updates sorted out for you here.
Shark Tank Beebo Update
- Entrepreneur – Martin Hill
- Business – Hands-free bottle-feeding device
- Ask – $200,000 for 20% equity
- Result – $200,000 for 30% equity
- Sharks – Lori Greiner and Ashton Kutcher
Sometimes, even the simplest inventions hold the power to make the biggest impact. That’s what happened with Beebo. The product wasn’t groundbreaking or too out of the box but it managed to solve one of the biggest problems of newborn parents.
Martin was inspired by his personal life and developed the product. Being a father himself, Martin found that his son loved being read to when he was being fed. Not being able to feed and also hold a book, Martin decided to find a solution for it, cue, Beebo.
When breaking down the financial side of the business, Martin said that the Beebo retails for $39.95 in the market and it costs him $10.86 to manufacture, leaving him with a good profit margin.
Martin further said that their product is currently available via their official website and also on Amazon. However, they were planning to expand the business since he was getting offers from bigger retailers.
Beebo, despite its initial boost in sales, needed further investment for expansion. This is exactly why Martin came on Shark Tank. He said that he needed the $200,000 investment to refresh the brand and improve the packaging too.
Being impressed with the product idea, Kevin O’Leary was the first shark to make an offer. He pitched $200,000 but for 33.5% of the company.
Mark and Robert didn’t find the company’s idea innovative and they were not too interested in making an offer because they couldn’t see a point in the product. So, they stepped down from making a deal.
Initially, Ashton Kutcher didn’t want to invest his money and said he would want to back out. Lori was the second shark to offer Martin a deal for $200,000 for 20% equity. Listening to that, Ashton wanted to check in with Lori if they would want to collaborate on the deal.
They cumulatively offered $200,000 for 30% equity to which Martin agreed since it was the best deal he could get.
Following Shark Tank, updates depict that the deal with Lori and Ashton didn’t go through. However, they haven’t let that be an issue for the company and they seem to be thriving right now. The company was later acquired by Better Family and is generating around $5 million in annual sales, which is quite impressive.